HYG vs JNK: fees, holdings and returns
HYG and JNK both hold bonds from US companies with lower credit ratings, often called junk bonds. They follow different indexes of the most traded high yield bonds, and their returns have been close. Over the same dates since December 2007, HYG returned about 4.8% a year and JNK returned about 4.8% a year.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 20, 2026.
Key points
- JNK costs less: 0.4% a year against 0.49%.
- HYG started trading in April 2007. JNK started in November 2007.
- Worst drops since 2007: HYG −34.2%, JNK −38.5%.
- Daily correlation: 0.83 (1 means they always move together).
What is the difference between HYG and JNK?#
Both pay more interest than safer bonds because the companies are more likely to fail to pay. They differ a little in which bonds their indexes take and how long those bonds run. JNK charges a slightly lower fee. Both have fallen in recessions and market panics, when investors worry more about companies failing.
| Fact | HYG | JNK |
|---|---|---|
| Full name | iShares iBoxx $ High Yield Corporate Bond ETF | State Street SPDR Bloomberg High Yield Bond ETF |
| Issuer | iShares (BlackRock) | SPDR (State Street) |
| Expense ratio | 0.49% a year | 0.4% a year |
| Started trading | April 4, 2007 | November 28, 2007 |
| Tracks | iBoxx USD Liquid High Yield Index | Bloomberg High Yield Very Liquid Index |
| Holdings | 1,334 holdings as of October 15, 2026 | 1,161 holdings as of October 15, 2026 |
| Type | US bonds, ETF | US bonds, ETF |
Fund facts checked on the iShares (BlackRock) HYG page and the SPDR (State Street) JNK page.
Is HYG or JNK cheaper?#
JNK costs less: 0.4% a year against 0.49%. On $10,000, that is about $49 a year for HYG and $40 for JNK. The fund takes its fee out of its own value a little each day, so you never get a bill.
HYG vs JNK performance over the same dates#
Both funds are measured from December 2007 to October 2026, the dates both traded. HYG returned about 4.8% a year and JNK returned about 4.8% a year. HYG came out ahead over this period, which does not mean it will again.
| Measure | HYG | JNK |
|---|---|---|
| $10,000 grew to | $24,148 | $24,053 |
| Total return | 141.5% | 140.5% |
| Return per year (CAGR) | 4.8% | 4.8% |
| Worst drop from a high | −34.2% | −38.5% |
| Volatility (how much it swings) | 10.9% | 11.3% |
| Last 12 months | 0.8% | 1.1% |
| Last 3 years, per year | 8.4% | 8.5% |
| Last 5 years, per year | 3.1% | 3.0% |
| Last 10 years, per year | 4.1% | 4.1% |
Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
HYG and JNK returns by year#
| Year | HYG | JNK |
|---|---|---|
| 2026 (part of the year) | −0.4% | −0.3% |
| 2025 | 8.6% | 8.8% |
| 2024 | 8.0% | 7.7% |
| 2023 | 11.5% | 12.4% |
| 2022 | −11.0% | −12.2% |
| 2021 | 3.8% | 4.0% |
| 2020 | 4.5% | 5.0% |
| 2019 | 14.1% | 14.9% |
| 2018 | −2.0% | −3.3% |
| 2017 | 6.1% | 6.5% |
| 2016 | 13.4% | 15.0% |
| 2015 | −5.0% | −6.8% |
| 2014 | 1.9% | 0.8% |
| 2013 | 5.8% | 5.9% |
| 2012 | 11.1% | 12.8% |
| 2011 | 6.8% | 5.1% |
| 2010 | 11.9% | 14.2% |
| 2009 | 28.5% | 37.5% |
| 2008 | −17.5% | −24.7% |
| 2007 (part of the year) | −0.7% | 0.7% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. HYG’s worst fall was −34.2%, from May 1, 2008 to November 20, 2008. It got back to that high on December 1, 2009.
JNK’s worst fall was −38.5%, from January 2, 2008 to March 9, 2009. It got back to that high on October 22, 2009.
Their daily moves had a correlation of 0.83. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always.
Why people choose HYG or JNK#
HYG. Traders often pick HYG because it is larger and trades more each day.
JNK. People who want a similar high yield fund at a slightly lower fee sometimes pick JNK.
Strategies that hold HYG or JNK#
These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.
- Bold Asset Allocation (BAA), by Wouter Keller, 2022 (holds HYG)
- Defensive Asset Allocation (DAA), by Wouter Keller and JW Keuning, 2018 (holds HYG)
- Protective Asset Allocation (PAA), by Wouter Keller and JW Keuning, 2016 (holds HYG)
- Composite Dual Momentum, by Gary Antonacci, 2012 (holds HYG)
- Vigilant Asset Allocation G12 (VAA-G12), by Wouter Keller and JW Keuning, 2017 (holds HYG)
- Bond UI1 (Paul Novell’s unemployment bond strategy), by Paul Novell, 2019 (holds HYG)
- Paul Novell’s Tactical Bond Strategy, by Paul Novell, 2014 (holds JNK)
Other funds like HYG and JNK#
Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: HYG alternatives and JNK alternatives.
Test a mix of HYG and JNK#
Open the builder, add HYG and JNK, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for HYG and JNK, or see more ETF comparisons.
The details#
Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.
Common questions#
Are junk bonds risky?#
Riskier than investment grade bonds. The companies are more likely to fail to pay, and these bonds tend to fall when the economy weakens, much like stocks.
Do HYG and JNK hold the same bonds?#
Many of the same, since both follow indexes of the most traded US high yield bonds. Their lists and weights differ a little.
Which is cheaper, HYG or JNK?#
JNK costs less: 0.4% a year against 0.49%. Fees come from each issuer and were checked on October 16, 2026.
Which did better, HYG or JNK?#
From December 2007 to October 2026, HYG returned about 4.8% a year and JNK returned about 4.8% a year, with dividends reinvested. Their worst drops were −34.2% and −38.5%. Past returns do not tell you what comes next.