HPI vs. JPDIX

Last updated Jun 24, 2026

HPI (John Hancock Preferred Income Fund) and JPDIX (JPMorgan Preferred and Income Securities Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 3 years, HPI returned 13.16%/yr vs 9.60%/yr for JPDIX. At a 0.44 correlation, their price movements are largely independent. HPI charges 0.01%/yr vs 0.59%/yr for JPDIX.

Performance

HPI vs. JPDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Preferred Income Fund (HPI) and JPMorgan Preferred and Income Securities Fund (JPDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPI achieves a 2.76% return, which is significantly higher than JPDIX's 1.18% 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%

JPDIX

• 1D: -0.10%
• 1M: 0.56%
• YTD: 1.18%
• 6M: 1.83%
• 1Y: 6.89%
• 3Y*: 9.60%
• 5Y*: —
• 10Y*: —

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

HPI vs. JPDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HPI John Hancock Preferred Income Fund	2.76%	6.54%	14.95%	8.34%	-9.37%
JPDIX JPMorgan Preferred and Income Securities Fund	1.18%	8.64%	10.59%	7.02%	-8.33%

Correlation

The correlation between HPI and JPDIX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	0.44

The correlation between HPI and JPDIX has been stable across timeframes, ranging from 0.42 to 0.50 - a consistent structural relationship.

Return for Risk

HPI vs. JPDIX — Risk / Return Rank

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

HPI

HPI Risk / Return Rank: 17
HPI Sharpe Ratio Rank: 20
HPI Sortino Ratio Rank: 19
HPI Omega Ratio Rank: 21
HPI Calmar Ratio Rank: 13
HPI Martin Ratio Rank: 12

JPDIX

JPDIX Risk / Return Rank: 73
JPDIX Sharpe Ratio Rank: 79
JPDIX Sortino Ratio Rank: 92
JPDIX Omega Ratio Rank: 90
JPDIX Calmar Ratio Rank: 42
JPDIX Martin Ratio Rank: 62

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.

HPI vs. JPDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income Fund (HPI) and JPMorgan Preferred and Income Securities Fund (JPDIX). 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	JPDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.41	-1.25
Sortino ratio: Return per unit of downside risk	1.70	4.27	-2.57
Omega ratio: Gain probability vs. loss probability	1.22	1.62	-0.40
Calmar ratio: Return relative to maximum drawdown	1.16	2.37	-1.21
Martin ratio: Return relative to average drawdown	3.09	11.65	-8.56

HPI vs. JPDIX - Sharpe Ratio Comparison

The current HPI Sharpe Ratio is 1.16, which is lower than the JPDIX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of HPI and JPDIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HPI vs. JPDIX - Drawdown Comparison

The maximum HPI drawdown since its inception was -67.67%, which is greater than JPDIX's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for HPI and JPDIX.

Drawdown Indicators

	HPI	JPDIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.67%	-14.56%	-53.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.12%	-2.92%	-6.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.91%	-4.27%	-14.64%
Max Drawdown (5Y) Largest decline over 5 years	-30.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.99%	—	—
Current Drawdown Current decline from peak	-2.99%	-0.20%	-2.79%
Average Drawdown Average peak-to-trough decline	-8.45%	-3.43%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	0.59%	+2.82%

Volatility

HPI vs. JPDIX - Volatility Comparison

John Hancock Preferred Income Fund (HPI) has a higher volatility of 2.80% compared to JPMorgan Preferred and Income Securities Fund (JPDIX) at 0.73%. This indicates that HPI's price experiences larger fluctuations and is considered to be riskier than JPDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPI	JPDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	0.73%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	2.39%	+5.10%
Volatility (1Y) Calculated over the trailing 1-year period	9.09%	2.88%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	5.15%	+10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	5.15%	+19.17%

HPI vs. JPDIX - Expense Ratio Comparison

HPI has a 0.01% expense ratio, which is lower than JPDIX's 0.59% expense ratio.

Dividends

HPI vs. JPDIX - Dividend Comparison

HPI's dividend yield for the trailing twelve months is around 9.26%, more than JPDIX's 5.65% 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%
JPDIX JPMorgan Preferred and Income Securities Fund	5.65%	5.53%	4.97%	4.45%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HPI and JPDIX in my portfolio?

HPI and JPDIX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HPI or JPDIX?

HPI has higher volatility (2.80%) compared to JPDIX (0.73%). In terms of maximum drawdown, HPI dropped -67.67% vs JPDIX's -14.56%.

Which has better risk-adjusted returns?

JPDIX currently has the higher Sharpe Ratio (2.41 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.