At a glance
SJNK charges 0.4% a year, above the 0.28% average of the 7 funds most like it (the 5th cheapest of 8). It has $4.88B in assets, the 3rd largest of that group; it paid 7.05% of its price in distributions over the past 12 months, monthly. Over the past year it returned +1.5% with distributions reinvested, 6th of those 8 funds; over three years it returned +7.8% a year. At its worst it fell 19.7% in the 2020 crash (S&P 500: 33.7%) and 9.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 13 months after the lows. Its ten largest positions make up 4.8% of the fund, out of 1,158 in all.
The short version
The SPDR Bloomberg Short Term High Yield Bond ETF (SJNK), from State Street, holds more than 1,100 below-investment-grade ("junk") corporate bonds that mature in under five years. It tracks a Bloomberg index. Because its bonds mature soon, its price reacts less to interest-rate changes than longer bond funds do, and it paid a 7.05% trailing yield monthly as of October 27, 2026. Its 0.40% expense ratio is higher than the 0.30% charged by its closest iShares rival, SHYG.
Price history
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SJNK +1.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SJNK official prospectus, to Dec 31, 2025 | — | +7.53% | — | +5.28% | +6.03% | — |
| SJNK price data to Oct 27, 2026 | +0.8% | +1.5% | +7.8% | +4.5% | +4.9% | +4.6% |
- Over the year to Oct 27, 2026, SJNK returned +1.5%, 6th of 8 among similar funds.
- Its 5-year annualized return was +4.5% and its 10-year +4.9%.
- In the 2020 COVID crash it fell 19.7% and regained its old high 6.6 months after the low.
- Its worst full calendar year was 2015 (-6.3%); its best was 2016 (+14.3%).
- The deepest fall in its price history was 19.7% (Feb 20, 2020 to Mar 23, 2020), recovered by Oct 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.8% | — |
| 2025 | +7.6% | +7.53% |
| 2024 | +8.3% | +8.03% |
| 2023 | +11.5% | +12.06% |
| 2022 | -5.5% | -5.60% |
| 2021 | +5.1% | +5.28% |
| 2020 | +5.8% | +5.63% |
| 2019 | +9.5% | +9.53% |
| 2018 | -0.2% | -0.25% |
| 2017 | +5.3% | +5.32% |
| 2016 | +14.3% | +14.24% |
| 2015 | -6.3% | — |
| 2014 | -1.3% | — |
| 2013 | +6.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.7% over that stretch · deepest drop along the way 19.7%, back to its old high 6.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.7% over that stretch · deepest drop along the way 9.9%, back to its old high 13 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2900 | |
| 2025 | $1.7900 | -6.3% |
| 2024 | $1.9100 | +6.7% |
| 2023 | $1.7900 | +26.1% |
| 2022 | $1.4200 | +23.5% |
| 2021 | $1.1500 | -19.6% |
| 2020 | $1.4300 | -6.5% |
| 2019 | $1.5300 | +2.7% |
| 2018 | $1.4900 | -4.5% |
| 2017 | $1.5600 | -1.3% |
| 2016 | $1.5800 | +5.3% |
| 2015 | $1.5000 | -5.1% |
| 2014 | $1.5800 | -4.2% |
| 2013 | $1.6500 |
What's inside
As of Jun 30, 2026, the fund held 1,158 securities; the ten largest made up 4.84% of assets, and 5.97% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| MERIDIAN ARC HOLDCO LLC Bonds and notes | 0.65% | |
| ECHOSTAR CORP Bonds and notes | 0.63% | |
| PR RNO PROPERTY OWNER 1 Bonds and notes | 0.51% | |
| CENTENE CORP Bonds and notes | 0.51% | |
| VENTURE GLOBAL LNG INC Bonds and notes | 0.44% | |
| CLOUD SOFTWARE GRP INC Bonds and notes | 0.43% | |
| CLOUD SOFTWARE GRP INC Bonds and notes | 0.43% | |
| WULF COMPUTE LLC Bonds and notes | 0.42% | |
| TRANSDIGM INC Bonds and notes | 0.42% | |
| SV RNO PROPERTY OWNER 1 Bonds and notes | 0.41% | |
| EMRLD BOR / EMRLD CO-ISS Bonds and notes | 0.38% | |
| CORE SCIENTIFIC FINANCE Bonds and notes | 0.38% | |
| CCO HLDGS LLC/CAP CORP Bonds and notes | 0.37% | |
| DISH NETWORK CORP Bonds and notes | 0.36% | |
| CCO HLDGS LLC/CAP CORP Bonds and notes | 0.36% |
By country
United States 81.67%Canada 3.86%United Kingdom 2.01%XX 1.88%Luxembourg 1.37%By issuer
Companies 93.82%Other 4.12%The bonds mature in 3.1 years on average (weighted by size), with an average coupon of 6.46%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $144.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.53%, +0.34%, +0.23%.
How it works
SJNK tracks the Bloomberg US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index, run by Bloomberg Index Services. The index holds fixed-rate, taxable, US dollar corporate bonds from industrial, utility and financial companies. Each bond must have less than five years left to maturity and at least $350 million outstanding. Its credit rating must fall between Ba1/BB+ and Caa3/CCC-, using the middle of the ratings from Moody's, Fitch and S&P. The index leaves out floating-rate bonds, emerging-market bonds, defaulted bonds, convertibles and bonds that pay interest with more bonds. As of July 31, 2026, it held 1,141 securities.
