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High Yield vs Equity spread is huge!

This year high-yield bonds show strong underperformance against S&P 500 with comparable long-term risk profiles for both sides. This is how the volatility-normalized spread between High Yield ETF (HYG) and Equity ETF (SPY) looks at the moment:

Another chart, SPY and 2x leveraged ETF ProShares Ultra High Yield (UJB). High-yield bonds have about half the volatility of SPY, so 2x bonds and stocks should have comparable dynamics. Now look at the spread:

Something remarkable. Can any contrarian stay away this trade?

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