9988.HK vs. ^HSI

Last updated Jun 5, 2026

9988.HK (Alibaba Group Holding Ltd) is a stock, while ^HSI (Hang Seng Index) is an index. Over the past 5 years, 9988.HK returned -9.45%/yr vs -2.67%/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 Ltd (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 -13.52% return, which is significantly lower than ^HSI's -1.47% return.

9988.HK

• 1D: -2.45%
• 1M: -7.97%
• YTD: -13.52%
• 6M: -20.32%
• 1Y: 5.31%
• 3Y*: 15.63%
• 5Y*: -9.45%
• 10Y*: —

^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)

9988.HK vs. ^HSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
9988.HK Alibaba Group Holding Ltd	-13.52%	73.87%	11.01%	-11.14%	-27.46%	-48.79%	12.07%	10.45%
^HSI Hang Seng Index	-1.47%	27.77%	17.67%	-13.82%	-15.46%	-14.08%	-3.40%	4.74%

Correlation

The correlation between 9988.HK and ^HSI is 0.83, 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	0.83
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 27, 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: 47
9988.HK Sharpe Ratio Rank: 49
9988.HK Sortino Ratio Rank: 47
9988.HK Omega Ratio Rank: 43
9988.HK Calmar Ratio Rank: 48
9988.HK Martin Ratio Rank: 48

^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.

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

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

	9988.HK	^HSI	Difference
Sharpe ratio: Return per unit of total volatility	0.19	0.37	-0.18
Sortino ratio: Return per unit of downside risk	0.68	0.67	+0.01
Omega ratio: Gain probability vs. loss probability	1.07	1.07	0.00
Calmar ratio: Return relative to maximum drawdown	0.25	0.54	-0.29
Martin ratio: Return relative to average drawdown	0.48	1.35	-0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

9988.HK vs. ^HSI - Sharpe Ratio Comparison

The current 9988.HK Sharpe Ratio is 0.19, which is lower than the ^HSI Sharpe Ratio of 0.37. 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.

Sharpe Ratios by Period

	9988.HK	^HSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	0.37	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	-0.11	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.27	-0.39

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	-35.98%	-12.82%	-23.16%
Max Drawdown (3Y) Largest decline over 3 years	-35.98%	-25.49%	-10.49%
Max Drawdown (5Y) Largest decline over 5 years	-72.32%	-49.85%	-22.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-55.70%	—
Current Drawdown Current decline from peak	-58.38%	-23.83%	-34.55%
Average Drawdown Average peak-to-trough decline	-51.96%	-24.17%	-27.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.31%	5.09%	+13.22%

Volatility

9988.HK vs. ^HSI - Volatility Comparison

Alibaba Group Holding Ltd (9988.HK) has a higher volatility of 13.41% compared to Hang Seng Index (^HSI) at 5.18%. 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	13.41%	5.18%	+8.23%
Volatility (6M) Calculated over the trailing 6-month period	30.16%	13.70%	+16.46%
Volatility (1Y) Calculated over the trailing 1-year period	46.39%	18.52%	+27.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.96%	25.32%	+26.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.36%	21.96%	+27.40%

Frequently Asked Questions

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

9988.HK and ^HSI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.