No single issuer can make up more than 2% of the index, and the index updates its holdings on the last business day of each month. The adviser, SSGA Funds Management, uses "sampling": it may buy a representative subset of the index instead of every bond. It must keep at least 80% of net assets in index securities. As of June 30, 2026, the fund had 1,158 holdings, its top ten made up 4.84% of assets and cash was 5.97%.
The fund may use credit default swaps, which are contracts that pay out if a borrower defaults. It may also hold restricted bonds that can't be freely resold to the public. Portfolio turnover was 76%. As of June 30, 2026, the average maturity was 3.1 years and the average coupon was 6.46%.
What it really costs
- SJNK charges 0.4% a year, versus an average of 0.28% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SJNK | $41 | $128 | $224 | $505 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
SJNK pays monthly income from short-term junk bonds, with a trailing yield of 7.05% as of October 27, 2026, but it carries real credit risk.
SJNK could add steady monthly cash flow. Over the 12 months to October 27, 2026, it paid $1.71 per share, a 7.05% yield. In return, holders take on credit risk. The fund launched in 2012, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 19.7% between February 20 and March 23 and took 6.6 months to recover. In 2022 it dropped 9.9% and needed 13 months to get back to its peak. Its worst calendar year was 2015, when it lost 6.3%. A retiree who had to sell shares during those stretches would have locked in losses. The fund costs 0.40% a year: $41 in the first year and $505 over ten years on $10,000, using the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts from short-term junk bonds; the trailing yield was 7.05% as of October 27, 2026.
- Investors who want high-yield exposure with less sensitivity to interest rates, given an average maturity of 3.1 years as of June 30, 2026.
- Those who want default risk spread thinly across 1,158 holdings, with the top ten making up only 4.84% as of June 30, 2026.
Look elsewhere if
- Cost-conscious investors: iShares' SHYG, the closest match, charges 0.30% versus SJNK's 0.40%, and Xtrackers' SHYL charges 0.20%.
- Anyone holding money for near-term spending. SJNK fell 19.7% in early 2020 and 9.9% in 2022, which took 13 months to recover.
- Investors who want investment-grade quality. SJNK holds mainly junk bonds and leans heavily toward consumer cyclical companies, which suffer when consumers cut spending.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SJNK this fund | 3.1 yrs | 0.4% | $4.88B | +1.5% | +7.8% |
| SHYG iShares 0-5 Year High Yield Corporate Bond … | 3.1 yrs | 0.3% | $7.60B | +2.4% | +8.0% |
| SHYL Xtrackers Short Duration High Yield Bond ETF | 3.2 yrs | 0.2% | $267.3M | +1.4% | +7.9% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
| SYFI AB Short Duration High Yield ETF | 3.7 yrs | 0.4% | $961.7M | +3.1% | — |
| FHYS Federated Hermes Short Duration High Yield … | 4 yrs | 0.51% | $55.1M | +3.3% | +7.3% |
| GTOH Invesco Short Duration High Yield ETF | 4.4 yrs | 0.48% | $12.8M | +1.3% | +7.6% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 4.6 yrs | 0.05% | $3.56B | +1.6% | +8.7% |
Questions investors ask
Does SJNK pay monthly dividends?
Yes. SJNK pays income monthly. Over the 12 months to October 27, 2026, it paid $1.71 per share, a trailing yield of 7.05%. The payments come from interest on the fund's short-term junk bonds, whose average coupon was 6.46% as of June 30, 2026. The amount can change. Income may fall if interest rates drop, if companies pay off their bonds early or if borrowers default.
What's the difference between SJNK and SHYG?
Both own short-term junk bonds with an average maturity of 3.1 years, so they hold very similar portfolios. SHYG, from iShares, costs 0.30% a year versus SJNK's 0.40%. It is also larger, with $7.6 billion in net assets as of July 31, 2026, compared with SJNK's $4.88 billion as of June 30, 2026. As of October 27, 2026, SHYG returned 2.4% over one year versus SJNK's 1.5%. Over three years, SHYG returned 8% a year versus 7.8%.
Is SJNK safe for retirement?
No. SJNK is not a safe holding in the sense of protecting your principal. It owns bonds rated below investment grade, which carry a much higher risk of default. Its worst quarter was a 11.82% loss in early 2020, and it lost 5.6% in calendar 2022. Short maturities do limit how much its price reacts to interest rates. It has generally been steadier than stocks, with a one-year beta of 0.19, but junk bonds can still fall sharply in a recession.
How has SJNK performed over the long term?
SJNK has earned mid-single-digit returns over the long run. As of December 31, 2025, its average annual returns were 7.53% over one year, 5.28% over five years and 6.03% over ten years, based on the prospectus. Calendar years ranged from a 14.24% gain in 2016 to a 5.6% loss in 2022. In 2026, the fund was up 0.82% year to date through October 27, based on market price.
What is SJNK's expense ratio?
SJNK's expense ratio is 0.40% a year, all of it management fee, with no fee waiver. In the SEC's standard example of $10,000 earning 5% a year, costs come to $41 after one year, $128 after three years, $224 after five and $505 after ten. That ranks 4th of 8 among similar short-term high-yield funds, whose average is 0.37%. SHYG charges 0.30% and SHYL charges 0.20%.