SJNK vs. SHYG
SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) and SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) are both High Yield Bonds funds - SJNK tracks the Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index while SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Over the past 10 years, SJNK returned 5.54%/yr vs 5.20%/yr for SHYG. Their correlation of 0.90 suggests significant overlap in exposure. SJNK charges 0.40%/yr vs 0.30%/yr for SHYG.
Performance
SJNK vs. SHYG - Performance Comparison
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Returns By Period
In the year-to-date period, SJNK achieves a 1.57% return, which is significantly lower than SHYG's 1.70% return. Over the past 10 years, SJNK has outperformed SHYG with an annualized return of 5.54%, while SHYG has yielded a comparatively lower 5.20% annualized return.
SJNK
- 1D
- -0.08%
- 1M
- 0.37%
- YTD
- 1.57%
- 6M
- 1.57%
- 1Y
- 5.52%
- 3Y*
- 8.34%
- 5Y*
- 4.75%
- 10Y*
- 5.54%
SHYG
- 1D
- -0.02%
- 1M
- 0.37%
- YTD
- 1.70%
- 6M
- 1.72%
- 1Y
- 5.70%
- 3Y*
- 8.26%
- 5Y*
- 4.77%
- 10Y*
- 5.20%
SJNK vs. SHYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 1.57% | 7.68% | 8.24% | 11.63% | -5.50% | 5.06% | 5.82% | 9.49% | -0.27% | 5.27% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.70% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
Correlation
The correlation between SJNK and SHYG 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 SJNK and SHYG has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
SJNK vs. SHYG — Risk / Return Rank
SJNK
SHYG
SJNK vs. SHYG - 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 iShares 0-5 Year High Yield Corporate Bond ETF (SHYG). 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 | SHYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.36 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 3.27 | -0.07 |
| Martin ratioReturn relative to average drawdown | 13.78 | 14.15 | -0.37 |
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Drawdowns
SJNK vs. SHYG - Drawdown Comparison
The maximum SJNK drawdown since its inception was -19.74%, roughly equal to the maximum SHYG drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for SJNK and SHYG.
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Drawdown Indicators
| SJNK | SHYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.74% | -19.26% | -0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.73% | -1.75% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -4.53% | -0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -10.18% | -9.39% | -0.79% |
Max Drawdown (10Y)Largest decline over 10 years | -19.74% | -19.26% | -0.48% |
Current DrawdownCurrent decline from peak | -0.24% | -0.19% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -1.44% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.40% | 0.00% |
Volatility
SJNK vs. SHYG - Volatility Comparison
SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) has a higher volatility of 0.88% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.83%. This indicates that SJNK's price experiences larger fluctuations and is considered to be riskier than SHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJNK | SHYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.83% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.57% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 3.20% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 5.74% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.47% | 6.41% | +0.06% |
SJNK vs. SHYG - Expense Ratio Comparison
SJNK has a 0.40% expense ratio, which is higher than SHYG's 0.30% expense ratio.
Dividends
SJNK vs. SHYG - Dividend Comparison
SJNK's dividend yield for the trailing twelve months is around 7.01%, which matches SHYG's 7.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.01% | 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 | 7.01% | 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, SJNK and SHYG 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 (0.88%) compared to SHYG (0.83%). In terms of maximum drawdown, SJNK dropped -19.74% vs SHYG's -19.26%.
On 10-year performance, SJNK leads with 5.54% vs 5.20% 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 5.54% return vs 5.20%. 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.
SJNK and SHYG have nearly identical dividend yields, around 7.01%.
SJNK tracks Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index, while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for SJNK and 0.30% for SHYG.
SHYG currently has the higher Sharpe Ratio (1.79 vs 1.72), 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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