Francis Rodilosso runs the Van Eck Fallen Angel High Yield Bond ETF. For this $2.8 billion portfolio, he mechanically buys bonds as soon as they get downgraded from high-quality to junk and sells any that get upgraded from junk to high-quality. This is precisely the opposite of what any prudent manager of an “investment grade” bond portfolio does.

But over the past decade Rodilosso’s junk fund has averaged an annual return of 5.8%. The Vanguard Total Bond Market exchange-traded fund, which sticks to high-quality credits, has eked out only 1.4% a year.

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