HPI vs. JAAAX
HPI (John Hancock Preferred Income Fund) and JAAAX (John Hancock Funds Alternative Asset Allocation Fund) are both mutual funds - HPI is a Preferred Stock/Convertible Bonds fund managed by John Hancock, while JAAAX is a Multistrategy fund managed by John Hancock. Over the past 10 years, HPI returned 4.80%/yr vs 4.29%/yr for JAAAX. At a 0.41 correlation, their price movements are largely independent. HPI charges 0.01%/yr vs 0.72%/yr for JAAAX.
Performance
HPI vs. JAAAX - Performance Comparison
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Returns By Period
In the year-to-date period, HPI achieves a 2.76% return, which is significantly lower than JAAAX's 5.65% return. Over the past 10 years, HPI has outperformed JAAAX with an annualized return of 4.80%, while JAAAX has yielded a comparatively lower 4.29% annualized return.
HPI
- 1D
- -0.37%
- 1M
- 0.84%
- YTD
- 2.76%
- 6M
- 1.72%
- 1Y
- 10.51%
- 3Y*
- 13.16%
- 5Y*
- 2.76%
- 10Y*
- 4.80%
JAAAX
- 1D
- 0.06%
- 1M
- -0.40%
- YTD
- 5.65%
- 6M
- 5.36%
- 1Y
- 10.38%
- 3Y*
- 7.22%
- 5Y*
- 4.32%
- 10Y*
- 4.29%
HPI vs. JAAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HPI John Hancock Preferred Income Fund | 2.76% | 6.54% | 14.95% | 8.34% | -15.79% | 13.16% | -7.02% | 30.89% | -4.79% | 13.78% |
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 5.65% | 6.18% | 6.59% | 5.85% | -3.12% | 4.77% | 4.36% | 8.95% | -4.09% | 6.10% |
Correlation
The correlation between HPI and JAAAX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | 0.41 |
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Return for Risk
HPI vs. JAAAX — Risk / Return Rank
HPI
JAAAX
HPI vs. JAAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income Fund (HPI) and John Hancock Funds Alternative Asset Allocation Fund (JAAAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HPI | JAAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.61 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 5.20 | -4.04 |
| Martin ratioReturn relative to average drawdown | 3.09 | 19.80 | -16.71 |
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Drawdowns
HPI vs. JAAAX - Drawdown Comparison
The maximum HPI drawdown since its inception was -67.67%, which is greater than JAAAX's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for HPI and JAAAX.
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Drawdown Indicators
| HPI | JAAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.67% | -15.72% | -51.95% |
Max Drawdown (1Y)Largest decline over 1 year | -9.12% | -2.02% | -7.10% |
Max Drawdown (3Y)Largest decline over 3 years | -18.91% | -5.66% | -13.25% |
Max Drawdown (5Y)Largest decline over 5 years | -30.10% | -6.28% | -23.82% |
Max Drawdown (10Y)Largest decline over 10 years | -57.99% | -12.64% | -45.35% |
Current DrawdownCurrent decline from peak | -2.99% | -0.68% | -2.31% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -2.04% | -6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 0.53% | +2.88% |
Volatility
HPI vs. JAAAX - Volatility Comparison
John Hancock Preferred Income Fund (HPI) has a higher volatility of 2.80% compared to John Hancock Funds Alternative Asset Allocation Fund (JAAAX) at 1.11%. This indicates that HPI's price experiences larger fluctuations and is considered to be riskier than JAAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPI | JAAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.11% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 2.63% | +4.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.09% | 3.40% | +5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 4.22% | +11.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.32% | 4.38% | +19.94% |
HPI vs. JAAAX - Expense Ratio Comparison
HPI has a 0.01% expense ratio, which is lower than JAAAX's 0.72% expense ratio.
Dividends
HPI vs. JAAAX - Dividend Comparison
HPI's dividend yield for the trailing twelve months is around 9.26%, more than JAAAX's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HPI John Hancock Preferred Income Fund | 9.26% | 9.15% | 8.91% | 9.39% | 9.23% | 7.14% | 7.53% | 7.69% | 8.92% | 7.84% | 8.26% | 7.69% |
JAAAX John Hancock Funds Alternative Asset Allocation Fund | 1.45% | 1.53% | 1.17% | 1.71% | 3.02% | 1.72% | 0.74% | 3.38% | 1.99% | 1.23% | 0.77% | 2.78% |
Frequently Asked Questions
HPI and JAAAX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HPI has higher volatility (2.80%) compared to JAAAX (1.11%). In terms of maximum drawdown, HPI dropped -67.67% vs JAAAX's -15.72%.
JAAAX currently has the higher Sharpe Ratio (3.09 vs 1.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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