USHY vs. JNK
USHY (iShares Broad USD High Yield Corporate Bond ETF) and JNK (State Street SPDR Bloomberg High Yield Bond ETF) are both High Yield Bonds funds - USHY tracks the ICE BofA US High Yield Constrained Index while JNK tracks the Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 5 years, USHY returned 4.16%/yr vs 3.65%/yr for JNK. Their correlation of 0.94 means they have usually moved in the same direction. USHY charges 0.15%/yr vs 0.40%/yr for JNK.
Performance
USHY vs. JNK - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with USHY having a 2.08% return and JNK slightly lower at 2.05%.
USHY
- 1D
- 0.31%
- 1M
- 0.01%
- 6M
- 1.32%
- YTD
- 2.08%
- 1Y
- 5.64%
- 3Y*
- 8.63%
- 5Y*
- 4.16%
- 10Y*
- —
- ALL TIME*
- 4.75%
JNK
- 1D
- 0.31%
- 1M
- -0.01%
- 6M
- 1.29%
- YTD
- 2.05%
- 1Y
- 5.77%
- 3Y*
- 8.34%
- 5Y*
- 3.65%
- 10Y*
- 4.68%
- ALL TIME*
- 4.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $263.18M | $236.39M | $262.70M | |
| $552.78M | $427.44M | $406.45M |
USHY vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 2.08% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 2.05% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 0.08% |
Correlation
The correlation between USHY and JNK is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.94 |
The correlation between USHY and JNK has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
USHY vs. JNK — Risk / Return Rank
USHY
JNK
USHY vs. JNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.31 | +0.02 |
| Martin ratioReturn relative to average drawdown | 10.25 | 10.02 | +0.23 |
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Drawdowns
USHY vs. JNK - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, smaller than the maximum JNK drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for USHY and JNK.
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Drawdown Indicators
| USHY | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -38.48% | +16.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.51% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -5.02% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -16.67% | +1.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.89% | — |
Current DrawdownCurrent decline from peak | -0.18% | -0.18% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.62% | -3.67% | +1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.58% | -0.03% |
Volatility
USHY vs. JNK - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) and State Street SPDR Bloomberg High Yield Bond ETF (JNK) have volatilities of 0.82% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.79% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 3.11% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.85% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.35% | 7.55% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.18% | 8.22% | -0.04% |
USHY vs. JNK - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than JNK's 0.40% expense ratio.
Dividends
USHY vs. JNK - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.95%, more than JNK's 6.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.64% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.95% | 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 0.98, USHY 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.
USHY has higher volatility (0.82%) compared to JNK (0.79%). In terms of maximum drawdown, USHY dropped -22.44% vs JNK's -38.48%.
On 5-year performance, USHY leads with 4.16% vs 3.65% for JNK. 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, USHY has performed better with a 4.16% return vs 3.65%. 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 JNK.
USHY has the higher dividend yield at 6.95%, compared with 6.64% for JNK.
USHY tracks ICE BofA US High Yield Constrained Index, while JNK tracks Bloomberg High Yield Very Liquid Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for USHY and 0.40% for JNK.
USHY currently has the higher Sharpe Ratio (1.54 vs 1.51), 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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