JHPI vs. JHMU

Last updated Jun 4, 2026

JHPI (John Hancock Preferred Income ETF) and JHMU (John Hancock Dynamic Municipal Bond ETF) are both exchange-traded funds - JHPI is a Preferred Stock/Convertible Bonds fund actively managed by John Hancock, while JHMU is a Municipal Bonds fund tracking the John Hancock Dimensional Utilities Index. JHPI is actively managed, while JHMU is passively managed. Over the past year, JHPI returned 8.04% vs 7.44% for JHMU. At a 0.37 correlation, their price movements are largely independent. JHPI charges 0.54%/yr vs 0.39%/yr for JHMU.

Performance

JHPI vs. JHMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Preferred Income ETF (JHPI) and John Hancock Dynamic Municipal Bond ETF (JHMU). 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 JHPI having a 1.67% return and JHMU slightly lower at 1.66%.

JHPI

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

JHMU

• 1D: -0.08%
• 1M: 0.69%
• YTD: 1.66%
• 6M: 2.16%
• 1Y: 7.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JHPI vs. JHMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JHPI John Hancock Preferred Income ETF	1.67%	7.37%	10.54%	7.74%
JHMU John Hancock Dynamic Municipal Bond ETF	1.66%	5.03%	3.76%	7.77%

Correlation

The correlation between JHPI and JHMU is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023	0.37

JHPI vs. JHMU - Sectors Allocation Comparison

Sectors	JHPI	JHMU
Utilities	100.0%	99.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

JHPI vs. JHMU — Risk / Return Rank

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

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

JHMU

JHMU Risk / Return Rank: 74
JHMU Sharpe Ratio Rank: 82
JHMU Sortino Ratio Rank: 87
JHMU Omega Ratio Rank: 88
JHMU Calmar Ratio Rank: 56
JHMU Martin Ratio Rank: 56

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.

JHPI vs. JHMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income ETF (JHPI) and John Hancock Dynamic Municipal Bond ETF (JHMU). 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.

	JHPI	JHMU	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.65	-0.25
Sortino ratio: Return per unit of downside risk	3.37	3.92	-0.55
Omega ratio: Gain probability vs. loss probability	1.48	1.56	-0.08
Calmar ratio: Return relative to maximum drawdown	2.63	2.70	-0.07
Martin ratio: Return relative to average drawdown	9.96	9.67	+0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHPI vs. JHMU - Sharpe Ratio Comparison

The current JHPI Sharpe Ratio is 2.40, which is comparable to the JHMU Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of JHPI and JHMU, 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

	JHPI	JHMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.65	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.74	-1.14

Drawdowns

JHPI vs. JHMU - Drawdown Comparison

The maximum JHPI drawdown since its inception was -13.45%, which is greater than JHMU's maximum drawdown of -4.48%. Use the drawdown chart below to compare losses from any high point for JHPI and JHMU.

Drawdown Indicators

	JHPI	JHMU	Difference
Max Drawdown Largest peak-to-trough decline	-13.45%	-4.48%	-8.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-2.77%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	—	—
Current Drawdown Current decline from peak	-0.76%	-0.60%	-0.16%
Average Drawdown Average peak-to-trough decline	-3.75%	-0.84%	-2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.77%	+0.04%

Volatility

JHPI vs. JHMU - Volatility Comparison

John Hancock Preferred Income ETF (JHPI) has a higher volatility of 1.02% compared to John Hancock Dynamic Municipal Bond ETF (JHMU) at 0.96%. This indicates that JHPI's price experiences larger fluctuations and is considered to be riskier than JHMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHPI	JHMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.96%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	2.21%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	2.82%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	4.11%	+2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	4.11%	+2.19%

JHPI vs. JHMU - Expense Ratio Comparison

JHPI has a 0.54% expense ratio, which is higher than JHMU's 0.39% expense ratio.

Dividends

JHPI vs. JHMU - Dividend Comparison

JHPI's dividend yield for the trailing twelve months is around 5.80%, more than JHMU's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021
JHMU John Hancock Dynamic Municipal Bond ETF	3.72%	4.36%	7.29%	0.63%	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 JHPI and JHMU in my portfolio?

JHPI and JHMU have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHPI or JHMU?

JHPI has higher volatility (1.02%) compared to JHMU (0.96%). In terms of maximum drawdown, JHPI dropped -13.45% vs JHMU's -4.48%.

Which ETF is better, JHPI or JHMU?

On 1-year performance, JHPI leads with 8.04% vs 7.44% for JHMU. On fees, JHMU is cheaper at 0.39% 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, JHPI or JHMU?

Over the 1-year period, JHPI has performed better with a 8.04% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHPI or JHMU?

JHMU is cheaper with a 0.39% expense ratio, compared with 0.54% for JHPI.

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

JHPI has the higher dividend yield at 5.80%, compared with 3.72% for JHMU.

What is the main difference between JHPI and JHMU?

JHPI is categorized as Preferred Stock/Convertible Bonds, while JHMU is Municipal Bonds. Their fees differ too: 0.54% for JHPI and 0.39% for JHMU.

Which has better risk-adjusted returns?

JHMU currently has the higher Sharpe Ratio (2.65 vs 2.40), 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.