Bondsavvy's Corporate Bond Returns

Bondsavvy has made 148 corporate bond recommendations since our 2017 founding, exiting 85 bonds through October 31, 2025. The below charts and tables compare our recommendations' performance to the iShares corporate bond ETFs.

Investment Performance for Our 85 Exited Bond Recommendations:

Median Annual Total Return

Bondsavvy

9.40%

iShares Bond ETFs

6.39%

Number of Picks That Outperformed

Bondsavvy Wins

55 (65%)

iShares Bond ETF Wins

30 (35%)

Picks That Outperformed by at Least 10 Points

Bondsavvy

iShares Bond ETFs

About these charts Past performance does not guarantee future results.

Exited Recommendations
Current Recommendations
How We Maximize Investment Returns

Corporate Bond Returns of Exited Recommendations

Recommended Corporate Bonds

Pick Date

Sell Date

Total Return (3)

10-bond $
Return

iShares
LQD / SLQD

iShares
HYG / SHYG

Beat Benchmark
iShares
Bond ETF

Investment-Grade Corporate Bonds

Alphabet 1.998% 8/15/26 CUSIP 02079KAC1

3/7/18

4/1/19

5.67%

$517

5.58%

Apple 3.45% 2/9/45 CUSIP 037833BA7

12/12/17

8/9/19

13.11%

$1,263

10.53%

Bed Bath & Beyond 3.749% 8/1/24 CUSIP 075896AA8

5/2/18

10/7/19

20.73%

$1,780

17.27%

BNSF 3.90% 8/1/46 CUSIP 12189LAZ4

3/14/19

10/7/19

17.20%

$1,675

11.98%

Brunswick Corp. 4.40% 9/15/32 CUSIP 117043AU3

6/22/23

9/4/24

14.66%

$1,265

10.23%

CSX 3.80% 11/1/46 CUSIP 126408HF3

3/25/20

11/23/20

24.96%

$2,464

19.71%

CSX Corp. 3.25% 6/1/27 CUSIP 126408HH9

3/26/20

8/12/20

12.60%

$1,282

16.62%

eBay 4.00% 7/15/42 CUSIP 278642AF0

12/13/17

12/3/21

42.16%

$3,890

24.66%

eBay 4.00% 7/15/42 CUSIP 278642AF0

11/19/18

12/3/21

66.80%

$5,103

31.24%

Ecolab 4.80% 3/24/30 CUSIP 278865BE9

10/5/23

10/8/25

16.39%

$1,579

21.30%

Electronic Arts 2.95% 2/15/51 CUSIP 285512AF6

5/20/21

10/31/25

13.53%

$1,251

0.29%

E*TRADE 3.80% 8/24/27 CUSIP 269246BQ6

3/26/20

9/9/20

22.34%

$2,071

14.95%

Expedia 3.800% 2/15/28 CUSIP 30212PAP0

3/25/20

6/19/20

31.55%

$2,370

15.46%

FedEx 3.400% 2/15/28 CUSIP 31428XBP0

3/30/20

9/10/20

13.49%

$1,344

11.86%

General Dynamics 3.75% 5/15/28 CUSIP 369550BC1

6/16/22

6/25/25

13.84%

$1,345

12.91%

HP Inc. 6.000% 9/15/41 CUSIP 428236BR3

12/12/17

1/22/20

19.22%

$2,064

15.34%

Kirby Corp. 4.20% 3/1/28 CUSIP 497266AC0

6/5/20

3/24/21

16.10%

$1,558

0.44%

Kyndryl Holdings 3.15% 10/15/31 CUSIP 50155QAL4

6/22/23

9/4/24

20.80%

$1,568

10.23%

Lazard Group LLC 3.625% 3/1/27 CUSIP 52107QAH8

8/13/18

8/9/19

11.82%

$1,124

13.39%

Lockheed Martin 4.95% 10/15/25 CUSIP 539830BU2

11/16/22

10/15/25

13.07%

$1,323

17.84%

Macy's Retail Hldgs 4.50% 12/15/34 CUSIP 55616XAM9

12/11/18

5/29/24

37.27%

$2,980

12.17%

Marriott Int'l 3.125% 6/15/26 CUSIP 571903AS2

12/12/18

5/21/19

8.89%

$808

7.42%

Marriott Int'l 4.00% 4/15/28 CUSIP 571903AY9

11/16/22

9/4/24

13.60%

$1,267

11.18%

Nutrien Ltd. 4.00% 12/15/26 CUSIP 67077MAE8

6/16/22

5/29/24

5.65%

$558

7.45%

PepsiCo 3.00% 10/15/27 CUSIP 713448DY1

3/26/20

6/19/20

8.02%

$834

13.36%

RPM Int'l 4.550% 3/1/29 CUSIP 749685AX1

6/5/20

3/24/21

5.48%

$604

0.44%

Southwest Airlines 3.00% 11/15/26 CUSIP 844741BC1

3/26/20

11/23/20

15.28%

$1,399

17.54%

Southwest Airlines 2.625% 2/10/30 CUSIP 844741BF4

3/26/20

11/23/20

19.05%

$1,618

17.54%

