SJNK vs SPHY: Performance, Holdings, Fees & Risk
SJNK and SPHY are ETFs, but they can differ materially in exposure, yield, fees and risk. SJNK is State Street SPDR Bloomberg Short Term High Yield Bond ETF, while SPHY is State Street SPDR Portfolio High Yield Bond ETF. SPHY is broader by holdings count, with 1,914 positions versus 1,121 for SJNK. SPHY has the lower expense ratio. Current AlgovestIQ evidence has SPHY ahead on AIQ Score, 51 versus 48.
| Metric | SJNK | SPHY |
|---|---|---|
| Fund | ||
| Expense ratio | 0.4% | 0.05% |
| Holdings | 1,121 | 1,914 |
| Top-10 concentration | 4.9% | 3.1% |
| Distribution yieldTrailing 12 months | 7.2% | 7.43% |
| Average volume | 2,802,785 | 5,731,974 |
| Performance | ||
| 1Y return | -5.2% | -5.5% |
| YTD return | -4.8% | -5.1% |
| 5Y annualized returnTotal return, distributions reinvested | +4.3% | +3.7% |
| Risk | ||
| Annualized volatility | 3.7% | 4.2% |
| Max drawdown (1Y) | -5.9% | -6.2% |
| Max drawdown (5Y)Total return, distributions reinvested | -10.2% | -15.3% |
| Beta | 0.18 | 0.21 |
| Sharpe ratio | -2.56 | -2.32 |
| Sortino ratio | -3.33 | -3.02 |
| AlgovestIQ | ||
| AIQ Score | 48/100 | 51/100 |
| AIQ Edge Score | 3/10 | 4/10 |
| Momentum | 29/100 | 31/100 |
| Risk Resilience | 77/100 | 82/100 |
AlgovestIQ AIQ Comparison
State Street SPDR Bloomberg Short Term High Yield Bond ETF vs State Street SPDR Portfolio High Yield Bond ETF
SPHY leads
SPHY leads by 3 AIQ points, primarily on Quality and Risk Resilience.
Fragile: 1 of 4 evidence groups support SPHY, and its current signal state is conflicted.
State Street SPDR Bloomberg Short Term High Yield Bond ETF
State Street SPDR Portfolio High Yield Bond ETF
The Algovestiq AIQ Score currently favors SPHY over SJNK, 51 versus 48 as of Oct 21, 2026. SPHY's advantage is driven primarily by stronger quality and risk resilience. SPHY also shows the weaker technical structure relative to its 50-day moving average. 1 of 4 covered evidence groups favor SPHY today, and the comparison is rated Fragile on stability: the AIQ gap is narrow at 3 points. SPHY lead: Stable — the AIQ differential has held near 3 points over 30 sessions.
Compare State Street SPDR Bloomberg Short Term High Yield Bond ETF and State Street SPDR Portfolio High Yield Bond ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
SJNK vs SPHY: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | SJNK | SPHY | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.4% | 0.05% | SPHY |
| Broader diversificationNumber of holdings | 1,121 | 1,914 | SPHY |
| Lower concentrationWeight of the 10 largest holdings | 4.9% | 3.1% | Similar |
| Higher incomeTrailing 12-month distribution yield | 7.2% | 7.43% | SPHY |
| Smaller drawdownsMax drawdown, 5 years | -10.2% | -15.3% | SJNK |
| Lower volatilityAnnualized volatility, 1 year | 3.7% | 4.2% | Similar |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare SJNK and SPHY against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Quality61 vs 66SPHY +5
- Risk Resilience77 vs 82SPHY +5
- Momentum29 vs 31Even
- Value36 vs 36Even
1 of 4 evidence groups favor SPHY. SPHY’s edge is concentrated in quality and risk resilience.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Momentum +2
No signal started or stopped since the prior session; its 5 active signals are unchanged.
Largest factor move: Momentum +2
No signal started or stopped since the prior session; its 5 active signals are unchanged.
SPHY's lead was unchanged in the latest session.
