How would you explain to a casual observer why high-yield bond returns are more correlated to common

Question:

How would you explain to a casual observer why high-yield bond returns are more correlated to returns than to investment-grade bond returns?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...