HPI vs. NPFD
HPI (John Hancock Preferred Income Fund) and NPFD (Nuveen Variable Rate Preferred & Income Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 3 years, HPI returned 13.16%/yr vs 17.01%/yr for NPFD. At a 0.41 correlation, their price movements are largely independent.
Performance
HPI vs. NPFD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HPI achieves a 2.76% return, which is significantly higher than NPFD's 1.89% 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%
NPFD
- 1D
- 0.05%
- 1M
- -0.93%
- YTD
- 1.89%
- 6M
- 1.46%
- 1Y
- 7.51%
- 3Y*
- 17.01%
- 5Y*
- —
- 10Y*
- —
HPI vs. NPFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPI John Hancock Preferred Income Fund | 2.76% | 6.54% | 14.95% | 8.34% | -15.79% | 0.12% |
NPFD Nuveen Variable Rate Preferred & Income Fund | 1.89% | 15.94% | 23.52% | -1.10% | -25.33% | 1.40% |
Correlation
The correlation between HPI and NPFD 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 | 0.39 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021 | 0.41 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HPI vs. NPFD — Risk / Return Rank
HPI
NPFD
HPI vs. NPFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income Fund (HPI) and Nuveen Variable Rate Preferred & Income Fund (NPFD). 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 | NPFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 0.76 | +0.39 |
| Martin ratioReturn relative to average drawdown | 3.09 | 3.57 | -0.48 |
Loading charts...
Drawdowns
HPI vs. NPFD - Drawdown Comparison
The maximum HPI drawdown since its inception was -67.67%, which is greater than NPFD's maximum drawdown of -39.18%. Use the drawdown chart below to compare losses from any high point for HPI and NPFD.
Loading charts...
Drawdown Indicators
| HPI | NPFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.67% | -39.18% | -28.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.12% | -9.88% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -18.91% | -9.88% | -9.03% |
Max Drawdown (5Y)Largest decline over 5 years | -30.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.99% | — | — |
Current DrawdownCurrent decline from peak | -2.99% | -3.54% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -17.26% | +8.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.11% | +1.30% |
Volatility
HPI vs. NPFD - Volatility Comparison
John Hancock Preferred Income Fund (HPI) has a higher volatility of 2.80% compared to Nuveen Variable Rate Preferred & Income Fund (NPFD) at 1.94%. This indicates that HPI's price experiences larger fluctuations and is considered to be riskier than NPFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HPI | NPFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.94% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 8.30% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.09% | 9.70% | -0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 15.14% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.32% | 15.14% | +9.18% |
Dividends
HPI vs. NPFD - Dividend Comparison
HPI's dividend yield for the trailing twelve months is around 9.26%, less than NPFD's 10.47% 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% |
NPFD Nuveen Variable Rate Preferred & Income Fund | 10.47% | 10.50% | 9.57% | 6.61% | 8.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HPI and NPFD 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 NPFD (1.94%). In terms of maximum drawdown, HPI dropped -67.67% vs NPFD's -39.18%.
HPI currently has the higher Sharpe Ratio (1.16 vs 0.78), 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.
Find the right allocation for HPI and NPFD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer