0012.HK vs. 0823.HK

Last updated Jun 13, 2026

0012.HK (Henderson Land) and 0823.HK (Link Real Estate Investment Trust) are both stocks. Both are in the Real Estate sector — 0012.HK in Real Estate - Diversified, 0823.HK in REIT - Retail. Over the past 10 years, 0012.HK returned 7.04%/yr vs 2.86%/yr for 0823.HK. At a 0.37 correlation, their price movements are largely independent.

Performance

0012.HK vs. 0823.HK - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Henderson Land (0012.HK) and Link Real Estate Investment Trust (0823.HK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 0012.HK achieves a -1.76% return, which is significantly lower than 0823.HK's 9.33% return. Over the past 10 years, 0012.HK has outperformed 0823.HK with an annualized return of 7.04%, while 0823.HK has yielded a comparatively lower 2.86% annualized return.

0012.HK

• 1D: 0.97%
• 1M: -17.82%
• YTD: -1.76%
• 6M: -6.16%
• 1Y: 11.10%
• 3Y*: 10.98%
• 5Y*: -0.54%
• 10Y*: 7.04%

0823.HK

• 1D: 0.71%
• 1M: -8.30%
• YTD: 9.33%
• 6M: 9.21%
• 1Y: -3.21%
• 3Y*: -0.30%
• 5Y*: -6.65%
• 10Y*: 2.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

0012.HK vs. 0823.HK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
0012.HK Henderson Land	-1.76%	28.27%	5.75%	-4.71%	-12.83%	15.35%	-16.23%	23.98%	-5.03%	55.92%
0823.HK Link Real Estate Investment Trust	9.33%	13.19%	-18.72%	-14.04%	-12.10%	1.51%	-10.66%	7.54%	13.54%	49.22%

Correlation

The correlation between 0012.HK and 0823.HK is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 6, 2006	0.37

Over the past year, 0012.HK and 0823.HK have become more correlated (0.62) than their long-term average of 0.37, meaning their price movements have been converging.

Return for Risk

0012.HK vs. 0823.HK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

0012.HK

0012.HK Risk / Return Rank: 54
0012.HK Sharpe Ratio Rank: 57
0012.HK Sortino Ratio Rank: 50
0012.HK Omega Ratio Rank: 49
0012.HK Calmar Ratio Rank: 54
0012.HK Martin Ratio Rank: 58

0823.HK

0823.HK Risk / Return Rank: 34
0823.HK Sharpe Ratio Rank: 36
0823.HK Sortino Ratio Rank: 30
0823.HK Omega Ratio Rank: 30
0823.HK Calmar Ratio Rank: 38
0823.HK Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

0012.HK vs. 0823.HK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Henderson Land (0012.HK) and Link Real Estate Investment Trust (0823.HK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	0012.HK	0823.HK	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-0.17	+0.58
Sortino ratio: Return per unit of downside risk	0.78	-0.09	+0.86
Omega ratio: Gain probability vs. loss probability	1.10	0.99	+0.11
Calmar ratio: Return relative to maximum drawdown	0.50	-0.16	+0.66
Martin ratio: Return relative to average drawdown	1.44	-0.28	+1.72

0012.HK vs. 0823.HK - Sharpe Ratio Comparison

The current 0012.HK Sharpe Ratio is 0.42, which is higher than the 0823.HK Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of 0012.HK and 0823.HK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

0012.HK vs. 0823.HK - Drawdown Comparison

The maximum 0012.HK drawdown since its inception was -70.51%, which is greater than 0823.HK's maximum drawdown of -59.18%. Use the drawdown chart below to compare losses from any high point for 0012.HK and 0823.HK.

Drawdown Indicators

	0012.HK	0823.HK	Difference
Max Drawdown Largest peak-to-trough decline	-70.51%	-59.18%	-11.33%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-20.60%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-26.91%	-31.27%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-46.09%	-51.31%	+5.22%
Max Drawdown (10Y) Largest decline over 10 years	-47.69%	-59.18%	+11.49%
Current Drawdown Current decline from peak	-22.00%	-41.64%	+19.64%
Average Drawdown Average peak-to-trough decline	-18.68%	-16.84%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.82%	11.58%	-3.76%

Volatility

0012.HK vs. 0823.HK - Volatility Comparison

Henderson Land (0012.HK) has a higher volatility of 5.77% compared to Link Real Estate Investment Trust (0823.HK) at 4.59%. This indicates that 0012.HK's price experiences larger fluctuations and is considered to be riskier than 0823.HK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0012.HK	0823.HK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	4.59%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	19.63%	12.70%	+6.93%
Volatility (1Y) Calculated over the trailing 1-year period	27.26%	19.76%	+7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.61%	23.52%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	22.46%	+2.67%

Dividends

0012.HK vs. 0823.HK - Dividend Comparison

0012.HK's dividend yield for the trailing twelve months is around 4.68%, less than 0823.HK's 10.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
0012.HK Henderson Land	4.68%	6.40%	7.63%	7.48%	6.61%	5.42%	5.95%	4.71%	4.15%	2.93%	4.47%	3.30%
0823.HK Link Real Estate Investment Trust	10.66%	7.61%	8.14%	5.68%	5.42%	4.62%	4.19%	3.52%	3.36%	3.38%	4.47%	4.26%

Financials

Frequently Asked Questions

Can I hold both 0012.HK and 0823.HK in my portfolio?

0012.HK and 0823.HK have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.