HPF vs SPY
John Hancock Preferred Income Fund II vs State Street SPDR S&P 500 ETF Trust
Which is better, HPF or SPY?
Preferred Stock against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HPF | SPY |
|---|---|---|
| Expense Ratio | 1.82% | 0.09%Best |
| AUM | $355M | $814.4B |
| Dividend Yield | 9.88% | 1.01% |
| Holdings | 169 | 505 |
| YTD Return | +0.72% | +13.34%Best |
| 1Y Return | +3.07% | +19.97%Best |
| 3Y Return (annualized) | +10.12% | +21.20%Best |
| 5Y Return (annualized) | +1.25% | +12.81%Best |
| Volatility (annualized) | 19.1% | 14.5%Best |
| Max Drawdown | -74.3% | -56.5%Best |
| $10,000 over 5 years | $10,641 | $18,270Best |
| Fund Family | John Hancock Investment Management | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Nov 29, 2002 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 26, 2002 to Sep 4, 2026 (23.8 years).
HPF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
HPF vs SPY Performance
John Hancock Preferred Income Fund II (HPF) is an ETF from John Hancock Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HPF returned +3.07% while SPY returned +19.97%. Year to date, HPF is up 0.72% versus a gain of 13.34% for SPY.
Over three years, HPF compounded at +10.12% per year against +21.20% for SPY; over five years the annualized figures are +1.25% and +12.81% respectively. Across the full 24-year window we track, SPY has the edge at +9.71% annualized vs -0.04%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HPF has been the more volatile fund, with annualized monthly volatility of 19.1% compared with 14.5% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -74.3% for HPF and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.44. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HPF charges 1.82% per year while SPY charges 0.09%. On a $10,000 position that is $182 vs $9 annually, a gap of $173 per year that compounds over a long holding period. On income, HPF currently yields 9.88% against 1.01% for SPY.
Holdings Overlap
At least 2.7% of SPY's money is in holdings HPF also owns.
Stated as a floor: for HPF, our book for it covers 50.3% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and HPF share little of their money.
The two holdings books were reported 216 days apart, HPF as of Dec 31, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
18 positions in common, counted across the 51 positions we hold weights for in HPF and 504 in SPY, against full books of 169 and 505.
Top Shared Holdings
| Stock | Weight in HPF | Weight in SPY | Difference |
|---|---|---|---|
| BACBank Of America Corp | 2.56% | 0.62% | 1.94% |
| WFCWells Fargo & Co. | 2.65% | 0.41% | 2.24% |
| PCGPg&E Corp. | 1.46% | 0.06% | 1.40% |
| APOAthene (Ath) / Apollo Global Management (Apo) | 1.32% | 0.09% | 1.23% |
| NEENextera Energy Inc | 1.11% | 0.27% | 0.84% |
| MSMorgan Stanley | 0.95% | 0.39% | 0.56% |
| SYFSynchrony Financial | 1.25% | 0.04% | 1.21% |
| MTBM&T Bank Corp | 1.14% | 0.06% | 1.08% |
| FITBFifth Third Bancorp | 1.01% | 0.08% | 0.93% |
| HBANHuntington Bancshares Inc./Oh | 0.93% | 0.05% | 0.88% |
You are not choosing between two funds in isolation.
Whichever of HPF and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HPF or SPY?
HPF has an expense ratio of 1.82% while SPY charges 0.09%. SPY is the cheaper option, by $173 a year on a $10,000 investment.
Which performed better, HPF or SPY?
Over the past year HPF returned +3.07% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), HPF annualized -0.04% vs +9.71% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HPF or SPY?
HPF has been the more volatile fund at 19.1% annualized versus 14.5% for SPY. Worst drawdown: HPF -74.3% vs SPY -56.5%.
Should I hold both HPF and SPY?
HPF and SPY have a monthly-return correlation of 0.44, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between HPF and SPY?
At least 2.7% of SPY's money is in holdings HPF also owns. Our book for HPF is partial, so the real figure is this or higher. They hold 18 positions in common, counted across the 51 positions we hold weights for in HPF and 504 in SPY.
Which pays a higher dividend, HPF or SPY?
HPF yields 9.88% while SPY yields 1.01%, so HPF currently pays the higher dividend yield.
Is SPY better than HPF?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.