HCM vs. ^GSPC

Last updated Jun 3, 2026

HCM (HUTCHMED (China) Limited) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, HCM returned -1.54%/yr vs 13.75%/yr for ^GSPC. At a 0.27 correlation, their price movements are largely independent.

Performance

HCM vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HUTCHMED (China) Limited (HCM) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCM achieves a -13.58% return, which is significantly lower than ^GSPC's 11.16% return. Over the past 10 years, HCM has underperformed ^GSPC with an annualized return of -1.54%, while ^GSPC has yielded a comparatively higher 13.75% annualized return.

HCM

• 1D: 1.05%
• 1M: -13.38%
• YTD: -13.58%
• 6M: -19.21%
• 1Y: -15.29%
• 3Y*: -2.68%
• 5Y*: -17.59%
• 10Y*: -1.54%

^GSPC

• 1D: 0.13%
• 1M: 5.25%
• YTD: 11.16%
• 6M: 11.43%
• 1Y: 28.20%
• 3Y*: 21.12%
• 5Y*: 12.66%
• 10Y*: 13.75%

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

HCM vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCM HUTCHMED (China) Limited	-13.58%	-7.49%	-20.43%	22.53%	-57.87%	9.56%	27.72%	8.58%	-41.43%	190.49%
^GSPC S&P 500 Index	11.16%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between HCM and ^GSPC is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Mar 18, 2016	0.27

Return for Risk

HCM vs. ^GSPC — Risk / Return Rank

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

HCM

HCM Risk / Return Rank: 24
HCM Sharpe Ratio Rank: 23
HCM Sortino Ratio Rank: 22
HCM Omega Ratio Rank: 23
HCM Calmar Ratio Rank: 26
HCM Martin Ratio Rank: 26

^GSPC

^GSPC Risk / Return Rank: 79
^GSPC Sharpe Ratio Rank: 76
^GSPC Sortino Ratio Rank: 76
^GSPC Omega Ratio Rank: 77
^GSPC Calmar Ratio Rank: 79
^GSPC Martin Ratio Rank: 88

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.

HCM vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HUTCHMED (China) Limited (HCM) and S&P 500 Index (^GSPC). 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.

	HCM	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.40	2.39	-2.78
Sortino ratio Return per unit of downside risk	-0.34	3.25	-3.60
Omega ratio Gain probability vs. loss probability	0.96	1.43	-0.47
Calmar ratio Return relative to maximum drawdown	-0.41	3.16	-3.57
Martin ratio Return relative to average drawdown	-0.76	14.61	-15.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCM vs. ^GSPC - Sharpe Ratio Comparison

The current HCM Sharpe Ratio is -0.40, which is lower than the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HCM and ^GSPC, 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

	HCM	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	2.39	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.75	-1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.76	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.47	-0.50

Drawdowns

HCM vs. ^GSPC - Drawdown Comparison

The maximum HCM drawdown since its inception was -82.18%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for HCM and ^GSPC.

Drawdown Indicators

	HCM	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-82.18%	-56.78%	-25.40%
Max Drawdown (1Y) Largest decline over 1 year	-41.54%	-9.10%	-32.44%
Max Drawdown (3Y) Largest decline over 3 years	-48.44%	-18.90%	-29.54%
Max Drawdown (5Y) Largest decline over 5 years	-82.18%	-25.43%	-56.75%
Max Drawdown (10Y) Largest decline over 10 years	-82.18%	-33.92%	-48.26%
Current Drawdown Current decline from peak	-73.17%	0.00%	-73.17%
Average Drawdown Average peak-to-trough decline	-40.14%	-10.72%	-29.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.48%	1.97%	+20.51%

Volatility

HCM vs. ^GSPC - Volatility Comparison

HUTCHMED (China) Limited (HCM) has a higher volatility of 7.61% compared to S&P 500 Index (^GSPC) at 2.84%. This indicates that HCM's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCM	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	2.84%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	22.31%	8.98%	+13.33%
Volatility (1Y) Calculated over the trailing 1-year period	38.78%	11.87%	+26.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.09%	16.90%	+49.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.37%	18.07%	+41.30%

Frequently Asked Questions

Can I hold both HCM and ^GSPC in my portfolio?

HCM and ^GSPC have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCM or ^GSPC?

HCM has higher volatility (7.61%) compared to ^GSPC (2.84%). In terms of maximum drawdown, HCM dropped -82.18% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.39 vs -0.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.