Teck Resources 6.25% 7/15/41 CUSIP 878742AW5

9/5/19

9/9/20

4.16%

$474

8.87%

Tiffany 4.900% 10/1/44 CUSIP 886546AD2

9/5/19

1/22/20

26.07%

$2,686

2.78%

Verizon 3.85% 11/1/42 CUSIP 92343VBG8

9/26/17

9/9/19

27.01%

$2,423

12.51%

High-Yield Corporate Bonds

AECOM 5.125% 3/15/27 CUSIP 00774CAB3

3/8/18

6/2/21

30.43%

$2,964

19.87%

Albertsons 7.45% 8/1/2029 CUSIP 013104AF1

9/26/17

3/23/22

79.50%

$6,241

15.13%

AMC Networks 4.750% 8/1/25 CUSIP 00164VAE3

8/14/18

2/18/21

18.77%

$1,807

16.08%

AMC Networks 4.750% 8/1/25 CUSIP 00164VAE3

3/25/20

2/18/21

18.42%

$1,659

27.88%

AMC Networks 4.250% 2/15/29 CUSIP 00164VAF0

5/20/21

7/11/25

0.52%

$52

15.40%

American Axle 6.500% 4/1/27 CUSIP 02406PAU4

11/19/18

9/9/20

23.94%

$2,168

11.70%

American Axle 6.500% 4/1/27 CUSIP 02406PAU4

8/13/18

9/9/20

14.56%

$1,449

9.75%

Applied Materials 3.90% 10/1/25 CUSIP 038222AJ4

6/16/22

10/1/25

12.64%

$1,266

17.63%

Ashland Inc. 6.875% 5/15/2043 CUSIP 044209AM6

4/4/24

10/8/25

9.73%

$1,012

14.53%

ATI Inc. 7.25% 8/15/30 CUSIP 01741RAN2

10/5/23

6/25/25

20.27%

$1,983

22.04%

Beazer Homes 7.25% 10/15/29 CUSIP 07556QBT1

3/8/23

9/4/24

23.21%

$2,126

16.74%

CF Industries 4.95% 6/1/43 CUSIP 12527GAD5

5/30/19

11/23/20

49.55%

$4,291

8.36%

Citrix Systems 4.50% 12/1/27 CUSIP 177376AE0

11/19/18

1/22/20

20.43%

$1,938

12.85%

Citrix Systems 4.50% 12/1/27 CUSIP 177376AE0

5/30/18

1/22/20

18.63%

$1,827

12.94%

Commercial Metals 4.125% 1/15/30 CUSIP 201723AQ6

4/6/22

3/26/25

12.25%

$1,153

15.45%

Commercial Metals 3.875% 2/15/31 CUSIP 201723AP8

4/6/22

3/26/25

9.76%

$894

15.45%

Consolidated Comms 6.5% 10/1/22 CUSIP 20903XAE3

8/13/18

11/2/20

22.72%

$2,119

9.37%

CoreCivic 4.75% 10/15/27 CUSIP 21871NAA9

12/11/19

9/4/24

40.51%

$3,370

15.84%

Crowdstrike Hldgs 3.00% 2/15/29 CUSIP 22788CAA3

3/8/23

6/25/25

18.79%

$1,597

23.75%

DISH DBS 7.750% 7/1/26 CUSIP 25470XAY1

5/30/18

5/28/19

12.85%

$1,111

6.15%

DISH DBS 5.125% 6/1/2029 CUSIP 25470XBD6

1/12/22

10/7/24

-12.34%

-$1,142

7.43%

Encompass Health 4.625% 4/1/31 CUSIP 29261AAE0

10/5/23

10/8/25

26.88%

$2,251

25.41%

EQT Corp. 3.900% 10/1/27 CUSIP 26884LAF6

9/23/20

6/2/21

19.51%

$1,789

7.94%

Expedia 3.800% 2/15/28 CUSIP 30212PAP0

3/7/18

6/19/20

13.86%

$1,297

8.82%

Exterran Energy 8.125% 5/1/25 CUSIP 30227KAE9

1/12/22

10/21/22

14.36%

$1,360

-13.51%

H&E Equipment 5.625% 9/1/25 CUSIP 404030AH1

3/14/19

11/23/20

13.78%

$1,377

9.33%

JCPenney 5.65% 6/1/20 CUSIP 708130AD1

4/6/20

12/17/20

-100.00%

($5,477)

20.24%

JCPenney 6.375% 10/15/36 CUSIP 708130AC3

12/13/17

12/17/20

-80.77%

($4,923)

16.10%

JCPenney 5.65% 6/1/20 CUSIP 708130AD1

11/19/18

5/28/19

7.25%

$595

6.07%

JCPenney 5.65% 6/1/20 CUSIP 708130AD1

9/10/18

5/28/19

-3.96%

($368)

3.80%

KB Home 6.875% 6/15/27 CUSIP 48666KAX7

7/11/24

10/8/25

7.26%

$746

10.89%

Lennar 4.750% 5/30/25 CUSIP 526057BV5

3/7/18

11/23/20

27.18%

$2,700

15.21%

Mercer International 5.125% 2/1/29 CUSIP 588056BB6

3/8/23

7/12/23

-0.74%

($62)

3.51%

Mercer International 5.50% 1/15/26 CUSIP 588056AW1

9/5/19

5/18/20

-8.83%

($875)

-5.30%

M/I Homes 5.625% 8/1/25 CUSIP 55305BAQ4

3/14/19

1/11/21

18.21%

$1,748

11.66%

Monitronics 9.125% 4/1/20 CUSIP 609453AG0

9/26/17

9/14/18

-7.13%

($642)

