HPF vs VXX: Correlation
How closely do John Hancock Pfd Income Fund II Pfd Income Fund II (HPF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPF and VXX?
On 3 years of weekly data the HPF/VXX correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.59 versus -0.48 over 3 years. The 5-year figure is -0.47, and annualized covariance runs at -432.1 %².
Among the 15 assets we track against HPF, VXX sits near the bottom by co-movement, at rank #14. The last year tells two different stories: HPF led by 55.3 percentage points, +5.6% for HPF against -49.7% for VXX. Risk is not evenly split, since VXX carries 4.1 times the volatility of the other side.
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 VXX: side by side
| HPF (John Hancock Pfd Income Fund II Pfd Income Fund II) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.6% | -49.7% |
| 5-year return | +6.9% | -95.6% |
| Volatility (ann.) | 14.7% | 60.9% |
| Beta vs S&P 500 | 0.53 | -3.31 |
| Max drawdown (3Y) | -16.9% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 7.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPF | VXX |
|---|---|---|
| 2022 | -18.4% | -23.8% |
| 2023 | +10.8% | -72.5% |
| 2024 | +14.5% | -26.2% |
| 2025 | +6.4% | -42.2% |
| 2026 | +3.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPF and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between HPF and VXX?
As of 2026-08-27, the correlation of weekly returns between HPF and VXX is -0.48 over 3 years, -0.59 over 1 year and -0.47 over 5 years.
Is VXX a good diversifier for HPF?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HPF correlations · VXX correlations
