What "history" of the S&P 500 gives you a yield of 19%? What years? That's just way too high to be a truly "historical" figure.


Better be careful when using "volatility" (I guess you mean annual standard deviation of total return) as a measure of risk when dealing with junk. The risk that can really hurt you is default risk, and these bonds go upside down a whole lot more that better paper does.