JHI vs PAI: Correlation
How closely do John Hancock Investors Trust (JHI) and Western Asset Investment Grade Income Fund Inc. (PAI) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JHI and PAI?
Across a 3-year window, the weekly returns of JHI and PAI correlate at 0.64, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 58.9 %².
By 3-year correlation, PAI places #19 of the 33 assets tracked against JHI. Neither side won the trailing year by much: +2.3% against -0.6%.
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.
JHI vs PAI: side by side
| JHI (John Hancock Investors Trust) | PAI (Western Asset Investment Grade Income Fund Inc.) | |
|---|---|---|
| 1-year return | +2.3% | -0.6% |
| 5-year return | +3.7% | -4.0% |
| Volatility (ann.) | 9.3% | 10.0% |
| Beta vs S&P 500 | 0.37 | 0.28 |
| Max drawdown (3Y) | -11.2% | -8.9% |
| Market cap | – | $0.1B |
| P/E (trailing) | 8.6 | 12.9 |
| Dividend yield | 9.37% | 2.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JHI | PAI |
|---|---|---|
| 2022 | -29.5% | -22.5% |
| 2023 | +10.6% | +9.1% |
| 2024 | +14.4% | +9.2% |
| 2025 | +9.1% | +5.4% |
| 2026 | +1.0% | -1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JHI and PAI good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JHI and PAI?
The JHI/PAI correlation stands at 0.64 on a 3-year window (1 year: 0.67, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is PAI a good diversifier for JHI?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
A reading of 0.64 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: JHI correlations · PAI correlations
