SJNK vs. HIGH
SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) and HIGH (Simplify Enhanced Income ETF) are both exchange-traded funds - SJNK is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index, while HIGH is a Derivative Income fund actively managed by Simplify. SJNK is passively managed, while HIGH is actively managed. Over the past 3 years, SJNK returned 8.37%/yr vs 2.72%/yr for HIGH. At a 0.29 correlation, their price movements are largely independent. SJNK charges 0.40%/yr vs 0.51%/yr for HIGH.
Performance
SJNK vs. HIGH - Performance Comparison
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Returns By Period
In the year-to-date period, SJNK achieves a 1.65% return, which is significantly higher than HIGH's -0.79% return.
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%
HIGH
- 1D
- -0.82%
- 1M
- 0.09%
- YTD
- -0.79%
- 6M
- -1.67%
- 1Y
- -1.43%
- 3Y*
- 2.72%
- 5Y*
- —
- 10Y*
- —
SJNK vs. HIGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 1.65% | 7.68% | 8.24% | 11.63% | 1.10% |
HIGH Simplify Enhanced Income ETF | -0.79% | 4.35% | 1.52% | 7.70% | 0.47% |
Correlation
The correlation between SJNK and HIGH is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.29 |
Over the past year, SJNK and HIGH have become more correlated (0.52) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
SJNK vs. HIGH — Risk / Return Rank
SJNK
HIGH
SJNK vs. HIGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) and Simplify Enhanced Income ETF (HIGH). 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.
| SJNK | HIGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.98 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | -0.15 | +3.58 |
| Martin ratioReturn relative to average drawdown | 14.73 | -0.21 | +14.94 |
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Drawdowns
SJNK vs. HIGH - Drawdown Comparison
The maximum SJNK drawdown since its inception was -19.74%, which is greater than HIGH's maximum drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for SJNK and HIGH.
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Drawdown Indicators
| SJNK | HIGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.74% | -9.50% | -10.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.73% | -9.50% | +7.77% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -9.50% | +4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -10.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.74% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -7.50% | +7.34% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -2.44% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 6.73% | -6.33% |
Volatility
SJNK vs. HIGH - Volatility Comparison
The current volatility for SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) is 0.87%, while Simplify Enhanced Income ETF (HIGH) has a volatility of 1.91%. This indicates that SJNK experiences smaller price fluctuations and is considered to be less risky than HIGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJNK | HIGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.91% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 3.81% | -1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 8.79% | -5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 9.53% | -3.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.47% | 9.53% | -3.06% |
SJNK vs. HIGH - Expense Ratio Comparison
SJNK has a 0.40% expense ratio, which is lower than HIGH's 0.51% expense ratio.
Dividends
SJNK vs. HIGH - Dividend Comparison
SJNK's dividend yield for the trailing twelve months is around 7.00%, less than HIGH's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.36% | 7.71% | 8.34% | 9.40% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 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
SJNK and HIGH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (1.91%) compared to SJNK (0.87%). In terms of maximum drawdown, SJNK dropped -19.74% vs HIGH's -9.50%.
On 3-year performance, SJNK leads with 8.37% vs 2.72% for HIGH. 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 3-year period, SJNK has performed better with a 8.37% return vs 2.72%. 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 0.51% for HIGH.
HIGH has the higher dividend yield at 7.36%, compared with 7.00% for SJNK.
SJNK is categorized as High Yield Bonds, while HIGH is Derivative Income. They also come from different issuers: State Street and Simplify. Their fees differ too: 0.40% for SJNK and 0.51% for HIGH.
SJNK currently has the higher Sharpe Ratio (1.83 vs -0.16), 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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