2331.HK vs. TCHI

Last updated Jun 5, 2026

2331.HK (Li Ning Co Ltd) is a stock, while TCHI (iShares MSCI China Multisector Tech ETF) is Technology Equities fund tracking the MSCI China Technology Sub-Industries Select Capped Index - Benchmark TR Net. Over the past 3 years, 2331.HK returned -25.09%/yr vs 15.53%/yr for TCHI. At a 0.38 correlation, their price movements are largely independent.

Performance

2331.HK vs. TCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Li Ning Co Ltd (2331.HK) and iShares MSCI China Multisector Tech ETF (TCHI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

2331.HK is traded in HKD, while TCHI is traded in USD. To make them comparable, the TCHI values have been converted to HKD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 2331.HK achieves a -4.28% return, which is significantly lower than TCHI's 7.04% return.

2331.HK

• 1D: -0.67%
• 1M: -8.17%
• YTD: -4.28%
• 6M: 5.80%
• 1Y: 20.94%
• 3Y*: -25.09%
• 5Y*: -23.06%
• 10Y*: 20.41%

TCHI

• 1D: -4.09%
• 1M: 0.68%
• YTD: 7.04%
• 6M: 5.56%
• 1Y: 33.82%
• 3Y*: 15.53%
• 5Y*: —
• 10Y*: —

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

2331.HK vs. TCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
2331.HK Li Ning Co Ltd	-4.28%	17.45%	-18.00%	-68.50%	-9.32%
TCHI iShares MSCI China Multisector Tech ETF	7.04%	33.39%	8.53%	-5.62%	-24.17%

Correlation

The correlation between 2331.HK and TCHI is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.38

Over the past year, the correlation between 2331.HK and TCHI has dropped to 0.15 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

Return for Risk

2331.HK vs. TCHI — Risk / Return Rank

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

2331.HK

2331.HK Risk / Return Rank: 60
2331.HK Sharpe Ratio Rank: 62
2331.HK Sortino Ratio Rank: 59
2331.HK Omega Ratio Rank: 55
2331.HK Calmar Ratio Rank: 61
2331.HK Martin Ratio Rank: 62

TCHI

TCHI Risk / Return Rank: 35
TCHI Sharpe Ratio Rank: 39
TCHI Sortino Ratio Rank: 38
TCHI Omega Ratio Rank: 38
TCHI Calmar Ratio Rank: 35
TCHI Martin Ratio Rank: 27

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.

2331.HK vs. TCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Li Ning Co Ltd (2331.HK) and iShares MSCI China Multisector Tech ETF (TCHI). 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.

	2331.HK	TCHI	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.31	-0.66
Sortino ratio: Return per unit of downside risk	1.20	1.88	-0.68
Omega ratio: Gain probability vs. loss probability	1.13	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	0.97	1.68	-0.71
Martin ratio: Return relative to average drawdown	2.23	3.69	-1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

2331.HK vs. TCHI - Sharpe Ratio Comparison

The current 2331.HK Sharpe Ratio is 0.65, which is lower than the TCHI Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of 2331.HK and TCHI, 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

	2331.HK	TCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.31	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.07	+0.16

Drawdowns

2331.HK vs. TCHI - Drawdown Comparison

The maximum 2331.HK drawdown since its inception was -89.67%, which is greater than TCHI's maximum drawdown of -43.53%. Use the drawdown chart below to compare losses from any high point for 2331.HK and TCHI.

Drawdown Indicators

	2331.HK	TCHI	Difference
Max Drawdown Largest peak-to-trough decline	-89.67%	-43.53%	-46.14%
Max Drawdown (1Y) Largest decline over 1 year	-22.70%	-20.23%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-72.99%	-27.77%	-45.22%
Max Drawdown (5Y) Largest decline over 5 years	-87.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.34%	—	—
Current Drawdown Current decline from peak	-81.58%	-6.34%	-75.24%
Average Drawdown Average peak-to-trough decline	-49.56%	-21.21%	-28.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.74%	9.19%	+0.55%

Volatility

2331.HK vs. TCHI - Volatility Comparison

The current volatility for Li Ning Co Ltd (2331.HK) is 7.54%, while iShares MSCI China Multisector Tech ETF (TCHI) has a volatility of 9.43%. This indicates that 2331.HK experiences smaller price fluctuations and is considered to be less risky than TCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2331.HK	TCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	9.43%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	25.46%	18.27%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	34.08%	26.02%	+8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.88%	34.79%	+17.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.16%	34.79%	+13.37%

Dividends

2331.HK vs. TCHI - Dividend Comparison

2331.HK's dividend yield for the trailing twelve months is around 3.33%, more than TCHI's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
2331.HK Li Ning Co Ltd	3.33%	3.18%	3.74%	4.32%	0.79%	0.29%	0.32%	0.43%
TCHI iShares MSCI China Multisector Tech ETF	2.29%	2.44%	2.49%	4.28%	1.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both 2331.HK and TCHI in my portfolio?

2331.HK and TCHI have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.