JNK vs SPY
State Street SPDR Bloomberg High Yield Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. JNK offers more diversification with 1,231 holdings.
Side-by-Side Comparison
| Metric | JNK | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $6.7B | $821.1B | |
| Dividend Yield | 6.65% | 1.01% | |
| Holdings | 1,231 | 505 | |
| YTD Return | +2.47% | +12.68% | |
| 1Y Return | +5.94% | +21.82% | |
| 3Y Return (annualized) | +8.57% | +21.98% | |
| 5Y Return (annualized) | +3.57% | +12.89% | |
| Volatility (annualized) | 10.9% | 15.3% | |
| Max Drawdown | -46.2% | -56.5% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 28, 2007 | Jan 22, 1993 |
JNK vs SPY Performance
State Street SPDR Bloomberg High Yield Bond ETF (JNK) is a ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JNK returned +5.94% while SPY returned +21.82%. Year to date, JNK is up 2.47% versus a gain of 12.68% for SPY.
Over three years, JNK compounded at +8.57% per year against +21.98% for SPY; over five years the annualized figures are +3.57% and +12.89% respectively. Across the full 19-year window we track, SPY has the edge at +8.81% annualized vs -0.41%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.9% for JNK. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -46.2% for JNK and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JNK charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, JNK currently yields 6.65% against 1.01% for SPY.
Holdings Overlap
JNK and SPY share 0 holdings out of 547 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JNK or SPY?
JNK has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, JNK or SPY?
Over the past year JNK returned +5.94% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), JNK annualized -0.41% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, JNK or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.9% for JNK. Worst drawdown: JNK -46.2% vs SPY -56.5%.
Should I hold both JNK and SPY?
JNK and SPY have a monthly-return correlation of 0.76, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JNK and SPY?
JNK and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 547 unique securities.
Which pays a higher dividend, JNK or SPY?
JNK yields 6.65% while SPY yields 1.01%, so JNK currently pays the higher dividend yield.
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