Consequently, the selling in the junk bond market has not been as severe when looking overseas. For instance, over the past three months, the IHY fell 3.5%, IJNK dipped 1.7% and HYXU dropped 5.0%. In contrast, junk bond ETFs that target U.S. high-yield debt, HYG and JNK, have declined 6.0% and 7.3%, respectively, over the past three months.

Additionally, for those concerned about an appreciating U.S. dollar, the iShares Currency Hedged Global ex USD High Yield bond ETF (NYSEArca: HHYX) was only down 0.3% over the past three months.

The international junk bond ETFs also generate attractive yields. For instance, IHY has a 3.66 year duration and a 6.73% 30-day SEC yield. IJNK has a 4.15 year duration and a 5.73% 30-day SEC yield. HYXU shows a 3.73 year duration and a 4.03% 30-day SEC yield. HHYX has a 3.79 year duration and a 3.73% 30-day SEC yield.

For more information on the fixed-income market, visit our bond ETFs category.

Max Chen contributed to this article.