The longest available series for high-yield bond returns is the Merrill Lynch 100 High Yield Index.
The JPMorgan Domestic High Yield Index is an index composed of non-investment-grade corporate bonds.
Just 18.7% of the issues within the high yield index are rated CCC, the most default-prone category.
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The average return on Barclays High Yield Index has slipped to historic lows.
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The high yield index certainly yields less in nominal terms than it did around the last two recessions in 2011and late-2007 to mid-2009.
At the beginning of 2004, the real yield of the high yield index stood at 5.20%, only slightly higher than the May 2011 level of 4.78%.
Over the next three years, the total return of the high yield index exceeded the total return on investment grade corporate bonds by 1.71 percentage points per annum.
Emerging market and investment grade bonds have sold off in the last few days, and the dollar high-yield index has plateaued, but European high-yield has remained on course, edging higher.
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The return on high-yield bonds according to the Merrill Lynch High Yield Bond Index is the highest it has ever been, at 7%, up 2.9% year-to-date.
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Although the euro-denominated high-yield index does not undergo as much volatility as the emerging market index, its moves are far more drastically than the investment-grade or dollar high-yield indices.
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Since its inception in 1998, the fund's investor share class has returned a compound 5.7%, versus 5.9% for its benchmark, Lehman Brothers' U.S. Corporate High-Yield Index.
The chart from The Wall Street Journal shows the dramatic rise of the Barclays US Corporate High Yield Bond Index in 2012, and the further gains in early 2013.
Consider that the double-B subset of the Barclays High-Yield Index, at 4.33% on Tuesday, is nearly a full percentage point lower than where it stood at the beginning of September and is down roughly 175 bps from levels a year ago.
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During May, the yield on the Merrill Lynch High Yield Master II Index jumped from 8.29% to 9.29%.
High-Yield Municipal Index shares are currently trading down about 0.9% on the day.
The Merrill Lynch High Yield Master II Bond Index ended the third quarter down 1.69%, the fourth worst quarterly performance since September 1986.
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This year, an index of Asian high- yield corporate debt from J.
The average credit rating of a typical High Yield Corporate bond portfolio is higher than that of the Credit Suisse Leveraged Loan Index.
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