SPHY vs. JNK
SPHY (SPDR Portfolio High Yield Bond ETF) and JNK (State Street SPDR Bloomberg High Yield Bond ETF) are both High Yield Bonds funds from State Street - SPHY tracks the ICE BofA US High Yield Index while JNK tracks the Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, SPHY returned 5.16%/yr vs 5.04%/yr for JNK. A 0.60 correlation means they provide meaningful diversification when combined. SPHY charges 0.05%/yr vs 0.40%/yr for JNK.
Performance
SPHY vs. JNK - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPHY having a 1.80% return and JNK slightly lower at 1.71%. Both investments have delivered pretty close results over the past 10 years, with SPHY having a 5.16% annualized return and JNK not far behind at 5.04%.
SPHY
- 1D
- -0.04%
- 1M
- 0.54%
- YTD
- 1.80%
- 6M
- 1.80%
- 1Y
- 6.21%
- 3Y*
- 9.17%
- 5Y*
- 4.28%
- 10Y*
- 5.16%
JNK
- 1D
- -0.06%
- 1M
- 0.48%
- YTD
- 1.71%
- 6M
- 1.71%
- 1Y
- 6.24%
- 3Y*
- 8.89%
- 5Y*
- 3.56%
- 10Y*
- 5.04%
SPHY vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.80% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.71% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
Correlation
The correlation between SPHY and JNK is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.60 |
Over the past year, SPHY and JNK have become more correlated (0.97) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
SPHY vs. JNK — Risk / Return Rank
SPHY
JNK
SPHY vs. JNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and State Street SPDR Bloomberg High Yield Bond ETF (JNK). 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.
| SPHY | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.50 | +0.09 |
| Martin ratioReturn relative to average drawdown | 11.65 | 10.96 | +0.70 |
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Drawdowns
SPHY vs. JNK - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum JNK drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for SPHY and JNK.
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Drawdown Indicators
| SPHY | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -38.48% | +16.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.51% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -5.02% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -16.67% | +1.38% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -22.89% | +0.92% |
Current DrawdownCurrent decline from peak | -0.21% | -0.27% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -3.69% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.57% | -0.04% |
Volatility
SPHY vs. JNK - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 0.96%, while State Street SPDR Bloomberg High Yield Bond ETF (JNK) has a volatility of 1.07%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than JNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.07% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 3.05% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 3.87% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 7.56% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 8.29% | -0.43% |
SPHY vs. JNK - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than JNK's 0.40% expense ratio.
Dividends
SPHY vs. JNK - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.25%, more than JNK's 6.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.61% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.25% | 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
With a correlation of 0.97, SPHY and JNK 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.
JNK has higher volatility (1.07%) compared to SPHY (0.96%). In terms of maximum drawdown, SPHY dropped -21.97% vs JNK's -38.48%.
On 10-year performance, SPHY leads with 5.16% vs 5.04% for JNK. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHY has performed better with a 5.16% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.40% for JNK.
SPHY has the higher dividend yield at 7.25%, compared with 6.61% for JNK.
SPHY tracks ICE BofA US High Yield Index, while JNK tracks Bloomberg High Yield Very Liquid Index. Their fees differ too: 0.05% for SPHY and 0.40% for JNK.
SPHY currently has the higher Sharpe Ratio (1.68 vs 1.62), 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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