SJNK vs. USHY
SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) and USHY (iShares Broad USD 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 USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, SJNK returned 4.77%/yr vs 4.15%/yr for USHY. Their correlation of 0.91 suggests significant overlap in exposure. SJNK charges 0.40%/yr vs 0.15%/yr for USHY.
Performance
SJNK vs. USHY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SJNK having a 1.65% return and USHY slightly higher at 1.70%.
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%
USHY
- 1D
- -0.08%
- 1M
- 0.48%
- YTD
- 1.70%
- 6M
- 1.87%
- 1Y
- 6.34%
- 3Y*
- 9.18%
- 5Y*
- 4.15%
- 10Y*
- —
SJNK vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.09% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.70% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SJNK and USHY 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 | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.91 |
The correlation between SJNK and USHY has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
SJNK vs. USHY — Risk / Return Rank
SJNK
USHY
SJNK vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.33 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | 2.62 | +0.80 |
| Martin ratioReturn relative to average drawdown | 14.73 | 11.73 | +3.00 |
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Drawdowns
SJNK vs. USHY - Drawdown Comparison
The maximum SJNK drawdown since its inception was -19.74%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SJNK and USHY.
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Drawdown Indicators
| SJNK | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.74% | -22.44% | +2.70% |
Max Drawdown (1Y)Largest decline over 1 year | -1.73% | -2.43% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -4.66% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -10.18% | -15.56% | +5.38% |
Max Drawdown (10Y)Largest decline over 10 years | -19.74% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -0.19% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -2.65% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.54% | -0.14% |
Volatility
SJNK vs. USHY - Volatility Comparison
The current volatility for SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) is 0.87%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 0.95%. This indicates that SJNK experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJNK | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.95% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.96% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 3.68% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 7.35% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.47% | 8.23% | -1.76% |
SJNK vs. USHY - Expense Ratio Comparison
SJNK has a 0.40% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
SJNK vs. USHY - Dividend Comparison
SJNK's dividend yield for the trailing twelve months is around 7.00%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, SJNK and USHY 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.
USHY has higher volatility (0.95%) compared to SJNK (0.87%). In terms of maximum drawdown, SJNK dropped -19.74% vs USHY's -22.44%.
On 5-year performance, SJNK leads with 4.77% vs 4.15% for USHY. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SJNK has performed better with a 4.77% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.40% for SJNK.
SJNK has the higher dividend yield at 7.00%, compared with 6.90% for USHY.
SJNK tracks Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for SJNK and 0.15% for USHY.
SJNK currently has the higher Sharpe Ratio (1.83 vs 1.73), 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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