Without a doubt, this is one of the worst years in most investors’ memory for bond markets. In fact, The Wall Street Journal reported that this is the worst bond market since 1842.  

Ben Johnson, director of global exchange-traded fund research for Morningstar, said there's a simple reason bond funds are having a tough time. Because interest rates and bond prices sit on opposite sides of the seesaw, bond rates are going to go down if interest rates go up. But bond prices have been especially problematic because rates started at such low levels to begin with and have dramatically increased relative to where they started. The federal funds rate range is 0.75% to 1.00%. Rates were raised by 0.5% on May 4, and more hikes are expected in the months ahead.

The bad news will continue for some time, Johnson said, noting that it’s going to be a painful process.

But some bond funds can do better than others when rates are rising. The Balance, a personal finance website, says bond funds with short-term, intermediate-term and inflation-protected securities have less interest-rate risk than other types, though the site cautioned that this does not guarantee positive returns in a rising rate environment.

Here is Morningstar's list of the 15 bond funds and ETFs with the best performance so far this year, as of April 30.

15. CrossingBridge Ultra-Short Duration Institutional Fund
YTD Return: 0.19%
Fund Assets: $63.2M (as of May 9)
Investment Type: Open-End Fund
Prospectus Objective: Income
Management Company: CrossingBridge Advisors LLC