HYXF

iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) - $0.1673.30-Day SEC Yield of 3.12% as of April 29.Payable May 07; for shareholders of record May 04; ex-div May 03.

iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) - $0.1748.30-Day SEC Yield of 3.40% as of Mar 30.Payable Apr 08; for shareholders of record Apr 05; ex-div Apr 01.

iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) - $0.1754.30-Day SEC Yield of 3.06% as of Feb 25.Payable Mar 05; for shareholders of record Mar 02; ex-div Mar 01.

Some market observers have suggested that low and negative yields will hinder government bonds' ability to provide a buffer against down markets because bond returns will also be low.Amid the dramatic sell-off in risk assets earlier this year as the global pandemic took hold, and again in September when equity markets pulled back, government bonds served as one of the few true offsets to equity market volatility.Investors' need for income and return is as great as ever, even as global stock dividends plummet.

Spread levels have been on a noticeable downward trajectory from their peak level on March 23.HY spreads and default rates have an interesting relationship.The WisdomTree U.S. High Yield Corporate Bond Fund is focusing solely on public issuers and eliminating those with negative cash flow.

For 94 years, the "average, annual" return for large-cap stocks, which per the Ibbotson data is the S&P 500, is above 10%, and probably closer to 12%.The only return period that matched or roughly approximates the 103-year average, annual return for the S&P 500 is the decade from 1/1/2010 to 12/31/2019, and obviously from the March 9, 2009 low.The pullback in the S&P 500 and the Nasdaq hasn't made everyone universally bearish or that nervous yet, but you don't want to see corporate high-yield get much worse in terms of return.

The bond markets are in the midst of a feeding frenzy.U.S. high-yield bond sales reached an annual record of $329.8 billion for the year, with three months left to go.The high yield's market's record year follows the U.S. investment-grade bond market, which reached a new record for issuance in mid-August.

Coming into COVID-19, a chunk of client bond money was in higher yielding money markets since credit spreads (in my opinion) offered little value prior to March 2020.After the 35% correction in the S&P 500, and upon the announcement of the Fed liquidity programs, all that money was moved into corporate credit risk (a tactical bet) given the spread widening that happened.Can't recall the source, but Value is on track to outperform Growth for the month, for the first time in years. The question is, "is this sustainable or is it the proverbial dead-cat bounce?"