A more appropriate benchmark may be the 'Secondary Benchmark', which is a 50%/50% blend of the ICE BofA US High Yield Constrained Index and the Morningstar LSTA Leveraged Loan Index.

Source: https://seekingalpha.com/article/4632714-hybl-high-yield-from-junk-bonds-and-leveraged-loans?source=feed_all_articles

For the fund-flows week, the Bloomberg Municipal Bond Index (+0.49%) outpaced the Morningstar LSTA U.S. Leveraged Loan Index (+0.35%) and the Bloomberg U.S. Aggregate Bond Index (-0.

Source: https://seekingalpha.com/article/4591441-us-weekly-fundflows-insight-report-despite-rally-in-us-stocks-equity-etf-and-fund-investors-were-net-redeemers-for-fund-flows-week?source=feed_all_articles