High-yield bonds have seen a dramatic reversal of fortunes in 2014 compared to their investment-grade counterparts.
High-yield debt -- as measured by the iBoxx $ Liquid High Yield index -- is off 3.5% since hitting its high on June 24. The index was up 1.94% year-to-date through Dec. 9.
The iBoxx $ Liquid Investment Grade index is up 1.87% since high yield's peak in June, with a year-to-date gain of 8.11% through Dec. 9.
Last year the iBoxx $ Liquid High Yield index returned 5.93%, while the investment-grade index fell 2.4%.
