AIRYY vs. 0939.HK

Last updated Jun 4, 2026

AIRYY (Air China Ltd ADR) and 0939.HK (China Construction Bank Corp) are both stocks. AIRYY operates in Airlines (Industrials), while 0939.HK operates in Banks - Diversified (Financial Services). Over the past 10 years, AIRYY returned -0.06%/yr vs 12.64%/yr for 0939.HK. At a 0.27 correlation, their price movements are largely independent.

Performance

AIRYY vs. 0939.HK - Performance Comparison

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

Different Trading Currencies

AIRYY is traded in USD, while 0939.HK is traded in HKD. To make them comparable, the 0939.HK values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AIRYY achieves a -31.65% return, which is significantly lower than 0939.HK's 10.71% return. Over the past 10 years, AIRYY has underperformed 0939.HK with an annualized return of -0.06%, while 0939.HK has yielded a comparatively higher 12.64% annualized return.

AIRYY

• 1D: 0.00%
• 1M: 0.00%
• YTD: -31.65%
• 6M: -26.86%
• 1Y: -5.06%
• 3Y*: -8.43%
• 5Y*: -6.28%
• 10Y*: -0.06%

0939.HK

• 1D: -1.02%
• 1M: -3.06%
• YTD: 10.71%
• 6M: 8.62%
• 1Y: 22.96%
• 3Y*: 30.31%
• 5Y*: 15.29%
• 10Y*: 12.64%

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

AIRYY vs. 0939.HK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRYY Air China Ltd ADR	-31.65%	39.73%	-1.35%	-27.17%	28.38%	-9.84%	-24.69%	22.28%	-29.18%	95.57%
0939.HK China Construction Bank Corp	10.71%	29.89%	51.51%	3.87%	-2.28%	-2.63%	-6.86%	10.45%	-5.96%	25.98%

Correlation

The correlation between AIRYY and 0939.HK is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Sep 26, 2007	0.27

The correlation between AIRYY and 0939.HK shifts across timeframes, from 0.11 (5 years) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AIRYY vs. 0939.HK — Risk / Return Rank

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

AIRYY

AIRYY Risk / Return Rank: 38
AIRYY Sharpe Ratio Rank: 37
AIRYY Sortino Ratio Rank: 36
AIRYY Omega Ratio Rank: 42
AIRYY Calmar Ratio Rank: 37
AIRYY Martin Ratio Rank: 36

0939.HK

0939.HK Risk / Return Rank: 70
0939.HK Sharpe Ratio Rank: 75
0939.HK Sortino Ratio Rank: 68
0939.HK Omega Ratio Rank: 65
0939.HK Calmar Ratio Rank: 70
0939.HK Martin Ratio Rank: 70

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.

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

This table presents a comparison of risk-adjusted performance metrics for Air China Ltd ADR (AIRYY) 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.

	AIRYY	0939.HK	Difference
Sharpe ratio Return per unit of total volatility	-0.10	1.17	-1.28
Sortino ratio Return per unit of downside risk	0.21	1.70	-1.49
Omega ratio Gain probability vs. loss probability	1.06	1.20	-0.14
Calmar ratio Return relative to maximum drawdown	-0.14	1.76	-1.90
Martin ratio Return relative to average drawdown	-0.29	4.12	-4.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIRYY vs. 0939.HK - Sharpe Ratio Comparison

The current AIRYY Sharpe Ratio is -0.10, which is lower than the 0939.HK Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of AIRYY 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

	AIRYY	0939.HK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	1.17	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.75	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.00	0.59	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.24	-0.25

Drawdowns

AIRYY vs. 0939.HK - Drawdown Comparison

The maximum AIRYY drawdown since its inception was -88.18%, which is greater than 0939.HK's maximum drawdown of -69.86%. Use the drawdown chart below to compare losses from any high point for AIRYY and 0939.HK.

Drawdown Indicators

	AIRYY	0939.HK	Difference
Max Drawdown Largest peak-to-trough decline	-88.18%	-69.86%	-18.32%
Max Drawdown (1Y) Largest decline over 1 year	-36.71%	-13.40%	-23.31%
Max Drawdown (3Y) Largest decline over 3 years	-51.89%	-14.95%	-36.94%
Max Drawdown (5Y) Largest decline over 5 years	-59.94%	-27.88%	-32.06%
Max Drawdown (10Y) Largest decline over 10 years	-74.71%	-38.60%	-36.11%
Current Drawdown Current decline from peak	-60.85%	-4.63%	-56.22%
Average Drawdown Average peak-to-trough decline	-50.50%	-19.92%	-30.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.62%	5.66%	+11.96%

Volatility

AIRYY vs. 0939.HK - Volatility Comparison

The current volatility for Air China Ltd ADR (AIRYY) is 0.00%, while China Construction Bank Corp (0939.HK) has a volatility of 4.49%. This indicates that AIRYY experiences smaller price fluctuations and is considered to be less risky than 0939.HK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRYY	0939.HK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	4.49%	-4.49%
Volatility (6M) Calculated over the trailing 6-month period	38.65%	14.07%	+24.58%
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	20.35%	+29.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.73%	21.12%	+24.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.13%	21.84%	+22.29%

Dividends

AIRYY vs. 0939.HK - Dividend Comparison

AIRYY has not paid dividends to shareholders, while 0939.HK's dividend yield for the trailing twelve months is around 2.39%.

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%
AIRYY Air China Ltd ADR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.60%	1.25%	1.81%	2.51%	2.13%	1.07%

Financials

Frequently Asked Questions

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

AIRYY and 0939.HK have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.