HPF vs SPY: Correlation
John Hancock Pfd Income Fund II Pfd Income Fund II (HPF) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPF and SPY?
Over the past 3 years, HPF and SPY moved with a correlation of 0.53, which is moderate. The link has tightened recently: the 1-year correlation (0.76) runs above the 3-year figure (0.53). Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 111.4 %².
Among the 15 assets we track against HPF, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.0 percentage points (+5.6% for HPF against +20.6% for SPY).
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 SPY: side by side
| HPF (John Hancock Pfd Income Fund II Pfd Income Fund II) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.6% | +20.6% |
| 5-year return | +6.9% | +82.4% |
| Volatility (ann.) | 14.7% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -16.9% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 7.09% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HPF | SPY |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | +10.8% | +26.2% |
| 2024 | +14.5% | +24.9% |
| 2025 | +6.4% | +17.7% |
| 2026 | +3.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPF and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HPF and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.76 over the last year and 0.60 over 5 years.
Is SPY a good diversifier for HPF?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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.
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Related comparisons
Hubs: HPF correlations · SPY correlations
