HPS vs. KIFAX

Last updated Aug 4, 2026

HPS (John Hancock Preferred Income Fund III) and KIFAX (Salient Select Income Fund) are both Preferred Stock funds. Over the past 10 years, HPS returned 5.00%/yr vs 2.89%/yr for KIFAX. Their 0.44 correlation means their historical movements had little consistent relationship. HPS charges 0.01%/yr vs 1.53%/yr for KIFAX.

Performance

HPS vs. KIFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Preferred Income Fund III (HPS) and Salient Select Income Fund (KIFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HPS having a 4.27% return and KIFAX slightly lower at 4.19%. Over the past 10 years, HPS has outperformed KIFAX with an annualized return of 5.00%, while KIFAX has yielded a comparatively lower 2.89% annualized return.

HPS

• 1D: 0.21%
• 1M: -0.98%
• 6M: 2.27%
• YTD: 4.27%
• 1Y: 8.02%
• 3Y*: 9.42%
• 5Y*: 2.47%
• 10Y*: 5.00%
• ALL TIME*: 6.27%

KIFAX

• 1D: -0.45%
• 1M: 0.92%
• 6M: 3.60%
• YTD: 4.19%
• 1Y: 6.44%
• 3Y*: 6.60%
• 5Y*: 2.35%
• 10Y*: 2.89%
• ALL TIME*: 6.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HPS John Hancock Preferred Income Fund III	$625.65K	$677.51K	$727.29K
KIFAX Salient Select Income Fund	$0.00	$0.00	$0.00

HPS vs. KIFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPS John Hancock Preferred Income Fund III	4.27%	4.86%	15.65%	7.66%	-16.56%	16.44%	-3.00%	31.43%	-8.37%	14.32%
KIFAX Salient Select Income Fund	4.19%	1.49%	6.73%	14.45%	-15.79%	14.98%	-3.07%	18.13%	-8.76%	1.47%

Correlation

The correlation between HPS and KIFAX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Jun 17, 2003	0.44

The correlation between HPS and KIFAX shifts across timeframes, from 0.38 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HPS vs. KIFAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HPS

HPS Risk / Return Rank: 21
HPS Sharpe Ratio Rank: 22
HPS Sortino Ratio Rank: 21
HPS Omega Ratio Rank: 21
HPS Calmar Ratio Rank: 21
HPS Martin Ratio Rank: 18

KIFAX

KIFAX Risk / Return Rank: 26
KIFAX Sharpe Ratio Rank: 29
KIFAX Sortino Ratio Rank: 29
KIFAX Omega Ratio Rank: 27
KIFAX Calmar Ratio Rank: 23
KIFAX Martin Ratio Rank: 21

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HPS vs. KIFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income Fund III (HPS) and Salient Select Income Fund (KIFAX). 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.

	HPS	KIFAX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.05	-0.20
Sortino ratio: Return per unit of downside risk	1.26	1.55	-0.29
Omega ratio: Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	1.06	1.15	-0.09
Martin ratio: Return relative to average drawdown	2.71	3.05	-0.34

HPS vs. KIFAX - Sharpe Ratio Comparison

The current HPS Sharpe Ratio is 0.86, which is comparable to the KIFAX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of HPS and KIFAX, 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

HPS vs. KIFAX - Drawdown Comparison

The maximum HPS drawdown since its inception was -70.04%, roughly equal to the maximum KIFAX drawdown of -70.56%. Use the drawdown chart below to compare losses from any high point for HPS and KIFAX.

Drawdown Indicators

	HPS	KIFAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.04%	-70.56%	+0.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-5.53%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-13.13%	-4.45%
Max Drawdown (5Y) Largest decline over 5 years	-29.39%	-20.46%	-8.93%
Max Drawdown (10Y) Largest decline over 10 years	-52.12%	-45.84%	-6.28%
Current Drawdown Current decline from peak	-2.72%	-0.90%	-1.82%
Average Drawdown Average peak-to-trough decline	-8.33%	-6.91%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.07%	+0.89%

Volatility

HPS vs. KIFAX - Volatility Comparison

John Hancock Preferred Income Fund III (HPS) has a higher volatility of 1.82% compared to Salient Select Income Fund (KIFAX) at 1.60%. This indicates that HPS's price experiences larger fluctuations and is considered to be riskier than KIFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPS	KIFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	1.60%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	4.56%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.42%	6.05%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	9.00%	+6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	14.17%	+7.29%

HPS vs. KIFAX - Expense Ratio Comparison

HPS has a 0.01% expense ratio, which is lower than KIFAX's 1.53% expense ratio.

Dividends

HPS vs. KIFAX - Dividend Comparison

HPS's dividend yield for the trailing twelve months is around 9.26%, more than KIFAX's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPS John Hancock Preferred Income Fund III	9.26%	9.16%	8.78%	9.34%	9.15%	7.04%	7.63%	7.41%	9.26%	7.82%	8.27%	7.53%
KIFAX Salient Select Income Fund	7.55%	7.48%	6.88%	6.50%	4.62%	4.72%	4.62%	5.04%	6.00%	9.13%	6.40%	12.33%

Frequently Asked Questions

Can I hold both HPS and KIFAX in my portfolio?

HPS and KIFAX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HPS or KIFAX?

HPS has higher volatility (1.82%) compared to KIFAX (1.60%). In terms of maximum drawdown, HPS dropped -70.04% vs KIFAX's -70.56%.

Which has better risk-adjusted returns?

KIFAX currently has the higher Sharpe Ratio (1.05 vs 0.86), 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.