Deeper signal detail for each name lives on its own signals page — SJNK and SPHY both carry a full feed there.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | SJNK | SPHY | Why it matters |
|---|---|---|---|
| Expense ratio | 0.4% | 0.05% | Lower is better — it compounds against you every year you hold. |
| Holdings | 1,121 | 1,914 | More holdings means broader diversification, not better returns. |
| Average volume | 2,802,785 | 5,731,974 | Liquidity — matters most if you trade size. |
| Annualized volatility | 3.7% | 4.2% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -5.9% | -6.2% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | -2.56 | -2.32 | Return per unit of risk. Higher is better. |
| Beta | 0.18 | 0.21 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
SJNK and SPHY share 53.13% of their weighted exposure across 1,039 common holdings.
80 holdings are unique to SJNK, and 873 holdings are unique to SPHY. Owning both is a partial overlap: a majority of the capital is distinct, but the largest positions are shared.
SJNK is the more concentrated of the two: its ten largest positions are 4.92% of the fund, against 3.1% for SPHY (1,121 holdings vs 1,914). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
Largest shared positions
| Holding | SJNK | SPHY | Shared |
|---|---|---|---|
| MERIDIAN ARC HOLDCO LLC SR SECURED 144A 04/31 6.25 | 0.65% | 0.39% | 0.39% |
| ECHOSTAR CORP SR SECURED 11/29 10.75 | 0.67% | 0.38% | 0.38% |
| PR RNO PROPERTY OWNER 1 SR SECURED 144A 05/31 6.5 | 0.53% | 0.31% | 0.31% |
| CLOUD SOFTWARE GRP LLC SR SECURED 144A 03/29 6.5 | 0.43% | 0.29% | 0.29% |
| CRC INSURANCE GROUP LLC SR SECURED 144A 06/31 7.125 | 0.41% | 0.26% | 0.26% |
| SV RNO PROPERTY OWNER 1 SR SECURED 144A 03/31 5.875 | 0.41% | 0.25% | 0.25% |
| CLOUD SOFTWARE GRP LLC SECURED 144A 09/29 9 | 0.45% | 0.25% | 0.25% |
| GALAXY HELIOS DATA CNTR SR SECURED 144A 08/31 9.875 | 0.41% | 0.24% | 0.24% |
Shared weight is the lower of the two positions — the portion of capital both funds genuinely have in the same security.
What SJNK adds that SPHY doesn’t
| Holding | SJNK | SPHY |
|---|---|---|
| CENTENE CORP SR UNSECURED 12/29 4.625 | 0.51% | 0.23% |
| TRANSDIGM INC SR SECURED 144A 03/29 6.375 | 0.44% | 0.21% |
| RAKUTEN GROUP INC SR UNSECURED 144A 02/27 11.25 | 0.36% | 0.01% |
| AVANTOR FUNDING INC COMPANY GUAR 144A 07/28 4.625 | 0.34% | 0.16% |
| NISSAN MOTOR CO SR UNSECURED 144A 09/27 4.345 | 0.32% | 0.12% |
| ORGANON + CO/ORGANON FOR SR SECURED 144A 04/28 4.125 | 0.31% | 0.12% |
What SPHY adds that SJNK doesn’t
| Holding | SPHY | SJNK |
|---|---|---|
| 1261229 BC LTD SR SECURED 144A 04/32 10 | 0.47% | Not held |
| QUIKRETE HOLDINGS INC SR SECURED 144A 03/32 6.375 | 0.25% | Not held |
| NEXSTAR MEDIA INC SR SECURED 144A 09/33 6.5 | 0.25% | Not held |
| ASURION LLC/ASURION CO SR SECURED 144A 12/32 8 | 0.24% | Not held |
| TRANSDIGM INC SR SECURED 144A 03/32 6.625 | 0.24% | Not held |
| OAK EAGLE ACQUIRECO INC SR SECURED 144A 07/33 7.25 | 0.23% | Not held |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
AIQ Agreement Matrix
1 of 4 covered evidence groups favor SPHY. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | Even | 48 vs 51 |
| Fundamentals | Not covered | Not covered |
| Valuation | Even | Value 36 vs 36 |
| Technicals | Even | Price vs 50-day -1.9% vs -2%; vs 200-day -3.6% vs -3.9% |
| Risk Resilience | SPHY | Risk Resilience 77 vs 82 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of SJNK and SPHY and are excluded from the count.
