I am doing a bit more work on the HYG,JNK high yield sector.  These funds have done remarkably well, but they are not the only game in town.  here's an article with a bit of research into some mutual funds for comparison.

http://seekingalpha.com/article/1385191-2-more-popular-fixed-income-etfs-i-would-never-own?source=intbrokers_regular

I agree with the writer that high yield is very idiosyncratic and a smaller fund can be more nimble and thus have a little more protection on the downside.  I also agree that now is not the time to add money to this sector.  I think the yield spreads are too compressed to treasuries.

Today, both are down about 0.5%.  If they get any bounce today, I will sell 1/2 as I have a fairly over-weight position in high yield.