2.51%

Park-Ohio Industries 6.625% 4/15/27 CUSIP 700677AR8

5/31/19

3/24/21

14.23%

$1,415

11.31%

PBF Holding Co LLC 6.00% 2/15/28 CUSIP 69318FAJ7

1/11/24

12/11/24

5.66%

$551

9.21%

Penske Automotive 3.75% 6/15/29 CUSIP 70959WAK9

1/12/22

3/26/25

5.96%

$585

9.68%

Pitney Bowes 4.625% 3/15/24 CUSIP 724479AJ9

5/30/18

5/15/19

10.68%

$913

6.01%

Quad / Graphics 7.000% 5/1/22 CUSIP 747301AC3

12/12/19

5/1/22

26.03%

$2,410

0.34%

QVC 5.95% 3/15/43 CUSIP 747262AM5

12/16/20

12/11/24

-18.31%

-$1,868

13.45%

Steelcase 5.125% 1/18/29 CUSIP 858155AE4

11/16/22

9/4/24

23.49%

$2,038

18.75%

Tennant Company 5.625% 5/1/25 CUSIP 880345AB9

12/12/18

11/23/20

17.98%

$1,752

13.90%

Teleflex Inc. 4.625% 11/15/27 CUSIP 879369AF3

1/11/24

3/26/25

6.08%

$591

9.84%

Titan Int'l 7.00% 4/30/28 CUSIP 88830MAM4

6/22/23

12/11/25

16.48%

$1,543

17.52%

TransAlta 4.500% 11/15/22 CUSIP 89346DAF4

6/5/20

3/24/21

5.41%

$549

6.84%

TransAlta 6.50% 3/15/40 CUSIP 89346DAE7

6/5/20

3/6/24

26.99%

$2,627

11.10%

Tupperware Brands 4.75% 6/1/21 CUSIP 899896AC8

12/12/19

12/3/20

7.30%

$725

4.13%

US Cellular 6.700% 12/15/33 CUSIP 911684AD0

3/8/23

5/29/24

26.15%

$2,329

11.03%

US Concrete 6.375% 6/1/24 CUSIP 90333LAP7

12/12/18

3/24/21

21.43%

$2,055

16.56%

US Steel 6.65% 6/1/37 CUSIP 912909AD0

9/9/21

3/26/25

11.72%

$1,288

9.21%

Vital Energy 9.500% 1/15/25 CUSIP 516806AF3

12/18/20

3/23/22

31.68%

$2,783

-0.97%

Vital Energy 10.125% 1/15/28 CUSIP 516806AG1

12/16/20

3/29/24

66.52%

$5,528

5.68%

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Corporate Bond Returns of Current Recommendations

Recommendations by Pick Date Subscribe to learn bond names and CUSIPs

Pick Date
Offer Price (1)

October 31, 2025
Bid Price (2)

Total
Return (3)

