# JNK ETF: fees, returns, drawdowns and holdings

> What JNK holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

State Street SPDR Bloomberg High Yield Bond ETF (JNK) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund lends money to companies with lower credit ratings by owning their US dollar bonds. It charges 0.4% a year. From December 2007 to October 2026 it returned about 4.8% a year, and its worst drop was −38.5%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.4% a year (about $40 on $10,000).
- Started trading on November 28, 2007.
- Worst drop since 2007: −38.5%.
- 1 Tactfolio classic strategy holds it.

## What does JNK hold?

This fund lends money to companies with lower credit ratings by owning their US dollar bonds. These are often called junk bonds. They pay more interest than safer bonds, but there is a bigger chance a company cannot pay back.

It tracks the Bloomberg High Yield Very Liquid Index. It had 1,161 holdings as of October 15, 2026, according to SPDR (State Street).

| Fact | JNK |
| --- | --- |
| Full name | State Street SPDR Bloomberg High Yield Bond ETF |
| Issuer | SPDR (State Street) |
| Expense ratio | 0.4% a year |
| Started trading | November 28, 2007 |
| Tracks | Bloomberg High Yield Very Liquid Index |
| Type | US bonds, ETF |
| Holdings | 1,161 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) |

## What is the JNK expense ratio?

JNK charges 0.4% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.4% fee comes to about $40 a year.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## How has JNK done since 2007?

From December 2007 to October 2026, JNK returned about 4.8% a year. Say you put in $10,000 at the start. It would have been worth about $24,063 at the end, with every dividend reinvested.

| Measure | JNK |
| --- | --- |
| Total return | 140.6% |
| Return per year (CAGR) | 4.8% |
| Worst drop from a high | −38.5% |
| Volatility (how much it swings) | 11.4% |
| Last 12 months | 1.6% |
| Last 3 years, per year | 8.1% |
| Last 5 years, per year | 3.1% |
| Last 10 years, per year | 4.2% |

Prices through October 16, 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.

## JNK returns by year

| Year | JNK return |
| --- | --- |
| 2026 (part of the year) | −0.2% |
| 2025 | 8.8% |
| 2024 | 7.7% |
| 2023 | 12.4% |
| 2022 | −12.2% |
| 2021 | 4.0% |
| 2020 | 5.0% |
| 2019 | 14.9% |
| 2018 | −3.3% |
| 2017 | 6.5% |
| 2016 | 15.0% |
| 2015 | −6.8% |
| 2014 | 0.8% |
| 2013 | 5.9% |
| 2012 | 12.8% |
| 2011 | 5.1% |
| 2010 | 14.2% |
| 2009 | 37.5% |
| 2008 | −24.7% |
| 2007 (part of the year) | 0.7% |

## What was JNK's worst drop?

A drawdown is how far a fund falls from its last high point. 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.

The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## Which Tactfolio strategies hold JNK?

One classic strategy holds JNK at least some of the time. Each is a set of written rules you can open, test and copy.

- [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014

## How does JNK compare with similar ETFs?

Funds that can stand in for JNK:

- [USHY](https://tactfolio.com/etf/ushy.md): iShares Broad USD High Yield Corporate Bond ETF, 0.08% a year
- [HYG](https://tactfolio.com/etf/hyg.md): iShares iBoxx $ High Yield Corporate Bond ETF, 0.49% a year
- [VCIT](https://tactfolio.com/etf/vcit.md): Vanguard Intermediate-Term Corporate Bond ETF, 0.03% a year
- [LQD](https://tactfolio.com/etf/lqd.md): iShares iBoxx $ Investment Grade Corporate Bond ETF, 0.14% a year

See [all 4 JNK alternatives](https://tactfolio.com/alternatives/jnk.md), compared on the same dates as JNK.

## Test JNK in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add JNK, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for JNK. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns.

Fund facts come from SPDR (State Street). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of JNK?

JNK charges 0.4% a year, according to SPDR (State Street) as of October 16, 2026. That is about $40 a year for every $10,000 you hold.

### When did JNK start trading?

JNK started trading on November 28, 2007. It is run by SPDR (State Street).

### What does JNK track?

JNK tracks the Bloomberg High Yield Very Liquid Index. This fund lends money to companies with lower credit ratings by owning their US dollar bonds.

### How much has JNK returned per year?

From December 2007 to October 2026, JNK returned about 4.8% a year with dividends reinvested. Its worst drop was −38.5%. Past returns do not tell you what it will do next.

### Which strategies use JNK?

One of Tactfolio's classic strategies hold JNK, including Paul Novell's Tactical Bond Strategy.

## Sources

- [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.