HPF vs JRI: Correlation
Measured on weekly returns over the past three years, John Hancock Pfd Income Fund II Pfd Income Fund II (HPF) and Nuveen Real Asset Income and Growth Fund (JRI) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPF and JRI?
Over the past 3 years, HPF and JRI moved with a correlation of 0.72, which is strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 179.4 %².
Within HPF's tracked universe of 15 assets, JRI comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +5.6% for HPF and +5.3% for JRI.
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.
HPF vs JRI: side by side
| HPF (John Hancock Pfd Income Fund II Pfd Income Fund II) | JRI (Nuveen Real Asset Income and Growth Fund) | |
|---|---|---|
| 1-year return | +5.6% | +5.3% |
| 5-year return | +6.9% | +31.7% |
| Volatility (ann.) | 14.7% | 17.0% |
| Beta vs S&P 500 | 0.53 | 0.64 |
| Max drawdown (3Y) | -16.9% | -13.7% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 12.0 | 7.0 |
| Dividend yield | 7.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPF | JRI |
|---|---|---|
| 2022 | -18.4% | -20.8% |
| 2023 | +10.8% | +10.1% |
| 2024 | +14.5% | +16.3% |
| 2025 | +6.4% | +26.8% |
| 2026 | +3.4% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPF and JRI good diversifiers for each other?
Only partially. A correlation of 0.72 means HPF and JRI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HPF and JRI?
As of 2026-08-27, the correlation of weekly returns between HPF and JRI is 0.72 over 3 years, 0.66 over 1 year and 0.74 over 5 years.
Is JRI a good diversifier for HPF?
Only partially. A correlation of 0.72 means HPF and JRI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hpf-vs-jri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpf-vs-jri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HPF correlations · JRI correlations