iShares
LQD / SLQD

iShares
HYG / SHYG

Beat Benchmark
iShares
Bond ETF

Sep 04, 2025

Investment Grade Bond 1

91.05

92.80

2.81%

1.25%

Investment Grade Bond 2

103.92

106.66

3.60%

1.25%

High Yield Bond 1

98.26

99.15

1.72%

0.68%

Investment Grade Bond 3

95.84

98.19

3.33%

1.25%

High Yield Bond 2

88.10

99.00

13.72%

0.68%

May 29, 2025

High Yield Bond 1

98.62

106.16

10.42%

4.27%

High Yield Bond 2

104.29

107.35

5.63%

4.27%

Investment Grade Bond 1

101.93

107.14

7.63%

5.57%

Investment Grade Bond 2

101.47

105.05

5.90%

5.57%

Investment Grade Bond 3

78.95

84.34

9.12%

5.57%

Investment Grade Bond 4

99.46

102.43

5.19%

5.57%

Mar 06, 2025

High Yield Bond 1

102.65

102.88

6.44%

5.37%

Investment Grade Bond 1

99.49

102.84

6.98%

5.39%

Investment Grade Bond 2

97.88

102.89

8.63%

5.39%

Investment Grade Bond 3

98.94

102.66

7.40%

5.39%

Nov 14, 2024

Investment Grade Bond 1

88.83

89.55

5.88%

7.20%

High Yield Bond 1

89.10

92.75

10.98%

7.30%

Investment Grade Bond 2

104.74

108.69

9.17%

7.20%

Investment Grade Bond 3

97.00

100.81

8.89%

7.20%

Jul 11, 2024

One other pick previously exited

Investment Grade Bond 1

80.76

75.37

0.41%

8.30%

Investment Grade Bond 2

73.05

74.67

9.56%

8.30%

High Yield Bond 2

103.61

107.37

11.82%

11.92%

Apr 04, 2024

One other pick previously exited

Investment Grade Bond 1

102.64

106.43

13.44%

10.56%

High Yield Bond 1

98.33

103.25

13.66%

14.65%

Investment Grade Bond 2

104.40

108.47

13.41%

10.56%

Jan 11, 2024

Two other picks previously exited

High Yield Bond 1

99.84

100.92

11.39%

16.06%

Investment Grade Bond 1

98.43

100.78

11.84%

9.37%

Oct 05, 2023

Three other picks previously exited

High Yield Bond 1

91.43

100.69

22.04%

25.54%

Jun 22, 2023

Three other picks previously exited

High Yield Bond 1

95.35

100.86

20.64%

24.90%

Mar 08, 2023

All four picks previously exited

Nov 16, 2022

Three other picks previously exited

Long Term Investment Grade Bond 1

103.91

105.04

16.03%

19.02%

High Yield Bond 2

96.85

100.79

26.22%

29.49%

Jun 16, 2022

Three other picks previously exited

Short Term Investment Grade Bond 3

101.37

100.00

13.64%

17.85%

Apr 06, 2022

Two other picks previously exited

High Yield Bond 3

94.57

99.68

24.11%

21.99%

High Yield Bond 4

89.04

95.23

22.80%

21.99%

High Yield Bond 5

88.78

90.69

14.23%

21.99%

High Yield Bond 6

92.35

87.21

16.29%

21.99%

Jan 12, 2022

Three other picks previously exited

Investment Grade Bond 1

85.66

53.15

-26.86%

-0.40%

Sep 09, 2021

One other pick previously exited

Investment Grade Bond 1

89.85

55.91

-28.55%

-3.80%

Investment Grade Bond 2

104.48

77.08

-15.51%

-3.80%

High Yield Bond 1

100.22

95.03

15.50%

15.39%

Investment Grade Bond 3

93.46

60.42

-24.26%

-3.80%

May 20, 2021

Two other pick previously exited

Investment Grade Bond 2

87.12

58.51

-20.70%

0.29%

High Yield Bond 2

97.17

92.93

11.10%

18.29%

Mar 11, 2021

High Yield Bond 1

101.35

100.11

27.99%

19.43%

High Yield Bond 2

103.35

104.57

32.85%

19.43%

High Yield Bond 3

