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first the HYG graph doesn't take dividends into account (neither SPX but difference on average 4% a year div HYG 6% vs spx at 2% which makes not -24% but -8%, I don 't have access to my bloom to do the exact calculation since early 2012).
second now the yield of HYG is circa 7.5% but if one breaks into it, Energy is leading the pack at +14% and Material at +10% rest of sectors are in the 5 to 7% which is not alarming (yet...). better then to look at a widening of other sector spreads.
hunt for yield is strong and willingness of central banks to tighten very weak.
lets wait the spx to take a real stance...