QE3 Fixed Income Aftermath

So what happens to fixed income after QE3? I thought it would be interesting to look at the max drawdowns versus the current 30-day SEC yields for a select cross-section of the fixed income ETF space for the past 52-weeks. All yields are quite compressed as is expected. Yields are so compressed that only MBB (US agency-based mortgage bonds) has a 30-day SEC yield exceeding the max drawdown. TIPs have negative yield as was true for quite a while now. It seems the contagion of return-free risk has spread to most of the fixed income ETF universe at this point.

ETF	Max Drawdown	Max Drawdown (%)	Stdev	30-day SEC yield
SHY 1-3Yr Treasuries	0.35	0.41%	0.11	0.12
MBB Agency-Backed Mortgages	0.87	0.82%	1.19	3.04
CSJ 1-3Yr Credit	1.12	1.08%	0.91	0.82
AGG Broad Market	1.72	1.57%	1.72	1.57
CIU Intermed Credit	2.26	2.15%	2.37	1.84
TIP	2.8	2.30%	2.79	-1.69
LQD Investment-Grade Corporates	5.21	4.66%	3.99	2.93
EMB Emerging (Dollar)	5.51	4.88%	5.36	4.93
MUB Munis	6.06	5.41%	2.87	1.82
JNK High-yield	2.66	7.24%	1.68	5.69
HYG High-yield	6.7	7.90%	3.77	5.44
ELD Emerging (Local)	3.92	7.57%	1.58	3.94