SJNK vs. SPHY

Last updated Jun 4, 2026

SJNK (SPDR Bloomberg Barclays Short Term High Yield Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds from State Street - SJNK tracks the Bloomberg US High Yield 350mn Cash Pay 2% Capped (0-5 Y) while SPHY tracks the ICE BofAML US High Yield Index. Both are passively managed. Over the past 10 years, SJNK returned 5.51%/yr vs 5.15%/yr for SPHY. A 0.59 correlation means they provide meaningful diversification when combined. SJNK charges 0.40%/yr vs 0.10%/yr for SPHY.

Performance

SJNK vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SJNK achieves a 1.41% return, which is significantly lower than SPHY's 1.54% return. Over the past 10 years, SJNK has outperformed SPHY with an annualized return of 5.51%, while SPHY has yielded a comparatively lower 5.15% annualized return.

SJNK

• 1D: -0.12%
• 1M: 0.37%
• YTD: 1.41%
• 6M: 1.87%
• 1Y: 6.45%
• 3Y*: 8.21%
• 5Y*: 4.84%
• 10Y*: 5.51%

SPHY

• 1D: -0.21%
• 1M: 0.42%
• YTD: 1.54%
• 6M: 1.93%
• 1Y: 7.16%
• 3Y*: 8.97%
• 5Y*: 4.39%
• 10Y*: 5.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SJNK vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SJNK SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1.41%	7.68%	8.24%	11.63%	-5.50%	5.06%	5.82%	9.49%	-0.27%	5.27%
SPHY SPDR Portfolio High Yield Bond ETF	1.54%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between SJNK and SPHY is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012	0.59

Over the past year, SJNK and SPHY have become more correlated (0.95) than their long-term average of 0.59, meaning their price movements have been converging.

SJNK vs. SPHY - Sectors Allocation Comparison

Sectors	SJNK	SPHY
Communication Services	100.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Financial Services	-	99.9%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SJNK vs. SPHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SJNK

SJNK Risk / Return Rank: 69
SJNK Sharpe Ratio Rank: 59
SJNK Sortino Ratio Rank: 66
SJNK Omega Ratio Rank: 64
SJNK Calmar Ratio Rank: 74
SJNK Martin Ratio Rank: 81

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 62
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SJNK vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	SJNK	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.96	+0.07
Sortino ratio: Return per unit of downside risk	3.09	2.98	+0.11
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	3.74	2.98	+0.76
Martin ratio: Return relative to average drawdown	16.21	13.52	+2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SJNK vs. SPHY - Sharpe Ratio Comparison

The current SJNK Sharpe Ratio is 2.02, which is comparable to the SPHY Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SJNK and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SJNK	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	1.96	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.62	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.65	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.64	+0.16

Drawdowns

SJNK vs. SPHY - Drawdown Comparison

The maximum SJNK drawdown since its inception was -19.74%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for SJNK and SPHY.

Drawdown Indicators

	SJNK	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-19.74%	-21.97%	+2.23%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-2.41%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-4.77%	-4.85%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-10.18%	-15.29%	+5.11%
Max Drawdown (10Y) Largest decline over 10 years	-19.74%	-21.97%	+2.23%
Current Drawdown Current decline from peak	-0.19%	-0.22%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.63%	-2.29%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.53%	-0.13%

Volatility

SJNK vs. SPHY - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK) is 0.91%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 1.14%. This indicates that SJNK experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SJNK	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	1.14%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	2.91%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	3.68%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.83%	7.17%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.49%	7.89%	-1.40%

SJNK vs. SPHY - Expense Ratio Comparison

SJNK has a 0.40% expense ratio, which is higher than SPHY's 0.10% expense ratio.

Dividends

SJNK vs. SPHY - Dividend Comparison

SJNK's dividend yield for the trailing twelve months is around 7.02%, less than SPHY's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SJNK SPDR Bloomberg Barclays Short Term High Yield Bond ETF	7.02%	7.12%	7.47%	7.20%	5.85%	4.21%	5.34%	5.64%	5.69%	5.64%	5.65%	5.81%
SPHY SPDR Portfolio High Yield Bond ETF	7.27%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both SJNK and SPHY in my portfolio?

With a correlation of 0.95, SJNK and SPHY 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.

Which is riskier, SJNK or SPHY?

SPHY has higher volatility (1.14%) compared to SJNK (0.91%). In terms of maximum drawdown, SJNK dropped -19.74% vs SPHY's -21.97%.

Which ETF is better, SJNK or SPHY?

On 10-year performance, SJNK leads with 5.51% vs 5.15% for SPHY. On fees, SPHY is cheaper at 0.10% per year. On volatility, SJNK has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SJNK or SPHY?

Over the 10-year period, SJNK has performed better with a 5.51% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SJNK or SPHY?

SPHY is cheaper with a 0.10% expense ratio, compared with 0.40% for SJNK.

Which ETF pays a higher dividend yield, SJNK or SPHY?

SPHY has the higher dividend yield at 7.27%, compared with 7.02% for SJNK.

What is the main difference between SJNK and SPHY?

SJNK tracks Bloomberg US High Yield 350mn Cash Pay 2% Capped (0-5 Y), while SPHY tracks ICE BofAML US High Yield Index. Their fees differ too: 0.40% for SJNK and 0.10% for SPHY.

Which has better risk-adjusted returns?

SJNK currently has the higher Sharpe Ratio (2.02 vs 1.96), 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.