0939.HK vs. 1398.HK

Last updated Apr 3, 2026

Compare and contrast key facts about China Construction Bank Corp (0939.HK) and Industrial and Commercial Bank of China (1398.HK).

Performance

0939.HK vs. 1398.HK - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in China Construction Bank Corp (0939.HK) and Industrial and Commercial Bank of China (1398.HK). The values are adjusted to include any dividend payments, if applicable.

0939.HK vs. 1398.HK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
0939.HK China Construction Bank Corp	9.88%	30.12%	50.75%	3.86%	-2.12%	-2.09%	-7.31%	9.88%	-5.73%	26.92%
1398.HK Industrial and Commercial Bank of China	10.65%	31.06%	47.16%	3.30%	-1.37%	-6.20%	-11.59%	12.71%	-6.42%	42.50%

Returns By Period

In the year-to-date period, 0939.HK achieves a 9.88% return, which is significantly lower than 1398.HK's 10.65% return. Over the past 10 years, 0939.HK has outperformed 1398.HK with an annualized return of 12.98%, while 1398.HK has yielded a comparatively lower 12.28% annualized return.

0939.HK

• 1D: 0.48%
• 1M: 6.29%
• YTD: 9.88%
• 6M: 17.13%
• 1Y: 29.29%
• 3Y*: 29.08%
• 5Y*: 14.15%
• 10Y*: 12.98%

1398.HK

• 1D: 1.16%
• 1M: 7.91%
• YTD: 10.65%
• 6M: 24.53%
• 1Y: 32.82%
• 3Y*: 29.19%
• 5Y*: 12.94%
• 10Y*: 12.28%

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

Return for Risk

0939.HK vs. 1398.HK — Risk / Return Rank

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

0939.HK

0939.HK Risk / Return Rank: 75
0939.HK Sharpe Ratio Rank: 80
0939.HK Sortino Ratio Rank: 72
0939.HK Omega Ratio Rank: 73
0939.HK Calmar Ratio Rank: 77
0939.HK Martin Ratio Rank: 75

1398.HK

1398.HK Risk / Return Rank: 82
1398.HK Sharpe Ratio Rank: 85
1398.HK Sortino Ratio Rank: 80
1398.HK Omega Ratio Rank: 81
1398.HK Calmar Ratio Rank: 83
1398.HK Martin Ratio Rank: 83

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.

0939.HK vs. 1398.HK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for China Construction Bank Corp (0939.HK) and Industrial and Commercial Bank of China (1398.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.

	0939.HK	1398.HK	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.67	-0.35
Sortino ratio Return per unit of downside risk	1.77	2.17	-0.40
Omega ratio Gain probability vs. loss probability	1.25	1.30	-0.06
Calmar ratio Return relative to maximum drawdown	2.15	2.94	-0.79
Martin ratio Return relative to average drawdown	4.92	7.51	-2.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

0939.HK vs. 1398.HK - Sharpe Ratio Comparison

The current 0939.HK Sharpe Ratio is 1.32, which is comparable to the 1398.HK Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of 0939.HK and 1398.HK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	0939.HK	1398.HK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.67	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.65	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.58	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.33	-0.09

Correlation

The correlation between 0939.HK and 1398.HK is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

0939.HK vs. 1398.HK - Dividend Comparison

0939.HK's dividend yield for the trailing twelve months is around 5.05%, more than 1398.HK's 4.83% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
0939.HK China Construction Bank Corp	5.05%	8.32%	6.77%	9.08%	8.71%	7.24%	5.94%	5.19%	5.34%	4.44%	5.41%	7.18%
1398.HK Industrial and Commercial Bank of China	4.83%	7.81%	6.43%	8.62%	8.54%	7.27%	5.74%	4.75%	5.19%	4.25%	5.92%	6.92%

Drawdowns

0939.HK vs. 1398.HK - Drawdown Comparison

The maximum 0939.HK drawdown since its inception was -69.85%, which is greater than 1398.HK's maximum drawdown of -61.33%. Use the drawdown chart below to compare losses from any high point for 0939.HK and 1398.HK.

Drawdown Indicators

	0939.HK	1398.HK	Difference
Max Drawdown Largest peak-to-trough decline	-69.85%	-61.33%	-8.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-10.69%	-3.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.41%	-29.70%	+2.29%
Max Drawdown (10Y) Largest decline over 10 years	-38.35%	-38.50%	+0.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.05%	-18.24%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.18%	4.18%	+2.00%

Volatility

0939.HK vs. 1398.HK - Volatility Comparison

China Construction Bank Corp (0939.HK) and Industrial and Commercial Bank of China (1398.HK) have volatilities of 6.26% and 6.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0939.HK	1398.HK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	6.10%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.22%	13.29%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	22.78%	20.18%	+2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	20.48%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.81%	21.58%	+0.23%

Financials