Comparing the high-yield corporate bond etf HYG to the SPY shows a very similar price pattern which is bullish for HYG. However the SPY is up nearly quadruple since the 2009 lows compared to HYG which is up less than three percent. SPY has yielded a better return over the same period.

HYG v. SPY

Even better has been shorting the VXX.

VXX v. SPY