SHYG vs. SJNK
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) are both High Yield Bonds funds - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while SJNK tracks the Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. Both are passively managed. Over the past 10 years, SHYG returned 5.21%/yr vs 5.55%/yr for SJNK. Their correlation of 0.90 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.40%/yr for SJNK.
Performance
SHYG vs. SJNK - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SHYG having a 1.72% return and SJNK slightly lower at 1.65%. Over the past 10 years, SHYG has underperformed SJNK with an annualized return of 5.21%, while SJNK has yielded a comparatively higher 5.55% annualized return.
SHYG
- 1D
- -0.07%
- 1M
- 0.39%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 6.03%
- 3Y*
- 8.27%
- 5Y*
- 4.78%
- 10Y*
- 5.21%
SJNK
- 1D
- -0.08%
- 1M
- 0.45%
- YTD
- 1.65%
- 6M
- 1.85%
- 1Y
- 5.90%
- 3Y*
- 8.37%
- 5Y*
- 4.77%
- 10Y*
- 5.55%
SHYG vs. SJNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.72% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 1.65% | 7.68% | 8.24% | 11.63% | -5.50% | 5.06% | 5.82% | 9.49% | -0.27% | 5.27% |
Correlation
The correlation between SHYG and SJNK is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.90 |
The correlation between SHYG and SJNK has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
SHYG vs. SJNK — Risk / Return Rank
SHYG
SJNK
SHYG vs. SJNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and SPDR Bloomberg Short Term High Yield Bond ETF (SJNK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SHYG | SJNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.36 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 3.43 | +0.03 |
| Martin ratioReturn relative to average drawdown | 14.95 | 14.73 | +0.22 |
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Drawdowns
SHYG vs. SJNK - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, roughly equal to the maximum SJNK drawdown of -19.74%. Use the drawdown chart below to compare losses from any high point for SHYG and SJNK.
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Drawdown Indicators
| SHYG | SJNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -19.74% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -1.73% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -4.77% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -9.39% | -10.18% | +0.79% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | -19.74% | +0.48% |
Current DrawdownCurrent decline from peak | -0.16% | -0.16% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -1.63% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.40% | 0.00% |
Volatility
SHYG vs. SJNK - Volatility Comparison
iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) have volatilities of 0.83% and 0.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYG | SJNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.87% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.52% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 3.24% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 5.84% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | 6.47% | -0.06% |
SHYG vs. SJNK - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is lower than SJNK's 0.40% expense ratio.
Dividends
SHYG vs. SJNK - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.00%, which matches SJNK's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.00% | 7.03% | 6.93% | 6.54% | 5.57% | 4.83% | 5.07% | 5.33% | 5.90% | 5.49% | 5.53% | 5.17% |
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 7.00% | 7.12% | 7.47% | 7.20% | 5.85% | 4.21% | 5.34% | 5.64% | 5.69% | 5.64% | 5.65% | 5.81% |
Frequently Asked Questions
With a correlation of 0.96, SHYG and SJNK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SJNK has higher volatility (0.87%) compared to SHYG (0.83%). In terms of maximum drawdown, SHYG dropped -19.26% vs SJNK's -19.74%.
On 10-year performance, SJNK leads with 5.55% vs 5.21% for SHYG. On fees, SHYG is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SJNK has performed better with a 5.55% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.40% for SJNK.
SHYG and SJNK have nearly identical dividend yields, around 7.00%.
SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while SJNK tracks Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.30% for SHYG and 0.40% for SJNK.
SHYG currently has the higher Sharpe Ratio (1.89 vs 1.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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