1398.HK vs. ^HSI

Last updated Jun 5, 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 12.31%/yr vs 1.85%/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 9.86% return, which is significantly higher than ^HSI's -1.47% return. Over the past 10 years, 1398.HK has outperformed ^HSI with an annualized return of 12.31%, while ^HSI has yielded a comparatively lower 1.85% annualized return.

1398.HK

• 1D: 0.00%
• 1M: -3.31%
• YTD: 9.86%
• 6M: 9.17%
• 1Y: 23.60%
• 3Y*: 27.25%
• 5Y*: 15.02%
• 10Y*: 12.31%

^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)

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	9.86%	31.32%	46.88%	3.30%	-1.37%	-6.57%	-11.24%	12.71%	-6.42%	42.50%
^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 1398.HK and ^HSI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 31, 2006	0.75

Over the past year, the correlation between 1398.HK and ^HSI has dropped to 0.54 - 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: 77
1398.HK Sharpe Ratio Rank: 80
1398.HK Sortino Ratio Rank: 75
1398.HK Omega Ratio Rank: 71
1398.HK Calmar Ratio Rank: 78
1398.HK Martin Ratio Rank: 80

^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.

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.

	1398.HK	^HSI	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.37	+1.02
Sortino ratio: Return per unit of downside risk	1.97	0.67	+1.30
Omega ratio: Gain probability vs. loss probability	1.24	1.07	+0.16
Calmar ratio: Return relative to maximum drawdown	2.43	0.54	+1.89
Martin ratio: Return relative to average drawdown	6.38	1.35	+5.04
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. ^HSI - Sharpe Ratio Comparison

The current 1398.HK Sharpe Ratio is 1.39, which is higher than the ^HSI Sharpe Ratio of 0.37. 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.

Sharpe Ratios by Period

	1398.HK	^HSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.37	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	-0.11	+0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.09	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.27	+0.06

Drawdowns

1398.HK vs. ^HSI - Drawdown Comparison

The maximum 1398.HK drawdown since its inception was -61.33%, 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	-61.33%	-65.18%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.69%	-12.82%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-25.49%	+9.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-49.85%	+24.08%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-55.70%	+17.20%
Current Drawdown Current decline from peak	-4.82%	-23.83%	+19.01%
Average Drawdown Average peak-to-trough decline	-18.10%	-24.17%	+6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	5.09%	-1.06%

Volatility

1398.HK vs. ^HSI - Volatility Comparison

Industrial and Commercial Bank of China (1398.HK) and Hang Seng Index (^HSI) have volatilities of 5.17% and 5.18%, 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

	1398.HK	^HSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	5.18%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.75%	13.70%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	18.52%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	25.32%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	21.96%	-0.39%

Frequently Asked Questions

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

1398.HK and ^HSI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.