0688.HK vs. TBF

Last updated Jun 5, 2026

0688.HK (China Overseas) is a stock, while TBF (ProShares Short 20+ Year Treasury) is Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%). Over the past 10 years, 0688.HK returned 0.25%/yr vs 2.84%/yr for TBF. At a 0.08 correlation, their price movements are largely independent.

Performance

0688.HK vs. TBF - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in China Overseas (0688.HK) and ProShares Short 20+ Year Treasury (TBF). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

0688.HK is traded in HKD, while TBF is traded in USD. To make them comparable, the TBF values have been converted to HKD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 0688.HK achieves a 31.10% return, which is significantly higher than TBF's 3.30% return. Over the past 10 years, 0688.HK has underperformed TBF with an annualized return of 0.25%, while TBF has yielded a comparatively higher 2.84% annualized return.

0688.HK

• 1D: -0.86%
• 1M: 7.28%
• YTD: 31.10%
• 6M: 21.85%
• 1Y: 26.23%
• 3Y*: 3.34%
• 5Y*: 2.48%
• 10Y*: 0.25%

TBF

• 1D: 0.48%
• 1M: 1.17%
• YTD: 3.30%
• 6M: 4.44%
• 1Y: 2.36%
• 3Y*: 8.09%
• 5Y*: 10.28%
• 10Y*: 2.84%

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

0688.HK vs. TBF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
0688.HK China Overseas	31.10%	2.65%	-4.38%	-30.14%	17.35%	16.91%	-41.85%	16.90%	10.50%	26.25%
TBF ProShares Short 20+ Year Treasury	3.30%	1.46%	15.73%	2.42%	42.62%	1.88%	-19.71%	-11.43%	3.49%	-7.75%

Correlation

The correlation between 0688.HK and TBF is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Aug 21, 2009	0.08

The correlation between 0688.HK and TBF shifts across timeframes, from -0.04 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

0688.HK vs. TBF — Risk / Return Rank

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

0688.HK

0688.HK Risk / Return Rank: 68
0688.HK Sharpe Ratio Rank: 72
0688.HK Sortino Ratio Rank: 69
0688.HK Omega Ratio Rank: 63
0688.HK Calmar Ratio Rank: 67
0688.HK Martin Ratio Rank: 68

TBF

TBF Risk / Return Rank: 13
TBF Sharpe Ratio Rank: 13
TBF Sortino Ratio Rank: 12
TBF Omega Ratio Rank: 12
TBF Calmar Ratio Rank: 13
TBF Martin Ratio Rank: 13

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.

0688.HK vs. TBF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for China Overseas (0688.HK) and ProShares Short 20+ Year Treasury (TBF). 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.

	0688.HK	TBF	Difference
Sharpe ratio: Return per unit of total volatility	1.00	0.25	+0.75
Sortino ratio: Return per unit of downside risk	1.67	0.42	+1.26
Omega ratio: Gain probability vs. loss probability	1.18	1.05	+0.14
Calmar ratio: Return relative to maximum drawdown	1.33	0.29	+1.04
Martin ratio: Return relative to average drawdown	3.16	0.63	+2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

0688.HK vs. TBF - Sharpe Ratio Comparison

The current 0688.HK Sharpe Ratio is 1.00, which is higher than the TBF Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of 0688.HK and TBF, 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

	0688.HK	TBF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.25	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.66	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.20	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.21	+0.45

Drawdowns

0688.HK vs. TBF - Drawdown Comparison

The maximum 0688.HK drawdown since its inception was -89.93%, which is greater than TBF's maximum drawdown of -70.41%. Use the drawdown chart below to compare losses from any high point for 0688.HK and TBF.

Drawdown Indicators

	0688.HK	TBF	Difference
Max Drawdown Largest peak-to-trough decline	-89.93%	-70.41%	-19.52%
Max Drawdown (1Y) Largest decline over 1 year	-21.89%	-8.15%	-13.74%
Max Drawdown (3Y) Largest decline over 3 years	-42.81%	-17.93%	-24.88%
Max Drawdown (5Y) Largest decline over 5 years	-58.27%	-17.93%	-40.34%
Max Drawdown (10Y) Largest decline over 10 years	-58.76%	-38.91%	-19.85%
Current Drawdown Current decline from peak	-29.10%	-42.68%	+13.58%
Average Drawdown Average peak-to-trough decline	-35.45%	-47.23%	+11.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.12%	3.78%	+5.34%

Volatility

0688.HK vs. TBF - Volatility Comparison

China Overseas (0688.HK) has a higher volatility of 10.94% compared to ProShares Short 20+ Year Treasury (TBF) at 2.67%. This indicates that 0688.HK's price experiences larger fluctuations and is considered to be riskier than TBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0688.HK	TBF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.94%	2.67%	+8.27%
Volatility (6M) Calculated over the trailing 6-month period	22.86%	6.48%	+16.38%
Volatility (1Y) Calculated over the trailing 1-year period	29.12%	9.59%	+19.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.71%	15.72%	+24.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.44%	14.53%	+20.91%

Dividends

0688.HK vs. TBF - Dividend Comparison

0688.HK's dividend yield for the trailing twelve months is around 3.42%, more than TBF's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
0688.HK China Overseas	3.42%	4.49%	6.05%	5.45%	5.63%	6.39%	6.05%	3.13%	3.16%	3.06%	3.70%	3.50%
TBF ProShares Short 20+ Year Treasury	2.83%	3.39%	4.06%	4.99%	0.36%	0.00%	0.22%	1.68%	0.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both 0688.HK and TBF in my portfolio?

0688.HK and TBF have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.