JHHBX vs. VWEHX

Last updated Jun 23, 2026

JHHBX (John Hancock High Yield Fund) and VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) are both High Yield Bonds funds. Over the past 10 years, JHHBX returned 4.44%/yr vs 5.12%/yr for VWEHX. A 0.50 correlation means they provide meaningful diversification when combined. JHHBX charges 0.90%/yr vs 0.22%/yr for VWEHX.

Performance

JHHBX vs. VWEHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock High Yield Fund (JHHBX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHHBX achieves a 1.50% return, which is significantly higher than VWEHX's 0.97% return. Over the past 10 years, JHHBX has underperformed VWEHX with an annualized return of 4.44%, while VWEHX has yielded a comparatively higher 5.12% annualized return.

JHHBX

• 1D: 0.00%
• 1M: 0.59%
• YTD: 1.50%
• 6M: 2.04%
• 1Y: 6.03%
• 3Y*: 6.46%
• 5Y*: 2.50%
• 10Y*: 4.44%

VWEHX

• 1D: 0.00%
• 1M: 0.72%
• YTD: 0.97%
• 6M: 1.67%
• 1Y: 6.43%
• 3Y*: 8.03%
• 5Y*: 4.01%
• 10Y*: 5.12%

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

JHHBX vs. VWEHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHHBX John Hancock High Yield Fund	1.50%	7.21%	5.45%	10.85%	-12.64%	4.71%	4.62%	13.46%	-3.38%	6.81%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	0.97%	9.38%	6.33%	11.66%	-9.04%	2.97%	5.30%	15.81%	-2.93%	7.05%

Correlation

The correlation between JHHBX and VWEHX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 30, 1993	0.50

Over the past year, JHHBX and VWEHX have become more correlated (0.78) than their long-term average of 0.50, meaning their price movements have been converging.

Return for Risk

JHHBX vs. VWEHX — Risk / Return Rank

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

JHHBX

JHHBX Risk / Return Rank: 52
JHHBX Sharpe Ratio Rank: 39
JHHBX Sortino Ratio Rank: 48
JHHBX Omega Ratio Rank: 70
JHHBX Calmar Ratio Rank: 41
JHHBX Martin Ratio Rank: 62

VWEHX

VWEHX Risk / Return Rank: 69
VWEHX Sharpe Ratio Rank: 56
VWEHX Sortino Ratio Rank: 81
VWEHX Omega Ratio Rank: 82
VWEHX Calmar Ratio Rank: 52
VWEHX Martin Ratio Rank: 76

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.

JHHBX vs. VWEHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock High Yield Fund (JHHBX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). 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.

	JHHBX	VWEHX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.03	-0.36
Sortino ratio: Return per unit of downside risk	2.68	3.50	-0.82
Omega ratio: Gain probability vs. loss probability	1.42	1.50	-0.07
Calmar ratio: Return relative to maximum drawdown	2.34	2.64	-0.29
Martin ratio: Return relative to average drawdown	11.51	13.33	-1.82

JHHBX vs. VWEHX - Sharpe Ratio Comparison

The current JHHBX Sharpe Ratio is 1.68, which is comparable to the VWEHX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of JHHBX and VWEHX, 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

JHHBX vs. VWEHX - Drawdown Comparison

The maximum JHHBX drawdown since its inception was -58.87%, which is greater than VWEHX's maximum drawdown of -30.17%. Use the drawdown chart below to compare losses from any high point for JHHBX and VWEHX.

Drawdown Indicators

	JHHBX	VWEHX	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-30.17%	-28.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-2.52%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.73%	-3.33%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-15.85%	-13.83%	-2.02%
Max Drawdown (10Y) Largest decline over 10 years	-23.01%	-19.69%	-3.32%
Current Drawdown Current decline from peak	-0.33%	-0.18%	-0.15%
Average Drawdown Average peak-to-trough decline	-6.30%	-4.29%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.50%	+0.06%

Volatility

JHHBX vs. VWEHX - Volatility Comparison

John Hancock High Yield Fund (JHHBX) has a higher volatility of 1.10% compared to Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) at 0.87%. This indicates that JHHBX's price experiences larger fluctuations and is considered to be riskier than VWEHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHHBX	VWEHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.87%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.60%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	3.27%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	4.91%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	5.26%	+0.50%

JHHBX vs. VWEHX - Expense Ratio Comparison

JHHBX has a 0.90% expense ratio, which is higher than VWEHX's 0.22% expense ratio.

Dividends

JHHBX vs. VWEHX - Dividend Comparison

JHHBX's dividend yield for the trailing twelve months is around 6.56%, more than VWEHX's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHHBX John Hancock High Yield Fund	6.56%	6.28%	4.95%	4.41%	4.87%	4.32%	4.82%	5.33%	5.80%	5.45%	6.12%	7.24%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	6.27%	6.15%	6.11%	5.68%	5.11%	3.43%	4.62%	5.24%	5.94%	5.29%	5.41%	6.42%

Frequently Asked Questions

Can I hold both JHHBX and VWEHX in my portfolio?

JHHBX and VWEHX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHHBX or VWEHX?

JHHBX has higher volatility (1.10%) compared to VWEHX (0.87%). In terms of maximum drawdown, JHHBX dropped -58.87% vs VWEHX's -30.17%.

Which has better risk-adjusted returns?

VWEHX currently has the higher Sharpe Ratio (2.03 vs 1.68), 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.