My junk bonds and debentures sold like Russian/Ukrainian translation dictionaries in Kyiv during the COVID correction.
My NWH.DB.G sold for $108.50 on March 2, 2020. That is an 8.5% premium, plus I got the prorated interest. I seem to recall NWH.DB.G was tagged with a 3B rating, as were the other debentures and bonds I held, at the time. That's why I correctly called them junk.
That morning, I also sold another series of debentures and some bonds.
Congratulations on the exquisitely timed trade.
Your junk bonds and debentures sold richly just before
the Covid correction, not during.
Check out a chart for XHB. The week of March 2, 2020, was the absolute peak. The following Monday (March 9, 2020) is when markets began to crash. By March 20, XHB was down 25% and -- as @AltaRed
said -- most of the bond market was no-bid.
Things changed quickly, of course. You did brilliantly by selling the debentures high and shifting into a riskier asset that surged thanks to the massive stimulus.
So, your point that bond ETFs holding corporates may be undesireably correlated with stocks is well taken.
I also concur with @AltaRed
's point that if you want crash insulation, GoC bonds will do that. XGB, for instance, barely budged during March, 2020.