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Relative Intelligence · Banks

How HSBC compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on HSBC alone. It places HSBC (HSBC Holdings plc) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where HSBC stands in the market, and of the alternatives worth a closer look.

Period covered: HSBC's full trading record, from September 1995 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against HSBC →Chart HSBC vs. 24 alternatives →
On this page12 sections

Key findings

How much would $10,000 in HSBC have grown?

This chart tracks a hypothetical $10,000 investment in HSBC over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of HSBC over the same span and HSBC's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1999 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 775 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of HSBC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,000199920042009201420192024$10,000$100,0001999200620132020
  • RY$500,230+4,902% total · +15.6% a year
  • CM$408,092+3,981% total · +14.7% a year
  • GS$215,124+2,051% total · +12.0% a year
  • JPM$141,770+1,318% total · +10.3% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • BBVA$80,684+707% total · +8.0% a year
  • HSBC$64,783+548% total · +7.2% a year
  • SAN$62,862+529% total · +7.0% a year
  • ING$36,638+266% total · +4.9% a year
  • MUFG$28,101+181% total · +3.9% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 114 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of HSBC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • NVDA$110,811+1,008% total · +61.8% a year
  • MPC$71,516+615% total · +48.2% a year
  • PBR-A$67,821+578% total · +46.6% a year
  • BBVA$57,750+478% total · +42.0% a year
  • LLY$52,411+424% total · +39.3% a year
  • HSBC$51,297+413% total · +38.7% a year
  • MFG$46,041+360% total · +35.7% a year
  • ING$35,607+256% total · +28.9% a year
  • CM$25,433+154% total · +20.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

HSBC at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$324B
Industry
Banks - Diversified
Price history from
September 1995

Returns

Past 1 year
+47.7%total return
Past 3 years
+201%+44.4% a year
Past 5 years
+318%+33.1% a year
Past 10 years
+319%+15.4% a year
Best calendar year
+67.9%2025
Worst calendar year
−38.0%2008
Losing years
11 of 27full calendar years

Risk

Volatility
25.9%typical yearly swing, 5 years
Sharpe ratio
1.24return per unit of risk, 5 years
Worst decline ever
−74.5%Oct 2007 to Mar 2009
From its all-time high
−13.6%below the peak

HSBC against the whole market

Where HSBC ranks among every stock and fund, and what across the market has done better.

How does HSBC rank among all stocks?

This section ranks HSBC on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how HSBC stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureHSBCRankStanding
1-year return+47.7%591 of 3,287top 18%
3-year return+201%402 of 3,017top 13%
5-year return+318%149 of 2,893top 5%
10-year return+319%538 of 2,202top 24%
Volatility, 5 years25.9%400 of 2,893top 14%
Sharpe ratio, 5 years1.2418 of 2,893top 1%
Worst decline, past 10 years−62.3%972 of 2,187top 44%

What has beaten HSBC on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). HSBC sits where the dashed lines cross. Anything in the green box above and to the left earned more than HSBC with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to HSBC. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HSBCHSBC: +33.1% a year, volatility 25.9%SPY (S&P 500): +12.7% a year, volatility 17.1%CM: +19.2% a year, volatility 21.6%BBVA: +38.7% a year, volatility 33.3%MFG: +33.6% a year, volatility 30.6%SAN: +31.7% a year, volatility 33.9%ING: +24.7% a year, volatility 31.1%CIB: +32.9% a year, volatility 32.9%NWG: +27.7% a year, volatility 34.1%KB: +25.3% a year, volatility 34.4%VIRT: +20.8% a year, volatility 33.8%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%LLY: +40.7% a year, volatility 32.8%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%TSM: +31.5% a year, volatility 38.5%SMH: +33.4% a year, volatility 36.9%FTXL: +27.4% a year, volatility 38.8%HSBCSPY (S&P 500)CMBBVAMFGSANINGCIBNWGKBVIRTCAHMCKLLYMPCPBR-ATSMSMHFTXL15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HSBCHSBC: +33.1% a year, volatility 25.9%SPY (S&P 500): +12.7% a year, volatility 17.1%CM: +19.2% a year, volatility 21.6%BBVA: +38.7% a year, volatility 33.3%MFG: +33.6% a year, volatility 30.6%SAN: +31.7% a year, volatility 33.9%ING: +24.7% a year, volatility 31.1%CIB: +32.9% a year, volatility 32.9%NWG: +27.7% a year, volatility 34.1%KB: +25.3% a year, volatility 34.4%VIRT: +20.8% a year, volatility 33.8%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%LLY: +40.7% a year, volatility 32.8%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%TSM: +31.5% a year, volatility 38.5%SMH: +33.4% a year, volatility 36.9%FTXL: +27.4% a year, volatility 38.8%HSBCSPY (S&P 500)CMBBVAMFGSANINGNWGKBVIRTCAHMCKLLYMPCSMH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than HSBC?

