HPF vs VXZ: Correlation
John Hancock Pfd Income Fund II Pfd Income Fund II (HPF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPF and VXZ?
Over the past 3 years, HPF and VXZ moved with a correlation of -0.54, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.58) sits close to the 3-year figure. Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -203.1 %².
Among the 15 assets we track against HPF, VXZ sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with HPF ahead by 21.7 points (+5.6% versus -16.1%). One caveat on sizing: VXZ is 1.7 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.
HPF vs VXZ: side by side
| HPF (John Hancock Pfd Income Fund II Pfd Income Fund II) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.6% | -16.1% |
| 5-year return | +6.9% | -53.1% |
| Volatility (ann.) | 14.7% | 25.6% |
| Beta vs S&P 500 | 0.53 | -1.31 |
| Max drawdown (3Y) | -16.9% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 7.09% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPF | VXZ |
|---|---|---|
| 2022 | -18.4% | +0.5% |
| 2023 | +10.8% | -44.0% |
| 2024 | +14.5% | -12.7% |
| 2025 | +6.4% | +5.7% |
| 2026 | +3.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPF and VXZ good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HPF and VXZ?
As of 2026-08-27, the correlation of weekly returns between HPF and VXZ is -0.54 over 3 years, -0.58 over 1 year and -0.52 over 5 years.
Is VXZ a good diversifier for HPF?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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/hpf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HPF correlations · VXZ correlations
