Soft magnetic phase cobalt ferrite (CoFe2O4) and hard magnetic phase strontium ferrite (SrFe12O19) were synthesized by co-precipitation route. Nanocomposite S:H-1:2 was prepared comprising soft (S) and hard (H) phases in the weight ratio of 1:2, higher ratio corresponding to SrFe12O19. The average crystallite size of CoFe2O4 and SrFe12O19 as obtained from refinement data was 19 nm and 50 nm respectively. Lattice strain evaluated using the Williamson-Hall plot was observed as 0.53%, 0.17%, and 0.61% for CoFe2O4, SrFe12O19, and S:H-1:2. Room temperature magnetic measurements were performed revealing the presence of exchange interaction present in the prepared composite. First-order reversal curve (FORC) measurements were performed for further confirming the exchange behavior of S:H-1:2. The maximum energy product obtained for S:H-1:2 was 0.067 MGOe which is greater than CoFe2O4 and SrFe12O19. Low dielectric loss was observed from impedance measurements. Presence of exchange coupling and low dielectric loss makes S:H-1:2 a potential candidate for microwave absorption.