Investments that beat HSBC over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat HSBC over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks HSBC's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than HSBC's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× HSBC's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than HSBC's.

Screen the whole market against HSBC for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with HSBC?lower diversifies moreExpenseper year
HSBCHSBC Holdings plc · this page
+33.1%25.9%1.24−62.3%+319%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.370.09%
Popular alternativesbest 5 shownThe investments people most often weigh against HSBC. 5 of 24 passed at least one test.
CMCanadian Imperial Bank of Commerce · Banks
On the frontierHigher return in most periods+19.2%21.6%0.93−47.3%+395%0.53—
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Higher return in most periods+38.7%33.3%1.16−69.6%+542%0.55—
MFGMizuho Financial Group, Inc. · Banks
Higher return in most periods+33.6%30.6%1.10−45.7%+345%0.46—
SANBanco Santander, S.A. · Banks
Higher return in most periods+31.7%33.9%0.99−73.8%+332%0.65—
INGING Groep N.V. · Banks
Higher return in most periods+24.7%31.1%0.87−74.4%+339%0.63—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus HSBC's specific themes. 4 of 118 passed at least one test.
CIBGrupo Cibest S.A. · Banks
Higher return in most periods+32.9%32.9%1.03−70.4%+345%0.39—
NWGNatWest Group plc · Banks
Higher return in most periods+27.7%34.1%0.89−67.4%+495%0.57—
KBKB Financial Group Inc. · Banks
Higher return in most periods+25.3%34.4%0.83−64.1%+390%0.48—
VIRTVirtu Financial, Inc. · Capital Markets
Higher return in most periods+20.8%33.8%0.73−56.2%+545%0.06—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 23 of 3,491 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.00—
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.12—
LLYEli Lilly and Company · Pharmaceuticals
Higher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.16—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.09—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.25—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return in most periods+31.5%38.5%0.91−56.6%+1,505%0.37—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.260.35%
FTXLFirst Trust Nasdaq Semiconductor ETF · Technology
Higher return in most periods+27.4%38.8%0.82−43.9%+1,077%0.240.60%
What these numbers mean for HSBC
Annual return
HSBC returned 33.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $41,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
HSBC's volatility over the past 5 years was 25.9%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HSBC's return lands within 25.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
HSBC's Sharpe ratio over the past 5 years was 1.24, against 0.79 for the S&P 500, so HSBC earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
HSBC's worst fall from a peak to a low over the past 10 years was 62.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 62.3% fall takes a 165% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, HSBC's monthly returns had a correlation of 0.37 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against HSBC instead: the lower it is, the more that option would diversify a HSBC holding. Guide: Correlation and diversification →

HSBC against its popular alternatives

The investments people most often weigh against HSBC, compared period by period and year by year.

How do HSBC's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at HSBC, which divides the map into what did better or worse on each measure.

