SJB vs. SJNK
SJB (ProShares Short High Yield) and SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while SJNK is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. Both are passively managed. Over the past 10 years, SJB returned -3.86%/yr vs 5.55%/yr for SJNK. At a correlation of -0.86, they often move in opposite directions. SJB charges 0.95%/yr vs 0.40%/yr for SJNK.
Performance
SJB vs. SJNK - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly lower than SJNK's 1.65% return. Over the past 10 years, SJB has underperformed SJNK with an annualized return of -3.86%, while SJNK has yielded a comparatively higher 5.55% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
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%
SJB vs. SJNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
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 SJB and SJNK is -0.92, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2012 | -0.86 |
The correlation between SJB and SJNK has been stable across timeframes, ranging from -0.95 to -0.86 - a consistent structural relationship.
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Return for Risk
SJB vs. SJNK — Risk / Return Rank
SJB
SJNK
SJB vs. SJNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | SJNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.36 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 3.43 | -3.45 |
| Martin ratioReturn relative to average drawdown | -0.05 | 14.73 | -14.78 |
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Drawdowns
SJB vs. SJNK - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than SJNK's maximum drawdown of -19.74%. Use the drawdown chart below to compare losses from any high point for SJB and SJNK.
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Drawdown Indicators
| SJB | SJNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -19.74% | -38.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -1.73% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -4.77% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -10.18% | -3.12% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -19.74% | -14.83% |
Current DrawdownCurrent decline from peak | -57.40% | -0.16% | -57.24% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -1.63% | -40.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.40% | +0.90% |
Volatility
SJB vs. SJNK - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 1.06% compared to SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) at 0.87%. This indicates that SJB's price experiences larger fluctuations and is considered to be riskier than SJNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | SJNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.87% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.52% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.24% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 5.84% | +1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 6.47% | +2.03% |
SJB vs. SJNK - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than SJNK's 0.40% expense ratio.
Dividends
SJB vs. SJNK - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, less than SJNK's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
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
SJB and SJNK have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.06%) compared to SJNK (0.87%). In terms of maximum drawdown, SJB dropped -58.06% vs SJNK's -19.74%.
On 10-year performance, SJNK leads with 5.55% vs -3.86% for SJB. On fees, SJNK is cheaper at 0.40% per year. On volatility, SJNK has been the lower-risk option at 0.87%. 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 -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SJNK is cheaper with a 0.40% expense ratio, compared with 0.95% for SJB.
SJNK has the higher dividend yield at 7.00%, compared with 3.43% for SJB.
SJB is categorized as Inverse Bonds, while SJNK is High Yield Bonds. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while SJNK tracks Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SJB and 0.40% for SJNK.
SJNK currently has the higher Sharpe Ratio (1.83 vs -0.02), 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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