SPSB vs. JNK
SPSB (SPDR Portfolio Short Term Corporate Bond ETF) and JNK (State Street SPDR Bloomberg High Yield Bond ETF) are both exchange-traded funds - SPSB is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index, while JNK is a High Yield Bonds fund tracking the Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, SPSB returned 2.60%/yr vs 5.05%/yr for JNK. At a 0.25 correlation, their price movements are largely independent. SPSB charges 0.07%/yr vs 0.40%/yr for JNK.
Performance
SPSB vs. JNK - Performance Comparison
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Returns By Period
In the year-to-date period, SPSB achieves a 0.87% return, which is significantly lower than JNK's 1.83% return. Over the past 10 years, SPSB has underperformed JNK with an annualized return of 2.60%, while JNK has yielded a comparatively higher 5.05% annualized return.
SPSB
- 1D
- -0.10%
- 1M
- 0.16%
- YTD
- 0.87%
- 6M
- 1.04%
- 1Y
- 3.98%
- 3Y*
- 5.31%
- 5Y*
- 2.73%
- 10Y*
- 2.60%
JNK
- 1D
- -0.09%
- 1M
- 0.60%
- YTD
- 1.83%
- 6M
- 2.14%
- 1Y
- 6.86%
- 3Y*
- 8.93%
- 5Y*
- 3.65%
- 10Y*
- 5.05%
SPSB vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 0.87% | 5.86% | 5.25% | 5.60% | -3.31% | -0.20% | 3.83% | 5.21% | 1.45% | 1.58% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.83% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
Correlation
The correlation between SPSB and JNK is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2009 | 0.25 |
Over the past year, SPSB and JNK have become more correlated (0.65) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
SPSB vs. JNK — Risk / Return Rank
SPSB
JNK
SPSB vs. JNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) 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.
| SPSB | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.34 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 2.75 | +1.83 |
| Martin ratioReturn relative to average drawdown | 21.10 | 12.05 | +9.05 |
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Drawdowns
SPSB vs. JNK - Drawdown Comparison
The maximum SPSB drawdown since its inception was -11.75%, smaller than the maximum JNK drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for SPSB and JNK.
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Drawdown Indicators
| SPSB | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.75% | -38.48% | +26.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.87% | -2.51% | +1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -0.87% | -5.02% | +4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -5.96% | -16.67% | +10.71% |
Max Drawdown (10Y)Largest decline over 10 years | -11.75% | -22.89% | +11.14% |
Current DrawdownCurrent decline from peak | -0.20% | -0.16% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -3.69% | +3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.57% | -0.38% |
Volatility
SPSB vs. JNK - Volatility Comparison
The current volatility for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) is 0.48%, while State Street SPDR Bloomberg High Yield Bond ETF (JNK) has a volatility of 1.07%. This indicates that SPSB 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
| SPSB | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 1.07% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 3.06% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 3.88% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 7.56% | -5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 8.30% | -5.24% |
SPSB vs. JNK - Expense Ratio Comparison
SPSB has a 0.07% expense ratio, which is lower than JNK's 0.40% expense ratio.
Dividends
SPSB vs. JNK - Dividend Comparison
SPSB's dividend yield for the trailing twelve months is around 4.41%, less than JNK's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.60% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 4.41% | 4.55% | 4.85% | 4.05% | 1.92% | 1.19% | 1.94% | 2.77% | 2.36% | 1.94% | 1.65% | 1.43% |
Frequently Asked Questions
SPSB and JNK have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNK has higher volatility (1.07%) compared to SPSB (0.48%). In terms of maximum drawdown, SPSB dropped -11.75% vs JNK's -38.48%.
On 10-year performance, JNK leads with 5.05% vs 2.60% for SPSB. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JNK has performed better with a 5.05% return vs 2.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSB is cheaper with a 0.07% expense ratio, compared with 0.40% for JNK.
JNK has the higher dividend yield at 6.60%, compared with 4.41% for SPSB.
SPSB is categorized as Corporate Bonds, while JNK is High Yield Bonds. SPSB tracks Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index, while JNK tracks Bloomberg High Yield Very Liquid Index. Their fees differ too: 0.07% for SPSB and 0.40% for JNK.
SPSB currently has the higher Sharpe Ratio (2.93 vs 1.78), 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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