1398.HK vs. ^GSPC

Last updated Apr 3, 2026

Compare and contrast key facts about Industrial and Commercial Bank of China (1398.HK) and S&P 500 Index (^GSPC).

Performance

1398.HK vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Industrial and Commercial Bank of China (1398.HK) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

1398.HK vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
^GSPC S&P 500 Index	-3.16%	16.61%	22.67%	24.22%	-19.31%	27.58%	15.74%	28.20%	-6.03%	20.34%

Different Trading Currencies

1398.HK is traded in HKD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to HKD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 1398.HK achieves a 10.65% return, which is significantly higher than ^GSPC's -3.29% return. Both investments have delivered pretty close results over the past 10 years, with 1398.HK having a 12.28% annualized return and ^GSPC not far ahead at 12.39%.

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%

^GSPC

• 1D: 0.00%
• 1M: -3.14%
• YTD: -3.29%
• 6M: -1.41%
• 1Y: 16.76%
• 3Y*: 16.75%
• 5Y*: 10.51%
• 10Y*: 12.39%

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

Return for Risk

1398.HK vs. ^GSPC — Risk / Return Rank

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

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

^GSPC

^GSPC Risk / Return Rank: 58
^GSPC Sharpe Ratio Rank: 52
^GSPC Sortino Ratio Rank: 55
^GSPC Omega Ratio Rank: 59
^GSPC Calmar Ratio Rank: 52
^GSPC Martin Ratio Rank: 71

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.

1398.HK vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial and Commercial Bank of China (1398.HK) and S&P 500 Index (^GSPC). 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.

	1398.HK	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.67	0.92	+0.75
Sortino ratio Return per unit of downside risk	2.17	1.41	+0.76
Omega ratio Gain probability vs. loss probability	1.30	1.22	+0.09
Calmar ratio Return relative to maximum drawdown	2.94	1.43	+1.51
Martin ratio Return relative to average drawdown	7.51	6.73	+0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

1398.HK vs. ^GSPC - Sharpe Ratio Comparison

The current 1398.HK Sharpe Ratio is 1.67, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of 1398.HK and ^GSPC, 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

	1398.HK	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	0.92	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.63	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.69	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.42	-0.09

Correlation

The correlation between 1398.HK and ^GSPC is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

1398.HK vs. ^GSPC - Drawdown Comparison

The maximum 1398.HK drawdown since its inception was -61.33%, which is greater than ^GSPC's maximum drawdown of -56.80%. Use the drawdown chart below to compare losses from any high point for 1398.HK and ^GSPC.

Drawdown Indicators

	1398.HK	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-61.33%	-56.78%	-4.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.69%	-9.10%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.70%	-25.43%	-4.27%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-33.92%	-4.58%
Current Drawdown Current decline from peak	0.00%	-5.67%	+5.67%
Average Drawdown Average peak-to-trough decline	-18.24%	-10.75%	-7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	2.62%	+1.56%

Volatility

1398.HK vs. ^GSPC - Volatility Comparison

Industrial and Commercial Bank of China (1398.HK) has a higher volatility of 6.10% compared to S&P 500 Index (^GSPC) at 5.23%. This indicates that 1398.HK's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	1398.HK	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	5.23%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	9.52%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	18.31%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	16.89%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	18.01%	+3.57%