Thanks for sharing this insight—definitely worth digging into.

After taking a closer look, two things stand out:

First, the scale issue. HYG sits around $15B in AUM, BLKN at roughly $5B. When you stack that against the entire credit market universe, these are pretty niche vehicles. Does their price action really capture what's brewing across the broader landscape, or are we watching a narrow slice?

Second, both have been bleeding lately. That downward drift—is it signaling something systemic, or just rotation noise within specific segments?

Curious how others are reading this. Small funds can telegraph early warnings, but they can also amplify idiosyncratic moves that don't scale.