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Not so junky

Jason Goepfert
2020-12-08

High-yield bonds are treading water today, but many of them have been holding up extremely well. Enough so that High-Yield McCellan Summation Index has managed to cross above +1000.

Funds like HYG have shown very good longer-term returns when the McSumm has crossed this threshold. Granted, most of the study period has been dominated by a bull market.

Smaller-cap stocks are ostensibly impacted the most by good (or poor) economic conditions, and excellent momentum among high-yield bonds should mean that conditions are favorable. And indeed, returns in the Russell 2000 have been good after these signals.

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