1398.HK vs. ^HSI

Last updated Jul 21, 2026

1398.HK (Industrial and Commercial Bank of China) is a stock, while ^HSI (Hang Seng Index) is an index. Over the past 10 years, 1398.HK returned 11.67%/yr vs 1.12%/yr for ^HSI. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

1398.HK vs. ^HSI - 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 Hang Seng Index (^HSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 1398.HK achieves a 16.25% return, which is significantly higher than ^HSI's -4.17% return. Over the past 10 years, 1398.HK has outperformed ^HSI with an annualized return of 11.67%, while ^HSI has yielded a comparatively lower 1.12% annualized return.

1398.HK

• 1D: 2.89%
• 1M: 3.80%
• 6M: 15.33%
• YTD: 16.25%
• 1Y: 21.11%
• 3Y*: 32.77%
• 5Y*: 18.02%
• 10Y*: 11.67%
• ALL TIME*: 9.20%

^HSI

• 1D: 0.00%
• 1M: 2.66%
• 6M: -7.54%
• YTD: -4.17%
• 1Y: -1.06%
• 3Y*: 8.79%
• 5Y*: -2.04%
• 10Y*: 1.12%
• ALL TIME*: 5.88%

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

1398.HK vs. ^HSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
1398.HK Industrial and Commercial Bank of China	16.25%	31.32%	46.88%	3.30%	-1.37%	-6.57%	-11.24%	12.71%	-6.42%	42.50%
^HSI Hang Seng Index	-4.17%	27.77%	17.67%	-13.82%	-15.46%	-14.08%	-3.40%	9.07%	-13.61%	35.99%

Correlation

The correlation between 1398.HK and ^HSI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 27, 2006	0.75

Over the past year, the correlation between 1398.HK and ^HSI has dropped to 0.47 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

1398.HK vs. ^HSI — 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: 76
1398.HK Sharpe Ratio Rank: 78
1398.HK Sortino Ratio Rank: 73
1398.HK Omega Ratio Rank: 71
1398.HK Calmar Ratio Rank: 79
1398.HK Martin Ratio Rank: 80

^HSI

^HSI Risk / Return Rank: 3
^HSI Sharpe Ratio Rank: 3
^HSI Sortino Ratio Rank: 3
^HSI Omega Ratio Rank: 3
^HSI Calmar Ratio Rank: 3
^HSI Martin Ratio Rank: 3

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. ^HSI - Risk-Adjusted Trends Comparison

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

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.

	1398.HK	^HSI	Difference
Sharpe ratio: Return per unit of total volatility	1.09	-0.06	+1.15
Sortino ratio: Return per unit of downside risk	1.60	0.05	+1.54
Omega ratio: Gain probability vs. loss probability	1.20	1.01	+0.19
Calmar ratio: Return relative to maximum drawdown	1.97	-0.06	+2.02
Martin ratio: Return relative to average drawdown	5.13	-0.15	+5.28

1398.HK vs. ^HSI - Sharpe Ratio Comparison

The current 1398.HK Sharpe Ratio is 1.09, which is higher than the ^HSI Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of 1398.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.

Drawdowns

1398.HK vs. ^HSI - Drawdown Comparison

The maximum 1398.HK drawdown since its inception was -61.39%, smaller than the maximum ^HSI drawdown of -65.18%. Use the drawdown chart below to compare losses from any high point for 1398.HK and ^HSI.

Drawdown Indicators

	1398.HK	^HSI	Difference
Max Drawdown Largest peak-to-trough decline	-61.39%	-65.18%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-18.94%	+7.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	-25.49%	+11.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-47.02%	+21.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-55.70%	+17.20%
Current Drawdown Current decline from peak	-1.52%	-25.91%	+24.39%
Average Drawdown Average peak-to-trough decline	-18.16%	-24.80%	+6.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	7.07%	-2.52%

Volatility

1398.HK vs. ^HSI - Volatility Comparison

Industrial and Commercial Bank of China (1398.HK) has a higher volatility of 9.05% compared to Hang Seng Index (^HSI) at 6.06%. This indicates that 1398.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

	1398.HK	^HSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	6.06%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	14.28%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	19.01%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.90%	25.37%	-4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	21.96%	-0.33%

Frequently Asked Questions

Can I hold both 1398.HK and ^HSI in my portfolio?

1398.HK and ^HSI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.