Green points earned more than HSBC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHSBC: 33.1% a year, volatility 25.9%SPY (S&P 500): 12.7% a year, volatility 17.1%ING: 24.7% a year, volatility 31.1%SAN: 31.6% a year, volatility 33.9%GS: 19.6% a year, volatility 28.6%UBS: 25.4% a year, volatility 30.4%C: 15.1% a year, volatility 29.4%MS: 16.0% a year, volatility 28.8%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%WFC: 13.1% a year, volatility 29.5%LYG: 20.3% a year, volatility 32.1%BAC: 4.0% a year, volatility 26.6%CM: 19.2% a year, volatility 21.6%MFG: 33.6% a year, volatility 30.6%BBVA: 38.7% a year, volatility 33.3%SMFG: 33.7% a year, volatility 29.4%MUFG: 33.2% a year, volatility 29.4%MA: 12.4% a year, volatility 23.8%JPM: 17.3% a year, volatility 24.3%V: 12.8% a year, volatility 22.9%RY: 17.3% a year, volatility 18.2%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%BMO: 13.6% a year, volatility 21.4%EWH: 1.5% a year, volatility 20.1%HSBCSPY (S&P 500)INGSANGSUBSCMSBCSDBWFCLYGBACCMMFGBBVASMFGMUFGMAJPMVRYTDBMOEWH15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHSBC: 33.1% a year, volatility 25.9%SPY (S&P 500): 12.7% a year, volatility 17.1%ING: 24.7% a year, volatility 31.1%SAN: 31.6% a year, volatility 33.9%GS: 19.6% a year, volatility 28.6%UBS: 25.4% a year, volatility 30.4%C: 15.1% a year, volatility 29.4%MS: 16.0% a year, volatility 28.8%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%WFC: 13.1% a year, volatility 29.5%LYG: 20.3% a year, volatility 32.1%BAC: 4.0% a year, volatility 26.6%CM: 19.2% a year, volatility 21.6%MFG: 33.6% a year, volatility 30.6%BBVA: 38.7% a year, volatility 33.3%SMFG: 33.7% a year, volatility 29.4%MUFG: 33.2% a year, volatility 29.4%MA: 12.4% a year, volatility 23.8%JPM: 17.3% a year, volatility 24.3%V: 12.8% a year, volatility 22.9%RY: 17.3% a year, volatility 18.2%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%BMO: 13.6% a year, volatility 21.4%EWH: 1.5% a year, volatility 20.1%HSBCSPY (S&P 500)INGSANGSUBSCMSBCSDBWFCLYGBACCMMFGBBVAJPMRYTDEWH
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+38.7%33.3%
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MFG Mizuho Financial Group, Inc.+33.6%30.6%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
HSBC This pageHSBC Holdings plc+33.1%25.9%
SAN Banco Santander, S.A.+31.6%33.9%
UBS UBS Group AG+25.4%30.4%
ING ING Groep N.V.+24.7%31.1%
DB Deutsche Bank AG+22.1%37.4%
LYG Lloyds Banking Group plc+20.3%32.1%
GS The Goldman Sachs Group, Inc.+19.6%28.6%
CM Canadian Imperial Bank of Commerce+19.2%21.6%
BCS Barclays PLC+18.5%34.1%
JPM JPMorgan Chase & Co.+17.3%24.3%
RY Royal Bank of Canada+17.3%18.2%
MS Morgan Stanley+16.0%28.8%
TD The Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
BMO Bank of Montreal+13.6%21.4%
WFC Wells Fargo & Company+13.1%29.5%
BNS The Bank of Nova Scotia+12.8%19.9%
V Visa Inc.+12.8%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MA Mastercard Incorporated+12.4%23.8%
BAC Bank of America Corporation+4.0%26.6%
EWH iShares MSCI Hong Kong ETF+1.5%20.1%
Open these 26 in EasyCompare

Has HSBC consistently beaten its popular alternatives?

