HPI vs VOO
John Hancock Preferred Income Fund vs Vanguard S&P 500 ETF
Which is better, HPI or VOO?
Preferred Stock against Large Cap Blend.
VOO has a lower expense ratio. VOO 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 37.6%.
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 | VOO |
|---|---|---|
| Expense Ratio | 2.31% | 0.03%Best |
| AUM | $387M | $1.0T |
| Dividend Yield | 9.87% | 1.04% |
| Holdings | 175 | 506 |
| YTD Return | -9.40% | +12.75%Best |
| 1Y Return | -12.25% | +15.60%Best |
| 3Y Return (annualized) | +7.83% | +22.95%Best |
| 5Y Return (annualized) | +0.30% | +13.55%Best |
| Volatility (annualized) | 15.9% | 14.1%Best |
| Max Drawdown | -59.0% | -34.3%Best |
| $10,000 over 5 years | $10,151 | $18,877Best |
| Top 10 Weight | 21.0%Best | 37.6% |
| Fund Family | John Hancock Investment Management | Vanguard (US) |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Aug 27, 2002 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Oct 1, 2026 (16.1 years).
HPI vs VOO 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 VOO Performance
John Hancock Preferred Income Fund (HPI) is an ETF from John Hancock Investment Management and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year HPI returned -12.25% while VOO returned +15.60%. Year to date, HPI is down 9.40% versus a gain of 12.75% for VOO.
Over three years, HPI compounded at +7.83% per year against +22.95% for VOO; over five years the annualized figures are +0.30% and +13.55% respectively. Across the full 16-year window we track, VOO has the edge at +13.38% annualized vs +0.68%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HPI has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 14.1% for VOO. 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 -59.0% for HPI and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.59. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HPI charges 2.31% per year while VOO charges 0.03%. On a $10,000 position that is $231 vs $3 annually, a gap of $228 per year that compounds over a long holding period. On income, HPI currently yields 9.87% against 1.04% for VOO.
Holdings Overlap
28.1% of HPI's money is in holdings VOO also owns. 4.8% of VOO's money is in holdings HPI also owns.
HPI and VOO share little of their money.
The two holdings books were reported 154 days apart, HPI as of Feb 27, 2026 and VOO as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
25 positions in common, counted across the 94 positions we hold weights for in HPI and 494 in VOO, against full books of 175 and 506.
What only one of them owns
Our book lists 461 positions for VOO that do not appear in our book for HPI (94.3% of the fund), and 39 for HPI that do not appear in VOO (37.1%).
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 VOO | Difference |
|---|---|---|---|
| WFCWells Fargo & Co. | 2.72% | 0.41% | 2.31% |
| BACBank Of America Corp | 2.46% | 0.63% | 1.83% |
| JPMJpmorgan Chase | 1.13% | 1.46% | 0.33% |
| MSMorgan Stanley | 1.51% | 0.39% | 1.12% |
| DUKDuke Energy Corp | 1.65% | 0.15% | 1.50% |
| NRGNrg Energy | 1.73% | 0.04% | 1.69% |
| PCGPg&E Corp. | 1.33% | 0.06% | 1.27% |
| KKRKkr & Co. Inc. Class a | 1.28% | 0.11% | 1.17% |
| NEENextera Energy Inc | 1.10% | 0.28% | 0.82% |
| MTBM&T Bank Corp | 1.20% | 0.06% | 1.14% |
28.1% of HPI is already inside VOO.
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 VOO?
HPI has an expense ratio of 2.31% while VOO charges 0.03%. VOO is the cheaper option, by $228 a year on a $10,000 investment.
Which performed better, HPI or VOO?
Over the past year HPI returned -12.25% vs +15.60% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), HPI annualized +0.68% vs +13.38% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HPI or VOO?
HPI has been the more volatile fund at 15.9% annualized versus 14.1% for VOO. Worst drawdown: HPI -59.0% vs VOO -34.3%.
Should I hold both HPI and VOO?
HPI and VOO have a monthly-return correlation of 0.59, 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 VOO?
28.1% of HPI's money is in holdings VOO also owns. 4.8% of VOO's is in holdings HPI also owns. They hold 25 positions in common, counted across the 94 positions we hold weights for in HPI and 494 in VOO.
Which pays a higher dividend, HPI or VOO?
HPI yields 9.87% while VOO yields 1.04%, so HPI currently pays the higher dividend yield.
Is VOO better than HPI?
VOO has a lower expense ratio. VOO 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 37.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.