AIQ Decision Stability
The conclusion is sensitive to small changes. Treat the lead as provisional and watch the flip conditions below.
- The AIQ gap is narrow at 3 points. (argues the conclusion is provisional)
- Only 1 of 4 covered evidence groups agree. (argues the conclusion is provisional)
- The lead has been steady session to session. (supports the conclusion holding)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on SPHY.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20SPHY lead: Stable — the AIQ differential has held near 3 points over 30 sessions.
- Today
- SPHY +3
- 48 vs 51
- 7 sessions ago
- SPHY +3
- 47 vs 50
- 30 sessions ago
- SPHY +2
- 47 vs 49
- 90 sessions ago
- SPHY +3
- 52 vs 55
The lead has not changed hands in this window.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
SJNK and SPHY carry the same 5 signals, so the signals do not separate them: Death Cross Active, ATR Contraction - Coiling, 52-Week Low Proximity, Downtrend Structure Active, MACD Bullish Crossover.
SPHY leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Price and the AIQ Score both moved up over the latest session (price +0.12%, AIQ +1 points).
Price and the AIQ Score both moved up over the latest session (price +0.18%, AIQ +1 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1SJNK closes the Quality gap — currently 5 points behind, the largest single contributor to SPHY's edge.
- 2SJNK's Death Cross Active resolves — a bearish trend rule currently active against it.
- 3SPHY's conflicting signal state resolves bearish — it currently carries 1 bullish and 3 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
SJNK leads 5 of 6 windows| Metric | SJNK | SPHY |
|---|---|---|
| 1 week (5 sessions) | -0.6% | -0.4% |
| 1 month (20 sessions) | -2.3% | -2.6% |
| 3 months (63 sessions) | -3.3% | -3.7% |
| 6 months (126 sessions) | -4.5% | -4.8% |
| Year to date | -4.8% | -5.1% |
| 1 year (252 sessions) | -5.2% | -5.5% |
Technicals
Split| Metric | SJNK | SPHY |
|---|---|---|
| RSI (14) | 34.8 | 37.1 |
| ADX (14) | 41.3 | 41.1 |
| Price vs 50-day | -1.9% | -2% |
| Price vs 200-day | -3.6% | -3.9% |
| Volatility (1M, annualized) | 3.8% | 4.4% |
Risk
SPHY is the more resilient| Metric | SJNK | SPHY |
|---|---|---|
| Beta | 0.18 | 0.21 |
| Sharpe ratio | -2.56 | -2.32 |
| Sortino ratio | -3.33 | -3.02 |
| Max drawdown | -5.9% | -6.2% |
| Current drawdown | -5.9% | -6.2% |
| Annualized volatility | 3.7% | 4.2% |
| Value at risk (95%) | -0.4% | -0.5% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
How much do SJNK and SPHY overlap?
SJNK and SPHY share 53.13% of their weighted exposure across 1,039 common holdings. 80 holdings are unique to SJNK, and 873 holdings are unique to SPHY. Owning both is a partial overlap: a majority of the capital is distinct, but the largest positions are shared.
Which ETF is more diversified, SJNK or SPHY?
SPHY holds more positions: 1,914 versus 1,121 for SJNK.
Which has the lower expense ratio?
SPHY has the lower expense ratio, 0.05% a year against 0.4% for SJNK.
Which ETF has the higher distribution yield?
SPHY, with a trailing 12-month distribution yield of 7.43% against 7.2% for SJNK.
Which ETF has been more volatile?
Their volatility over the past year is similar: 3.7% annualized for SJNK and 4.2% for SPHY.
Which ETF has had the smaller drawdown?
SJNK fell less from peak to trough over the past five years: -10.2% against -15.3% for SPHY.
Compare SJNK and SPHY with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.