Bonds overall have been about flat year to date, with the Vanguard Total Bond Market exchange-traded fund up just 0.24 percent. However, returns have varied greatly among sectors and strategies.
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Generally, longer-duration strategies have gotten crushed as have high-yield bonds. The SPDR Barclays High Yield Bond ETF has tumbled about 5.1 percent in 2015.
"If you're a long-term investor, if you are not an aggressive investors and you can't really stomach volatility, you might want to stick with higher quality," said Collin Martin, a Schwab director of fixed income. "It worries us that investors are going (into junk) who shouldn't belong there."
While Martin said there is good yield to be found in junk, Schwab advocates investors take a more barbell-oriented approach to bonds. Default risk is rising on high yield, particularly with oil and mining companies, making a venture into the sector risky.
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One side of the barbell would be cash, short-term bonds and floating rate investment grade, with intermediate term, corporates and U.S. Treasurys on the other side.
Jones also said more conservative municipal bonds, particularly focusing on general obligation debt rather than tied to projects, are mostly solid.