0293.HK vs. ^HSI

Last updated Jun 5, 2026

0293.HK (Cathay Pacific Airways Limited) is a stock, while ^HSI (Hang Seng Index) is an index. Over the past 10 years, 0293.HK returned 4.65%/yr vs 1.85%/yr for ^HSI. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

0293.HK vs. ^HSI - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Cathay Pacific Airways Limited (0293.HK) and Hang Seng Index (^HSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 0293.HK achieves a 10.92% return, which is significantly higher than ^HSI's -1.47% return. Over the past 10 years, 0293.HK has outperformed ^HSI with an annualized return of 4.65%, while ^HSI has yielded a comparatively lower 1.85% annualized return.

0293.HK

• 1D: -0.46%
• 1M: 7.94%
• YTD: 10.92%
• 6M: 13.20%
• 1Y: 35.59%
• 3Y*: 29.08%
• 5Y*: 18.54%
• 10Y*: 4.65%

^HSI

• 1D: -1.48%
• 1M: -2.49%
• YTD: -1.47%
• 6M: -2.63%
• 1Y: 6.76%
• 3Y*: 9.74%
• 5Y*: -2.67%
• 10Y*: 1.85%

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

0293.HK vs. ^HSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
0293.HK Cathay Pacific Airways Limited	10.92%	39.34%	26.02%	-4.23%	33.33%	-10.88%	-28.55%	6.81%	-6.95%	18.82%
^HSI Hang Seng Index	-1.47%	27.77%	17.67%	-13.82%	-15.46%	-14.08%	-3.40%	9.07%	-13.61%	35.99%

Correlation

The correlation between 0293.HK and ^HSI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 3, 1991	0.51

The correlation between 0293.HK and ^HSI has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.

Return for Risk

0293.HK vs. ^HSI — Risk / Return Rank

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

0293.HK

0293.HK Risk / Return Rank: 76
0293.HK Sharpe Ratio Rank: 78
0293.HK Sortino Ratio Rank: 73
0293.HK Omega Ratio Rank: 74
0293.HK Calmar Ratio Rank: 77
0293.HK Martin Ratio Rank: 75

^HSI

^HSI Risk / Return Rank: 27
^HSI Sharpe Ratio Rank: 27
^HSI Sortino Ratio Rank: 26
^HSI Omega Ratio Rank: 25
^HSI Calmar Ratio Rank: 28
^HSI Martin Ratio Rank: 29

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.

0293.HK vs. ^HSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cathay Pacific Airways Limited (0293.HK) and Hang Seng Index (^HSI). 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.

	0293.HK	^HSI	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.37	+0.94
Sortino ratio: Return per unit of downside risk	1.89	0.67	+1.22
Omega ratio: Gain probability vs. loss probability	1.26	1.07	+0.18
Calmar ratio: Return relative to maximum drawdown	2.35	0.54	+1.81
Martin ratio: Return relative to average drawdown	4.93	1.35	+3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

0293.HK vs. ^HSI - Sharpe Ratio Comparison

The current 0293.HK Sharpe Ratio is 1.32, which is higher than the ^HSI Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of 0293.HK and ^HSI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	0293.HK	^HSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	0.37	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	-0.11	+0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.09	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.27	-0.14

Drawdowns

0293.HK vs. ^HSI - Drawdown Comparison

The maximum 0293.HK drawdown since its inception was -70.18%, which is greater than ^HSI's maximum drawdown of -65.18%. Use the drawdown chart below to compare losses from any high point for 0293.HK and ^HSI.

Drawdown Indicators

	0293.HK	^HSI	Difference
Max Drawdown Largest peak-to-trough decline	-70.18%	-65.18%	-5.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.69%	-12.82%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	-17.98%	-25.49%	+7.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.89%	-49.85%	+28.96%
Max Drawdown (10Y) Largest decline over 10 years	-58.38%	-55.70%	-2.68%
Current Drawdown Current decline from peak	-6.90%	-23.83%	+16.93%
Average Drawdown Average peak-to-trough decline	-31.25%	-24.17%	-7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.39%	5.09%	+2.30%

Volatility

0293.HK vs. ^HSI - Volatility Comparison

Cathay Pacific Airways Limited (0293.HK) has a higher volatility of 8.37% compared to Hang Seng Index (^HSI) at 5.18%. This indicates that 0293.HK's price experiences larger fluctuations and is considered to be riskier than ^HSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0293.HK	^HSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	5.18%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	22.34%	13.70%	+8.64%
Volatility (1Y) Calculated over the trailing 1-year period	28.06%	18.52%	+9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.67%	25.32%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.53%	21.96%	+5.57%

Frequently Asked Questions

Can I hold both 0293.HK and ^HSI in my portfolio?

0293.HK and ^HSI have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.