113.60

99.48

15.67%

19.43%

High Yield Bond 4

118.10

45.33

-30.18%

19.43%

Investment Grade Bond 1

90.07

61.58

-18.74%

1.29%

Investment Grade Bond 2

85.32

58.60

-19.07%

1.29%

Dec 17, 2020

Three other picks previously exited

Investment Grade Bond 1

96.30

53.21

-33.35%

-3.30%

Investment Grade Bond 2

98.55

61.16

-25.57%

-3.30%

Sep 23, 2020

One other pick previously exited

Investment Grade Bond 1

110.86

94.50

9.44%

-1.51%

High-Yield Bond 1 (split-rated)

94.34

86.75

17.69%

26.58%

Investment Grade Bond 2

96.04

62.73

-19.79%

-1.51%

Jun 05, 2020

Four other picks previously exited

Investment Grade Bond 2

95.56

83.80

11.76%

2.55%

Dec 12, 2019

Three other picks previously exited

High-Yield Bond 2 (split-rated)

88.85

80.52

22.13%

26.32%

Sep 05, 2019

Three other picks previously exited

High Yield Bond 1

99.48

106.64

48.69%

28.51%

May 31, 2019

Two other picks previously exited

Investment Grade Bond 1

91.43

77.21

12.92%

15.65%

Investment Grade Bond 2

86.54

78.62

19.62%

15.65%

Mar 15, 2019

Three other picks previously exited

Investment Grade Bond 1

87.95

75.16

23.20%

20.32%

May 31, 2018

Two other picks previously exited

High Yield Bond 1

91.66

104.55

69.77%

40.29%

May 02, 2018

One other pick previously exited

Investment Grade Bond 1

76.60

-69.46%

12.22%

Sep 26, 2017

Three other picks previously exited

Investment Grade Bond 1

86.86 (5)

-68.17%

8.25%

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How We Maximize Investment Returns

Many investors believe corporate bond returns are limited to a bond's yield. They build ill-conceived bond ladders, hold bonds to maturity, and then do it all over again. Investors who build bond ladders and hold bonds to maturity will never achieve a return higher than a bond's yield to maturity.

Luckily, there is a better way, which can drive higher returns for bond investors.

Through our investment analysis, we identify corporate bonds that are undervalued relative to other bonds in the marketplace. These bonds pay coupons higher than other corporate bonds with similar risk and have an opportunity to increase in price and drive investment returns that have beaten the world's most popular bond funds and ETFs.

How Do We Maximize Corporate Bond Returns?

There are three key components to how we maximize corporate bond returns:

1) Be Selective: On any given day, there are 9,000 individual corporate bonds available to individual investors. BondSavvy's Job #1 for our fixed income newsletter subscribers is to narrow the corporate bond universe to a select number of corporate bonds that can beat the market. Our comprehensive investment analysis is at the center of identifying corporate bonds with strong upside with a reasonable level of risk. Selectivity is one of the biggest advantages of owning individual corporate bonds vs. bond funds, as we can focus on investments with the best risk/reward opportunities. Our investment analysis is a big step up from the old way of bond selection, where investors would simply look at a bond's rating and its YTM and buy bonds.

