HPF vs. FPF

Last updated Apr 1, 2026

Compare and contrast key facts about John Hancock Preferred Income Fund II (HPF) and First Trust Intermediate Duration Preferred and Income Fund (FPF).

HPF is managed by John Hancock. It was launched on Jan 1, 2005. FPF is managed by First Trust. It was launched on Apr 1, 2009.

Performance

HPF vs. FPF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Preferred Income Fund II (HPF) and First Trust Intermediate Duration Preferred and Income Fund (FPF). The values are adjusted to include any dividend payments, if applicable.

HPF vs. FPF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPF John Hancock Preferred Income Fund II	-0.59%	6.34%	14.41%	10.78%	-18.44%	17.90%	-7.67%	27.95%	-5.38%	14.74%
FPF First Trust Intermediate Duration Preferred and Income Fund	-4.04%	13.14%	20.90%	5.31%	-25.83%	9.12%	9.67%	28.24%	-11.97%	15.99%

Returns By Period

In the year-to-date period, HPF achieves a -0.59% return, which is significantly higher than FPF's -4.04% return. Both investments have delivered pretty close results over the past 10 years, with HPF having a 5.46% annualized return and FPF not far ahead at 5.68%.

HPF

• 1D: 3.17%
• 1M: -2.59%
• YTD: -0.59%
• 6M: -3.05%
• 1Y: 2.97%
• 3Y*: 9.81%
• 5Y*: 2.71%
• 10Y*: 5.46%

FPF

• 1D: 2.38%
• 1M: -7.17%
• YTD: -4.04%
• 6M: -3.83%
• 1Y: 4.72%
• 3Y*: 13.45%
• 5Y*: 1.98%
• 10Y*: 5.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HPF vs. FPF - Expense Ratio Comparison

HPF has a 0.01% expense ratio, which is lower than FPF's 0.02% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FPF

First Trust Intermediate Duration Preferred and Income Fund

HPF

John Hancock Preferred Income Fund II

Return for Risk

HPF vs. FPF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HPF

HPF Risk / Return Rank: 10
HPF Sharpe Ratio Rank: 10
HPF Sortino Ratio Rank: 8
HPF Omega Ratio Rank: 10
HPF Calmar Ratio Rank: 11
HPF Martin Ratio Rank: 10

FPF

FPF Risk / Return Rank: 14
FPF Sharpe Ratio Rank: 14
FPF Sortino Ratio Rank: 11
FPF Omega Ratio Rank: 14
FPF Calmar Ratio Rank: 15
FPF Martin Ratio Rank: 14

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HPF vs. FPF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income Fund II (HPF) and First Trust Intermediate Duration Preferred and Income Fund (FPF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HPF	FPF	Difference
Sharpe ratio Return per unit of total volatility	0.25	0.39	-0.15
Sortino ratio Return per unit of downside risk	0.41	0.56	-0.15
Omega ratio Gain probability vs. loss probability	1.07	1.10	-0.03
Calmar ratio Return relative to maximum drawdown	0.26	0.44	-0.19
Martin ratio Return relative to average drawdown	0.76	1.35	-0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPF vs. FPF - Sharpe Ratio Comparison

The current HPF Sharpe Ratio is 0.25, which is lower than the FPF Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of HPF and FPF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HPF	FPF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	0.39	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.14	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.23	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.24	+0.02

Correlation

The correlation between HPF and FPF is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HPF vs. FPF - Dividend Comparison

HPF's dividend yield for the trailing twelve months is around 9.49%, more than FPF's 9.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPF John Hancock Preferred Income Fund II	9.49%	9.22%	8.95%	9.39%	9.45%	7.10%	7.80%	7.32%	8.96%	7.82%	8.30%	7.85%
FPF First Trust Intermediate Duration Preferred and Income Fund	9.36%	8.85%	9.17%	8.31%	8.62%	6.75%	6.55%	7.08%	8.79%	7.63%	9.31%	9.16%

Drawdowns

HPF vs. FPF - Drawdown Comparison

The maximum HPF drawdown since its inception was -66.73%, which is greater than FPF's maximum drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for HPF and FPF.

Drawdown Indicators

	HPF	FPF	Difference
Max Drawdown Largest peak-to-trough decline	-66.73%	-53.78%	-12.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-10.17%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-37.06%	+5.82%
Max Drawdown (10Y) Largest decline over 10 years	-54.76%	-53.78%	-0.98%
Current Drawdown Current decline from peak	-5.89%	-7.99%	+2.10%
Average Drawdown Average peak-to-trough decline	-8.56%	-8.49%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.33%	-0.18%

Volatility

HPF vs. FPF - Volatility Comparison

The current volatility for John Hancock Preferred Income Fund II (HPF) is 4.52%, while First Trust Intermediate Duration Preferred and Income Fund (FPF) has a volatility of 5.15%. This indicates that HPF experiences smaller price fluctuations and is considered to be less risky than FPF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPF	FPF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.15%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	6.68%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	12.01%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	14.55%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.10%	25.00%	-2.90%