JHHY vs. JHPI

Last updated Jun 4, 2026

JHHY (John Hancock High Yield ETF) and JHPI (John Hancock Preferred Income ETF) are both exchange-traded funds - JHHY is a High Yield Bonds fund actively managed by John Hancock, while JHPI is a Preferred Stock/Convertible Bonds fund actively managed by John Hancock. Both are actively managed. Over the past year, JHHY returned 7.43% vs 8.04% for JHPI. A 0.60 correlation means they provide meaningful diversification when combined. JHHY charges 0.52%/yr vs 0.54%/yr for JHPI.

Performance

JHHY vs. JHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock High Yield ETF (JHHY) and John Hancock Preferred Income ETF (JHPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHHY achieves a 1.36% return, which is significantly lower than JHPI's 1.67% return.

JHHY

• 1D: -0.25%
• 1M: 0.25%
• YTD: 1.36%
• 6M: 1.84%
• 1Y: 7.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JHPI

• 1D: -0.39%
• 1M: -0.16%
• YTD: 1.67%
• 6M: 2.16%
• 1Y: 8.04%
• 3Y*: 9.01%
• 5Y*: —
• 10Y*: —

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

JHHY vs. JHPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JHHY John Hancock High Yield ETF	1.36%	9.18%	6.95%
JHPI John Hancock Preferred Income ETF	1.67%	7.37%	6.72%

Correlation

The correlation between JHHY and JHPI is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.60

The correlation between JHHY and JHPI has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

Return for Risk

JHHY vs. JHPI — Risk / Return Rank

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

JHHY

JHHY Risk / Return Rank: 62
JHHY Sharpe Ratio Rank: 57
JHHY Sortino Ratio Rank: 63
JHHY Omega Ratio Rank: 61
JHHY Calmar Ratio Rank: 61
JHHY Martin Ratio Rank: 70

JHPI

JHPI Risk / Return Rank: 68
JHPI Sharpe Ratio Rank: 74
JHPI Sortino Ratio Rank: 75
JHPI Omega Ratio Rank: 79
JHPI Calmar Ratio Rank: 53
JHPI Martin Ratio Rank: 57

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.

JHHY vs. JHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock High Yield ETF (JHHY) and John Hancock Preferred Income ETF (JHPI). 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.

	JHHY	JHPI	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.40	-0.51
Sortino ratio: Return per unit of downside risk	2.88	3.37	-0.49
Omega ratio: Gain probability vs. loss probability	1.36	1.48	-0.11
Calmar ratio: Return relative to maximum drawdown	2.98	2.63	+0.35
Martin ratio: Return relative to average drawdown	12.95	9.96	+2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHHY vs. JHPI - Sharpe Ratio Comparison

The current JHHY Sharpe Ratio is 1.89, which is comparable to the JHPI Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of JHHY and JHPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JHHY	JHPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.40	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	1.75	0.60	+1.15

Drawdowns

JHHY vs. JHPI - Drawdown Comparison

The maximum JHHY drawdown since its inception was -4.95%, smaller than the maximum JHPI drawdown of -13.45%. Use the drawdown chart below to compare losses from any high point for JHHY and JHPI.

Drawdown Indicators

	JHHY	JHPI	Difference
Max Drawdown Largest peak-to-trough decline	-4.95%	-13.45%	+8.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-3.08%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.26%	—
Current Drawdown Current decline from peak	-0.28%	-0.76%	+0.48%
Average Drawdown Average peak-to-trough decline	-0.40%	-3.75%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.81%	-0.23%

Volatility

JHHY vs. JHPI - Volatility Comparison

John Hancock High Yield ETF (JHHY) has a higher volatility of 1.10% compared to John Hancock Preferred Income ETF (JHPI) at 1.02%. This indicates that JHHY's price experiences larger fluctuations and is considered to be riskier than JHPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHHY	JHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.02%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	2.51%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	3.37%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	6.30%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	6.30%	-1.45%

JHHY vs. JHPI - Expense Ratio Comparison

JHHY has a 0.52% expense ratio, which is lower than JHPI's 0.54% expense ratio.

Dividends

JHHY vs. JHPI - Dividend Comparison

JHHY's dividend yield for the trailing twelve months is around 6.97%, more than JHPI's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021
JHHY John Hancock High Yield ETF	6.97%	7.21%	5.82%	0.00%	0.00%	0.00%
JHPI John Hancock Preferred Income ETF	5.80%	5.73%	6.32%	6.44%	6.27%	0.24%

Frequently Asked Questions

Can I hold both JHHY and JHPI in my portfolio?

JHHY and JHPI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHHY or JHPI?

JHHY has higher volatility (1.10%) compared to JHPI (1.02%). In terms of maximum drawdown, JHHY dropped -4.95% vs JHPI's -13.45%.

Which ETF is better, JHHY or JHPI?

On 1-year performance, JHPI leads with 8.04% vs 7.43% for JHHY. On fees, JHHY is cheaper at 0.52% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHHY or JHPI?

Over the 1-year period, JHPI has performed better with a 8.04% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHHY or JHPI?

JHHY is cheaper with a 0.52% expense ratio, compared with 0.54% for JHPI.

Which ETF pays a higher dividend yield, JHHY or JHPI?

JHHY has the higher dividend yield at 6.97%, compared with 5.80% for JHPI.

What is the main difference between JHHY and JHPI?

JHHY is categorized as High Yield Bonds, while JHPI is Preferred Stock/Convertible Bonds. Their fees differ too: 0.52% for JHHY and 0.54% for JHPI.

Which has better risk-adjusted returns?

JHPI currently has the higher Sharpe Ratio (2.40 vs 1.89), 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.