I used the word loosely...I suppose incorrectly,but in my mind it is a high interest parking lot...not a long term hold.
JNK is pretty large,very liquid  and long term....true it dipped in Jan/16 but came back nicely
Obviously if the economy crashes,it will too....so you have to keep an eye on it.
One year return (total) 10% 
YTD around 3.5% with divs...
Since 2013 the Fx gain alone has been 30%...
etc etc