HYG vs JNK: The Two Giants of High-Yield Bond ETFs
Both HYG and JNK invest in "junk bonds" — corporate debt from companies with below-investment-grade credit ratings. High yield, higher risk. Here's how they compare.
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and JNK (SPDR Bloomberg High Yield Bond ETF) are both high-yield corporate bond funds — what the industry calls "junk bonds." These bonds offer higher yields because the issuing companies have below-investment-grade credit ratings and a higher chance of default. HYG holds about 1,200 bonds at 0.48%; JNK holds about 900 bonds at 0.40%. JNK's lower expense ratio gives it a small structural advantage. Both ETFs have similar credit quality (BB/B rated), similar duration (around 3-4 years), and will sell off sharply during recessions when default rates rise. Neither is appropriate as a core bond holding — they behave more like equities during stress events.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
📋 HYG vs JNK — Key Facts Side by Side
| Metric | HYG | JNK |
|---|---|---|
| Fund Name | iShares iBoxx $ High Yield Corporate Bond ETF | State Street SPDR Bloomberg High Yield Bond ETF |
| Issuer | iShares | State Street |
| Tracks Index | iBoxx USD Liquid High Yield | Bloomberg High Yield Very Liquid |
| Expense Ratio | 0.48% | 0.40% ✓ |
| Cost per $10K/yr | $48.00 | $40.00 |
| AUM | $17.6B | $7.3B |
| Holdings | 1,200 | 900 |
| Inception | 2007 | 2007 |
| 1-Year Return | -0.47% | -0.62% |
| 3-Year Return | +8.84% | +8.94% |
| 5-Year Return | +3.64% | +3.54% |
| Dividend Yield | 5.90% | 6.60% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.02% |
Expense ratio, AUM, and returns updated Jul 14, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 HYG vs JNK — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want income and stability with lower portfolio volatility
- already use iShares and prefer staying within one fund family
- want the lowest fees: saves ~$8/yr per $10K vs HYG
- want income and stability with lower portfolio volatility
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ HYG vs JNK — Frequently Asked Questions
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