HEQ vs PFE: Correlation
How closely do John Hancock Diversified Income Fund (HEQ) and Pfizer (PFE) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HEQ and PFE?
On 3 years of weekly data the HEQ/PFE correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.42 over 3. The 5-year figure is 0.27, and annualized covariance runs at 124.0 %².
Among the 13 assets we track against HEQ, PFE ranks #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.8% for HEQ and +19.6% for PFE. One caveat on sizing: PFE is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HEQ vs PFE: side by side
| HEQ (John Hancock Diversified Income Fund) | PFE (Pfizer) | |
|---|---|---|
| 1-year return | +20.8% | +19.6% |
| 5-year return | +43.5% | -21.9% |
| Volatility (ann.) | 12.3% | 23.8% |
| Beta vs S&P 500 | 0.59 | 0.40 |
| Max drawdown (3Y) | -11.5% | -34.8% |
| Market cap | $0.1B | $159.7B |
| P/E (trailing) | 7.6 | 37.4 |
| Dividend yield | 0.00% | 6.08% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | HEQ | PFE |
|---|---|---|
| 2022 | -3.1% | -10.4% |
| 2023 | -3.1% | -41.3% |
| 2024 | +11.7% | -2.2% |
| 2025 | +15.6% | +0.6% |
| 2026 | +15.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HEQ and PFE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HEQ and PFE?
The HEQ/PFE correlation stands at 0.42 on a 3-year window (1 year: 0.44, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is PFE a good diversifier for HEQ?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: HEQ correlations · PFE correlations
