3968.HK vs. 0939.HK

Last updated Jun 5, 2026

3968.HK (China Merchants Bank Co Ltd Class H) and 0939.HK (China Construction Bank Corp) are both stocks. Both are in the Financial Services sector — 3968.HK in Banks - Regional, 0939.HK in Banks - Diversified. Over the past 10 years, 3968.HK returned 16.33%/yr vs 12.51%/yr for 0939.HK. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

3968.HK vs. 0939.HK - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in China Merchants Bank Co Ltd Class H (3968.HK) and China Construction Bank Corp (0939.HK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 3968.HK achieves a -7.76% return, which is significantly lower than 0939.HK's 11.18% return. Over the past 10 years, 3968.HK has outperformed 0939.HK with an annualized return of 16.33%, while 0939.HK has yielded a comparatively lower 12.51% annualized return.

3968.HK

• 1D: -0.50%
• 1M: 1.23%
• YTD: -7.76%
• 6M: -9.31%
• 1Y: 0.36%
• 3Y*: 15.60%
• 5Y*: -2.97%
• 10Y*: 16.33%

0939.HK

• 1D: -0.23%
• 1M: -4.26%
• YTD: 11.18%
• 6M: 7.14%
• 1Y: 20.14%
• 3Y*: 29.50%
• 5Y*: 15.46%
• 10Y*: 12.51%

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

3968.HK vs. 0939.HK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
3968.HK China Merchants Bank Co Ltd Class H	-7.76%	37.37%	56.35%	-34.35%	-25.26%	26.51%	27.02%	43.49%	-4.29%	77.39%
0939.HK China Construction Bank Corp	11.18%	30.12%	50.75%	3.86%	-2.12%	-2.09%	-7.31%	9.88%	-5.73%	26.92%

Correlation

The correlation between 3968.HK and 0939.HK is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 27, 2007	0.73

The correlation between 3968.HK and 0939.HK shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

3968.HK vs. 0939.HK — Risk / Return Rank

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

3968.HK

3968.HK Risk / Return Rank: 41
3968.HK Sharpe Ratio Rank: 44
3968.HK Sortino Ratio Rank: 37
3968.HK Omega Ratio Rank: 36
3968.HK Calmar Ratio Rank: 44
3968.HK Martin Ratio Rank: 43

0939.HK

0939.HK Risk / Return Rank: 69
0939.HK Sharpe Ratio Rank: 74
0939.HK Sortino Ratio Rank: 68
0939.HK Omega Ratio Rank: 65
0939.HK Calmar Ratio Rank: 70
0939.HK Martin Ratio Rank: 69

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.

3968.HK vs. 0939.HK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for China Merchants Bank Co Ltd Class H (3968.HK) and China Construction Bank Corp (0939.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.

	3968.HK	0939.HK	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.10	-1.02
Sortino ratio: Return per unit of downside risk	0.26	1.61	-1.35
Omega ratio: Gain probability vs. loss probability	1.03	1.19	-0.16
Calmar ratio: Return relative to maximum drawdown	0.10	1.56	-1.46
Martin ratio: Return relative to average drawdown	0.19	3.60	-3.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3968.HK vs. 0939.HK - Sharpe Ratio Comparison

The current 3968.HK Sharpe Ratio is 0.08, which is lower than the 0939.HK Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of 3968.HK and 0939.HK, 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

	3968.HK	0939.HK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	1.10	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.76	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.59	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.24	+0.12

Drawdowns

3968.HK vs. 0939.HK - Drawdown Comparison

The maximum 3968.HK drawdown since its inception was -74.86%, which is greater than 0939.HK's maximum drawdown of -69.85%. Use the drawdown chart below to compare losses from any high point for 3968.HK and 0939.HK.

Drawdown Indicators

	3968.HK	0939.HK	Difference
Max Drawdown Largest peak-to-trough decline	-74.86%	-69.85%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.30%	-14.15%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-14.91%	-21.37%
Max Drawdown (5Y) Largest decline over 5 years	-61.90%	-27.41%	-34.49%
Max Drawdown (10Y) Largest decline over 10 years	-61.90%	-38.35%	-23.55%
Current Drawdown Current decline from peak	-16.16%	-4.89%	-11.27%
Average Drawdown Average peak-to-trough decline	-26.33%	-19.90%	-6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	6.05%	+2.37%

Volatility

3968.HK vs. 0939.HK - Volatility Comparison

China Merchants Bank Co Ltd Class H (3968.HK) and China Construction Bank Corp (0939.HK) have volatilities of 4.71% and 4.51%, 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

	3968.HK	0939.HK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	4.51%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	14.07%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	20.11%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.99%	21.07%	+15.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.19%	21.78%	+12.41%

Dividends

3968.HK vs. 0939.HK - Dividend Comparison

3968.HK's dividend yield for the trailing twelve months is around 6.95%, more than 0939.HK's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
0939.HK China Construction Bank Corp	2.39%	8.32%	6.77%	9.08%	8.71%	7.24%	5.94%	5.19%	5.34%	4.44%	5.41%	7.18%
3968.HK China Merchants Bank Co Ltd Class H	6.95%	4.15%	5.41%	6.95%	4.09%	2.48%	2.68%	2.67%	3.53%	2.70%	4.46%	4.64%

Financials

Frequently Asked Questions

Can I hold both 3968.HK and 0939.HK in my portfolio?

3968.HK and 0939.HK have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.