JHPI vs. PREF

Last updated Jun 4, 2026

JHPI (John Hancock Preferred Income ETF) and PREF (Principal Spectrum Preferred Secs Active ETF) are both Preferred Stock/Convertible Bonds funds. Both are actively managed. Over the past 3 years, JHPI returned 9.01%/yr vs 9.25%/yr for PREF. At a 0.48 correlation, their price movements are largely independent. JHPI charges 0.54%/yr vs 0.55%/yr for PREF.

Performance

JHPI vs. PREF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Preferred Income ETF (JHPI) and Principal Spectrum Preferred Secs Active ETF (PREF). 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 PREF slightly lower at 1.65%.

JHPI

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

PREF

• 1D: -0.13%
• 1M: 0.52%
• YTD: 1.65%
• 6M: 2.32%
• 1Y: 6.65%
• 3Y*: 9.25%
• 5Y*: 3.07%
• 10Y*: —

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

JHPI vs. PREF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JHPI John Hancock Preferred Income ETF	1.67%	7.37%	10.54%	7.25%	-9.55%	0.62%
PREF Principal Spectrum Preferred Secs Active ETF	1.65%	7.64%	11.43%	7.36%	-11.80%	0.51%

Correlation

The correlation between JHPI and PREF is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.48

JHPI vs. PREF - Sectors Allocation Comparison

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

Return for Risk

JHPI vs. PREF — 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

PREF

PREF Risk / Return Rank: 64
PREF Sharpe Ratio Rank: 64
PREF Sortino Ratio Rank: 67
PREF Omega Ratio Rank: 75
PREF Calmar Ratio Rank: 46
PREF Martin Ratio Rank: 66

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. PREF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Preferred Income ETF (JHPI) and Principal Spectrum Preferred Secs Active ETF (PREF). 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	PREF	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.16	+0.24
Sortino ratio Return per unit of downside risk	3.37	3.10	+0.27
Omega ratio Gain probability vs. loss probability	1.48	1.45	+0.03
Calmar ratio Return relative to maximum drawdown	2.63	2.32	+0.31
Martin ratio Return relative to average drawdown	9.96	12.09	-2.14
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. PREF - Sharpe Ratio Comparison

The current JHPI Sharpe Ratio is 2.40, which is comparable to the PREF Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of JHPI and PREF, 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	PREF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.16	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.66	-0.06

Drawdowns

JHPI vs. PREF - Drawdown Comparison

The maximum JHPI drawdown since its inception was -13.45%, smaller than the maximum PREF drawdown of -22.99%. Use the drawdown chart below to compare losses from any high point for JHPI and PREF.

Drawdown Indicators

	JHPI	PREF	Difference
Max Drawdown Largest peak-to-trough decline	-13.45%	-22.99%	+9.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-2.88%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	-4.39%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.99%	—
Current Drawdown Current decline from peak	-0.76%	-0.13%	-0.63%
Average Drawdown Average peak-to-trough decline	-3.75%	-3.66%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.55%	+0.26%

Volatility

JHPI vs. PREF - Volatility Comparison

John Hancock Preferred Income ETF (JHPI) has a higher volatility of 1.02% compared to Principal Spectrum Preferred Secs Active ETF (PREF) at 0.69%. This indicates that JHPI's price experiences larger fluctuations and is considered to be riskier than PREF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHPI	PREF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.69%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	2.51%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	3.09%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	4.87%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	6.30%	0.00%

JHPI vs. PREF - Expense Ratio Comparison

JHPI has a 0.54% expense ratio, which is lower than PREF's 0.55% expense ratio.

Dividends

JHPI vs. PREF - Dividend Comparison

JHPI's dividend yield for the trailing twelve months is around 5.80%, more than PREF's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHPI John Hancock Preferred Income ETF	5.80%	5.73%	6.32%	6.44%	6.27%	0.24%	0.00%	0.00%	0.00%	0.00%
PREF Principal Spectrum Preferred Secs Active ETF	5.16%	4.87%	4.65%	4.67%	4.63%	4.07%	4.35%	4.67%	5.49%	2.35%

Frequently Asked Questions

Can I hold both JHPI and PREF in my portfolio?

JHPI and PREF have a correlation of 0.45, 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 PREF?

JHPI has higher volatility (1.02%) compared to PREF (0.69%). In terms of maximum drawdown, JHPI dropped -13.45% vs PREF's -22.99%.

Which ETF is better, JHPI or PREF?

On 3-year performance, PREF leads with 9.25% vs 9.01% for JHPI. On fees, JHPI is cheaper at 0.54% per year. On volatility, PREF has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHPI or PREF?

Over the 3-year period, PREF has performed better with a 9.25% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHPI or PREF?

JHPI is cheaper with a 0.54% expense ratio, compared with 0.55% for PREF.

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

JHPI has the higher dividend yield at 5.80%, compared with 5.16% for PREF.

What is the main difference between JHPI and PREF?

They also come from different issuers: John Hancock and Principal. Their fees differ too: 0.54% for JHPI and 0.55% for PREF.

Which has better risk-adjusted returns?

JHPI currently has the higher Sharpe Ratio (2.40 vs 2.16), 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.