HPI vs SPY
John Hancock Preferred Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, HPI or SPY?
Preferred Stock against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. HPI is less concentrated, with 21.0% of the fund in its ten largest positions against 37.8%.
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 | HPI | SPY |
|---|---|---|
| Expense Ratio | 2.31% | 0.09%Best |
| AUM | $443M | $804.7B |
| Dividend Yield | 9.87% | 0.98% |
| Holdings | 175 | 505 |
| YTD Return | -3.73% | +11.45%Best |
| 1Y Return | -4.33% | +15.87%Best |
| 3Y Return (annualized) | +9.33% | +20.93%Best |
| 5Y Return (annualized) | +1.07% | +12.59%Best |
| Volatility (annualized) | 19.7% | 14.8%Best |
| Max Drawdown | -75.0% | -56.5%Best |
| $10,000 over 5 years | $10,547 | $18,093Best |
| Top 10 Weight | 21.0%Best | 37.8% |
| Fund Family | John Hancock Investment Management | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Aug 27, 2002 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Aug 23, 2002 to Sep 15, 2026 (24.1 years).
HPI 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.
HPI vs SPY Performance
John Hancock Preferred Income Fund (HPI) 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 HPI returned -4.33% while SPY returned +15.87%. Year to date, HPI is down 3.73% versus a gain of 11.45% for SPY.
Over three years, HPI compounded at +9.33% per year against +20.93% for SPY; over five years the annualized figures are +1.07% and +12.59% respectively. Across the full 24-year window we track, SPY has the edge at +9.37% annualized vs -0.14%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HPI has been the more volatile fund, with annualized monthly volatility of 19.7% compared with 14.8% 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 -75.0% for HPI 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
HPI charges 2.31% per year while SPY charges 0.09%. On a $10,000 position that is $231 vs $9 annually, a gap of $222 per year that compounds over a long holding period. On income, HPI currently yields 9.87% against 0.98% for SPY.
Holdings Overlap
25.6% of HPI's money is in holdings SPY also owns. 4.0% of SPY's money is in holdings HPI also owns.
HPI and SPY share little of their money.
The two holdings books were reported 186 days apart, HPI as of Feb 27, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
24 positions in common, counted across the 94 positions we hold weights for in HPI and 504 in SPY, against full books of 175 and 505.
What only one of them owns
Our book lists 473 positions for SPY that do not appear in our book for HPI (95.3% of the fund), and 39 for HPI that do not appear in SPY (37.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in HPI | Weight in SPY | Difference |
|---|---|---|---|
| WFCWells Fargo & Co. | 2.72% | 0.40% | 2.32% |
| JPMJpmorgan Chase | 1.13% | 1.45% | 0.32% |
| MSMorgan Stanley | 1.51% | 0.38% | 1.13% |
| DUKDuke Energy Corp | 1.65% | 0.14% | 1.51% |
| NRGNrg Energy | 1.73% | 0.04% | 1.69% |
| KKRKkr & Co. Inc. Class a | 1.28% | 0.11% | 1.17% |
| PCGPg&E Corp. | 1.33% | 0.05% | 1.28% |
| NEENextera Energy Inc | 1.10% | 0.26% | 0.84% |
| MTBM&T Bank Corp | 1.20% | 0.05% | 1.15% |
| FITBFifth Third Bancorp | 1.12% | 0.07% | 1.05% |
25.6% of HPI is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HPI or SPY?
HPI has an expense ratio of 2.31% while SPY charges 0.09%. SPY is the cheaper option, by $222 a year on a $10,000 investment.
Which performed better, HPI or SPY?
Over the past year HPI returned -4.33% vs +15.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), HPI annualized -0.14% vs +9.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HPI or SPY?
HPI has been the more volatile fund at 19.7% annualized versus 14.8% for SPY. Worst drawdown: HPI -75.0% vs SPY -56.5%.
Should I hold both HPI and SPY?
HPI 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 HPI and SPY?
25.6% of HPI's money is in holdings SPY also owns. 4.0% of SPY's is in holdings HPI also owns. They hold 24 positions in common, counted across the 94 positions we hold weights for in HPI and 504 in SPY.
Which pays a higher dividend, HPI or SPY?
HPI yields 9.87% while SPY yields 0.98%, so HPI currently pays the higher dividend yield.
Is SPY better than HPI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. HPI is less concentrated, with 21.0% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.