2) Carefully Monitor Financial Performance of Issuing Companies: BondSavvy makes 20+ initial buy recommendations each year. We make an initial recommendation based on where we find value on each new bond recommendation date. Over time, the recommended bond's price will move, and the financial performance of the issuing company could either improve or worsen. As a result of these changes, BondSavvy updates its corporate bond recommendations following company quarterly earnings releases during The Super Bondcast. During this subscriber webcast, we update subscribers on the financial performance of each company and whether our previously recommended bonds are buys, sells, or holds.

In addition to The Super Bondcast, we provide our bond newsletter subscribers email updates on whether our corporate bond recommendations change in between editions of The Super Bondcast.

3) Sell Bonds To Maximize Returns When Upside Wanes: Since our goal is to maximize total returns and achieve returns higher than a corporate bond's YTM, we typically sell bonds before maturity. Corporate bonds do have ceilings and cannot increase without limit like stocks. Given the favorable tax treatment of capital gains, after tax, one dollar of capital gain is worth more than one dollar of interest income. We are, therefore, vigilant when monitoring our corporate bond recommendations so we can protect our capital gains and maximize returns.

A Word About Corporate Bond Returns Shown in Your Brokerage Account

When evaluating investment performance, investors should be wary of the prices they see on their brokerage statements, which do not show the bond's total return and often undervalue the bond held. The price shown on an investor's statement is called "an evaluated price," which is an estimated price at which a large institutional money manager could sell the bond. Investors owning smaller quantities can often achieve better price execution than investors needing to sell $1 million plus of bonds, so always check a bond's depth of book when investing in bonds online to see what the current market price of your corporate bond is.

In addition, brokerages typically only show the bond's capital gain/loss when showing its return. Most do not show a bond's total return, which includes interest income received and accrued plus capital appreciation / loss. When we calculate our investment returns, we show total returns and compare these to leading corporate bond ETFs.

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Investment Returns Table Footnotes

We compare our high-yield corporate bond returns with the iShares high-yield corporate bond ETF ("HYG") and our investment-grade corporate bond returns with the iShares investment-grade ("LQD") corporate bond ETF. The benchmark ETF is based on the Moody's and S&P rating of our recommended bond on the recommendation date. Split-rated bonds are compared to the HYG ETF. "NA" means "not applicable," as the bond shown is being compared to the other benchmark ETF. Please read additional disclosures provided in the footnotes below.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. ACTUAL RESULTS MAY VARY BASED ON WHEN SUBSCRIBERS BOUGHT AND SOLD BONDS WE RECOMMENDED BUYING AND SELLING, THE BROKERAGE FIRMS THROUGH WHICH SUBSCRIBERS TRANSACT, BROKERAGE COMMISSIONS PAID, AND MARKET VOLATILITY.

* Source of bond price charts: FINRA market data. Total returns calculated by BondSavvy. Returns are not annualized.

(1) Prior to our March 11, 2021 recommendations, the pick date price is the top-of-book offer price shown on Fidelity.com the trading day prior to the pick date. Price assumes a $1/bond (0.1 points) mark-up on the quoted offer price. On March 11, 2021, we began hosting The Bondcast at 5:00pm EDT, so the pick date price for all recommendations beginning this date is the top of book price with at least 100 bonds in quantity shown on Fidelity.com the afternoon of the pick date.

(2) Bond prices reflect the higher of a) the average of up to four afternoon customer sell trades reported on the period-end date and b) the best bid price on Fidelity.com on the period-end date that could fill a sell order of at least 100 bonds.

