NPSRX vs. HPS

Last updated Jun 4, 2026

NPSRX (Nuveen Preferred Securities & Income Fund) and HPS (John Hancock Preferred Income Fund III) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, NPSRX returned 5.21%/yr vs 5.37%/yr for HPS. At a 0.41 correlation, their price movements are largely independent. NPSRX charges 0.74%/yr vs 0.01%/yr for HPS.

Performance

NPSRX vs. HPS - Performance Comparison

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

Returns By Period

In the year-to-date period, NPSRX achieves a 0.72% return, which is significantly lower than HPS's 4.49% return. Both investments have delivered pretty close results over the past 10 years, with NPSRX having a 5.21% annualized return and HPS not far ahead at 5.37%.

NPSRX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.72%
• 6M: 1.40%
• 1Y: 8.78%
• 3Y*: 10.01%
• 5Y*: 3.62%
• 10Y*: 5.21%

HPS

• 1D: -0.07%
• 1M: -1.10%
• YTD: 4.49%
• 6M: 2.71%
• 1Y: 11.63%
• 3Y*: 10.94%
• 5Y*: 2.87%
• 10Y*: 5.37%

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

NPSRX vs. HPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPSRX Nuveen Preferred Securities & Income Fund	0.72%	11.19%	9.12%	6.19%	-9.50%	5.43%	5.53%	17.68%	-5.65%	11.27%
HPS John Hancock Preferred Income Fund III	4.49%	4.86%	15.65%	7.66%	-16.56%	16.44%	-3.00%	31.43%	-8.37%	14.32%

Correlation

The correlation between NPSRX and HPS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Dec 19, 2006	0.41

The correlation between NPSRX and HPS shifts across timeframes, from 0.34 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NPSRX vs. HPS — Risk / Return Rank

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

NPSRX

NPSRX Risk / Return Rank: 76
NPSRX Sharpe Ratio Rank: 89
NPSRX Sortino Ratio Rank: 95
NPSRX Omega Ratio Rank: 94
NPSRX Calmar Ratio Rank: 51
NPSRX Martin Ratio Rank: 53

HPS

HPS Risk / Return Rank: 17
HPS Sharpe Ratio Rank: 18
HPS Sortino Ratio Rank: 17
HPS Omega Ratio Rank: 18
HPS Calmar Ratio Rank: 18
HPS Martin Ratio Rank: 14

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.

NPSRX vs. HPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred Securities & Income Fund (NPSRX) and John Hancock Preferred Income Fund III (HPS). 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.

	NPSRX	HPS	Difference
Sharpe ratio: Return per unit of total volatility	2.96	1.22	+1.73
Sortino ratio: Return per unit of downside risk	5.02	1.75	+3.27
Omega ratio: Gain probability vs. loss probability	1.72	1.22	+0.49
Calmar ratio: Return relative to maximum drawdown	2.70	1.53	+1.17
Martin ratio: Return relative to average drawdown	10.81	4.07	+6.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPSRX vs. HPS - Sharpe Ratio Comparison

The current NPSRX Sharpe Ratio is 2.96, which is higher than the HPS Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of NPSRX and HPS, 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

	NPSRX	HPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	1.22	+1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.18	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.25	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.25	+0.25

Drawdowns

NPSRX vs. HPS - Drawdown Comparison

The maximum NPSRX drawdown since its inception was -62.52%, smaller than the maximum HPS drawdown of -70.04%. Use the drawdown chart below to compare losses from any high point for NPSRX and HPS.

Drawdown Indicators

	NPSRX	HPS	Difference
Max Drawdown Largest peak-to-trough decline	-62.52%	-70.04%	+7.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-7.61%	+4.31%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-17.58%	+13.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-29.39%	+11.74%
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	-52.12%	+25.65%
Current Drawdown Current decline from peak	-0.67%	-2.51%	+1.84%
Average Drawdown Average peak-to-trough decline	-4.82%	-8.37%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.86%	-2.04%

Volatility

NPSRX vs. HPS - Volatility Comparison

The current volatility for Nuveen Preferred Securities & Income Fund (NPSRX) is 1.03%, while John Hancock Preferred Income Fund III (HPS) has a volatility of 2.65%. This indicates that NPSRX experiences smaller price fluctuations and is considered to be less risky than HPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPSRX	HPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	2.65%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	7.19%	-4.78%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	9.55%	-6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	15.67%	-10.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.33%	21.46%	-15.13%

NPSRX vs. HPS - Expense Ratio Comparison

NPSRX has a 0.74% expense ratio, which is higher than HPS's 0.01% expense ratio.

Dividends

NPSRX vs. HPS - Dividend Comparison

NPSRX's dividend yield for the trailing twelve months is around 5.39%, less than HPS's 9.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPS John Hancock Preferred Income Fund III	9.10%	9.16%	8.78%	9.34%	9.15%	7.04%	7.63%	7.41%	9.26%	7.82%	8.27%	7.53%
NPSRX Nuveen Preferred Securities & Income Fund	5.39%	5.72%	5.38%	5.87%	6.18%	4.97%	5.02%	5.39%	6.00%	5.51%	5.81%	6.20%

Frequently Asked Questions

Can I hold both NPSRX and HPS in my portfolio?

NPSRX and HPS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPSRX or HPS?

HPS has higher volatility (2.65%) compared to NPSRX (1.03%). In terms of maximum drawdown, NPSRX dropped -62.52% vs HPS's -70.04%.

Which has better risk-adjusted returns?

NPSRX currently has the higher Sharpe Ratio (2.96 vs 1.22), 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.