FLC vs HPF: Correlation
Flaherty & Crumrine Total Return Fund Inc (FLC) and John Hancock Pfd Income Fund II Pfd Income Fund II (HPF) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLC and HPF?
Over the past 3 years, FLC and HPF moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 128.1 %².
Among the 22 assets we track against FLC, HPF ranks #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +3.8% for FLC and +5.6% for HPF.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FLC vs HPF: side by side
| FLC (Flaherty & Crumrine Total Return Fund Inc) | HPF (John Hancock Pfd Income Fund II Pfd Income Fund II) | |
|---|---|---|
| 1-year return | +3.8% | +5.6% |
| 5-year return | -0.2% | +6.9% |
| Volatility (ann.) | 11.3% | 14.7% |
| Beta vs S&P 500 | 0.48 | 0.53 |
| Max drawdown (3Y) | -10.5% | -16.9% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | 9.3 | 12.0 |
| Dividend yield | 7.25% | 7.09% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLC | HPF |
|---|---|---|
| 2022 | -25.1% | -18.4% |
| 2023 | -0.8% | +10.8% |
| 2024 | +23.1% | +14.5% |
| 2025 | +12.4% | +6.4% |
| 2026 | -0.4% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLC and HPF good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FLC and HPF?
The FLC/HPF correlation stands at 0.77 on a 3-year window (1 year: 0.78, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is HPF a good diversifier for FLC?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flc-vs-hpf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flc-vs-hpf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLC correlations · HPF correlations