(3) Returns are calculated from the trading date immediately prior to the pick date through the end of the period shown, with the exception of recommendations beginning March 11, 2021, which are calculated beginning on the pick date. For returns calculations under "Corporate Bond Returns of Current Recommendations," the Pick Date Price and end-of-period price are calculated pursuant to footnotes 1 and 2 above. For "Corporate Bond Returns of Exited Recommendations," the Pick Date Price is calculated pursuant to footnote 1. With respect to the selling price: (i) for bonds owned by our founder Steve Shaw, the selling price comes from his trade confirmation statements; (ii) for corporate bonds not owned by Mr. Shaw, the selling price reflects the top-of-book bid price available on Fidelity.com when the sell recommendation was issued or, for sells beginning September 10, 2020, the average of the three customer sell trades, as reported to FINRA TRACE, executed immediately after such sell recommendations were made. Beginning June 3, 2021, for sells of bonds not owned by Mr. Shaw, the sell price was based on the top-of-book bid price available on Fidelity.com on the sell date that could satisfy an order of at least 250 bonds. BondSavvy believes these returns may be understated compared to the methodology of iShares returns, as (a) BondSavvy's total returns do not factor in re-investment of interest income and capital gains, which the iShares returns do include and (b) the individual bond returns reflect a purchase at the offer price and a valuation at the bid price, which can negatively impact returns from 0.25 to 0.75 percentage points on average. The iShares returns are calculated based on changes in the fund's net asset value and, therefore, aren't penalized as significantly by a bid-ask spread. Returns calculations are not annualized. BondSavvy total returns include capital gain/loss and interest accrued.

BONDSAVVY FEES ARE NOT INCLUDED IN THE RETURNS CALCULATIONS. Each subscriber makes the final decision on which bonds to own and the amount to invest. We therefore, for returns calculations purposes, do not allocate a portion of our subscription fee across each bond recommendation. In addition, since Bondsavvy charges a flat fee to subscribers, the impact of our subscription fees would vary across investment size. You can see our investment newsletter fees by clicking this subscribe to Bondsavvy link.

(4) During the 11/19/18 Super Bondcast, we recommended subscribers buy additional amounts of these previous BondSavvy picks. We also updated all other prior BondSavvy corporate bond investment recommendations, other than three companies which had yet to report earnings. This was BondSavvy's first edition of The Super Bondcast, a subscriber-only webcast where we evaluate the financial performance of our issuing companies and the performance of each recommended corporate bond. In certain editions of The Super Bondcast, we may recommend buying bonds of recommendations we had previously made a 'Hold.' When we show 'Exited Recommendations,' these returns will show returns from both the initial pick date as well as from other times we recommended subscribers purchase these bonds over the course of our ownership of the bond. For simplicity, other than the 11/19/18 Super Bondcast, we only show the performance from the initial pick date for bonds listed under the heading 'Corporate Bond Returns of Current Recommendations.'

(5) BondSavvy recommended these bonds at 89.92 on September 26, 2017. The price shows the blended price Steve Shaw has acquired these bonds across four different transactions. Note that we no longer are recommending purchases of these bonds but now recommend shorter-dated bonds of the same issuer.

(6) Returns calculated based on the dates indicated in the first two sentences of Footnote 3. Source of iShares returns is the iShares website. We went to the home page for each iShares ETF, clicked "Performance" and then clicked the "View Full Chart" hyperlink under the "Growth of Hypothetical $10,000" heading. We then entered the various date ranges and recorded the investment returns shown for the specific iShares ETF. We compare our recommended short term investment grade bonds (which mature in 2028 or earlier) to iShares SLQD (the iShares short-term investment grade bond ETF) and all other investment grade corporate bonds to iShares LQD. Any time there is an "NA," it means that none of our recommended bonds on that pick date were being compared to that specific iShares ETF. For example, all of our June 16, 2022 picks were short-term investment grade bonds. Therefore, we only compared these bonds to iShares SLQD and not iShares LQD or HYG.

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Investment Performance for Our 85 Exited Bond Recommendations:

Median Annual Total Return

Bondsavvy

iShares Bond ETFs

Number of Picks That Outperformed

Bondsavvy Wins

iShares Bond ETF Wins

Picks That Outperformed by at Least 10 Points

Bondsavvy

iShares Bond ETFs

Corporate Bond Returns of Exited Recommendations

Investment-Grade Corporate Bonds

High-Yield Corporate Bonds

Corporate Bond Returns of Current Recommendations

How We Maximize Investment Returns

How Do We Maximize Corporate Bond Returns?

A Word About Corporate Bond Returns Shown in Your Brokerage Account

Learn More About Corporate Bond Investing and Bondsavvy