9988.HK vs. ^HSI

Last updated Jul 21, 2026

9988.HK (Alibaba Group Holding Limited) is a stock, while ^HSI (Hang Seng Index) is an index. Over the past 5 years, 9988.HK returned -9.37%/yr vs -2.04%/yr for ^HSI. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

9988.HK vs. ^HSI - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Alibaba Group Holding Limited (9988.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, 9988.HK achieves a -17.48% return, which is significantly lower than ^HSI's -4.17% return.

9988.HK

• 1D: 3.73%
• 1M: 11.34%
• 6M: -26.54%
• YTD: -17.48%
• 1Y: 1.76%
• 3Y*: 10.78%
• 5Y*: -9.37%
• 10Y*: —
• ALL TIME*: -5.98%

^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)

9988.HK vs. ^HSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
9988.HK Alibaba Group Holding Limited	-17.48%	76.21%	11.36%	-11.13%	-27.46%	-48.88%	12.26%	10.80%
^HSI Hang Seng Index	-4.17%	27.77%	17.67%	-13.82%	-15.46%	-14.08%	-3.40%	4.43%

Correlation

The correlation between 9988.HK and ^HSI is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 26, 2019	0.79

The correlation between 9988.HK and ^HSI has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

9988.HK vs. ^HSI — Risk / Return Rank

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

9988.HK

9988.HK Risk / Return Rank: 46
9988.HK Sharpe Ratio Rank: 47
9988.HK Sortino Ratio Rank: 46
9988.HK Omega Ratio Rank: 43
9988.HK Calmar Ratio Rank: 47
9988.HK Martin Ratio Rank: 47

^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.

9988.HK vs. ^HSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alibaba Group Holding Limited (9988.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.

	9988.HK	^HSI	Difference
Sharpe ratio: Return per unit of total volatility	0.04	-0.06	+0.09
Sortino ratio: Return per unit of downside risk	0.45	0.05	+0.40
Omega ratio: Gain probability vs. loss probability	1.05	1.01	+0.04
Calmar ratio: Return relative to maximum drawdown	0.04	-0.06	+0.09
Martin ratio: Return relative to average drawdown	0.08	-0.15	+0.23

9988.HK vs. ^HSI - Sharpe Ratio Comparison

The current 9988.HK Sharpe Ratio is 0.04, which is higher than the ^HSI Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of 9988.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

9988.HK vs. ^HSI - Drawdown Comparison

The maximum 9988.HK drawdown since its inception was -80.01%, which is greater than ^HSI's maximum drawdown of -65.18%. Use the drawdown chart below to compare losses from any high point for 9988.HK and ^HSI.

Drawdown Indicators

	9988.HK	^HSI	Difference
Max Drawdown Largest peak-to-trough decline	-80.01%	-65.18%	-14.83%
Max Drawdown (1Y) Largest decline over 1 year	-51.22%	-18.94%	-32.28%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	-25.49%	-25.73%
Max Drawdown (5Y) Largest decline over 5 years	-70.37%	-47.02%	-23.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-55.70%	—
Current Drawdown Current decline from peak	-59.62%	-25.91%	-33.71%
Average Drawdown Average peak-to-trough decline	-51.98%	-24.80%	-27.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.36%	7.07%	+16.29%

Volatility

9988.HK vs. ^HSI - Volatility Comparison

Alibaba Group Holding Limited (9988.HK) has a higher volatility of 17.03% compared to Hang Seng Index (^HSI) at 6.06%. This indicates that 9988.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

	9988.HK	^HSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.03%	6.06%	+10.97%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	14.28%	+19.35%
Volatility (1Y) Calculated over the trailing 1-year period	48.55%	19.01%	+29.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	25.37%	+27.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.40%	21.96%	+27.44%

Frequently Asked Questions

Can I hold both 9988.HK and ^HSI in my portfolio?

9988.HK and ^HSI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.