This section compares HSBC with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than HSBC helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than HSBC over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
HSBC HSBC Holdings plc (this page)—−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
CM QualifiedCanadian Imperial Bank of Commerce4/5 short2/3 long−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
MFG QualifiedMizuho Financial Group, Inc.4/5 short2/3 long−10.6%+0.7%+15.2%+33.7%+53.1%+216%+326%+345%30.6%1.10−45.7%—$121B—
BBVA Banks - DiversifiedBanco Bilbao Vizcaya Argentaria, S.A.2/5 short3/3 long−10.4%+3.1%+11.7%+11.3%+35.2%+281%+413%+542%33.3%1.16−69.6%—$142B—
ING Banks - DiversifiedING Groep N.V.2/5 short2/3 long−10.7%+2.4%+14.0%+18.9%+42.5%+209%+201%+339%31.1%0.87−74.4%—$94B—
SAN Banks - DiversifiedBanco Santander, S.A.2/5 short2/3 long−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.1/5 short2/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
SMFG Banks - DiversifiedSumitomo Mitsui Financial Group, Inc.5/5 short1/3 long−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
MUFG Banks - DiversifiedMitsubishi UFJ Financial Group, Inc.4/5 short1/3 long−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
MA Financial - Credit ServicesMastercard Incorporated3/5 short1/3 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%+79.2%+541%23.8%0.61−41.0%—$543B—
JPM Banks - DiversifiedJPMorgan Chase & Co.3/5 short1/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
V Financial - Credit ServicesVisa Inc.3/5 short1/3 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
RY Banks - DiversifiedRoyal Bank of Canada3/5 short1/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
UBS Banks - DiversifiedUBS Group AG2/5 short1/3 long−7.5%−8.3%+10.6%+2.9%+26.3%+116%+210%+374%30.4%0.90−59.8%—$145B—
C Banks - DiversifiedCitigroup Inc.2/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
MS Financial - Capital MarketsMorgan Stanley0/5 short1/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
BCS Banks - DiversifiedBarclays PLC0/5 short1/3 long−11.7%−17.1%−6.2%−13.3%+15.1%+242%+134%+238%34.1%0.67−66.0%—$75B—
DB Banks - RegionalDeutsche Bank AG0/5 short1/3 long−17.1%−8.6%−1.6%−17.0%−3.1%+244%+171%+165%37.4%0.72−72.7%—$60B—
TD Banks - DiversifiedThe Toronto-Dominion Bank5/5 short0/3 long−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
BNS Banks - DiversifiedThe Bank of Nova Scotia5/5 short0/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
BMO Banks - DiversifiedBank of Montreal4/5 short0/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
WFC Banks - DiversifiedWells Fargo & Company2/5 short0/3 long−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
EWH Broad MarketiShares MSCI Hong Kong ETF2/5 short0/3 long−2.9%−0.1%−4.5%+2.7%+8.2%+51.1%+7.7%+42.7%20.1%0.17−42.7%0.50%$1.2B—
LYG Banks - RegionalLloyds Banking Group plc1/5 short0/3 long−8.1%−6.7%−2.5%+1.7%+22.4%+207%+152%+213%32.1%0.74−66.5%—$80B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
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How did HSBC do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where HSBC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with HSBC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of HSBC; gray means the two finished within a fraction of a point. The rank row places HSBC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of HSBC202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001997
HSBC This pageHSBC Holdings plc—+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%+15.8%
Rank among alternativesTop quarter in 5 of 279 of 2511 of 254 of 255 of 2517 of 2523 of 2523 of 2510 of 255 of 2513 of 2516 of 2517 of 2525 of 256 of 2515 of 2519 of 2516 of 256 of 2411 of 2416 of 2119 of 2114 of 219 of 217 of 2112 of 2013 of 1914 of 16
SPY S&P 500State Street SPDR S&P 500 ETF16 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+33.5%
CM Canadian Imperial Bank of Commerce16 of 26+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%—
MFG Mizuho Financial Group, Inc.8 of 19+54.5%+47.8%+26.2%+17.2%+4.9%−12.8%+7.3%−14.1%+4.9%−7.2%+23.0%−19.3%+22.2%+43.0%−23.4%+10.1%−35.1%−38.1%−33.1%————————
BBVA Banco Bilbao Vizcaya Argentaria, S.A.16 of 27+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%+39.4%+4.1%+32.9%+47.9%−19.3%−13.1%+8.9%+85.6%
ING ING Groep N.V.14 of 27+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+25.1%
SAN Banco Santander, S.A.13 of 27+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%+53.6%
GS The Goldman Sachs Group, Inc.15 of 26+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%−26.0%−12.8%+14.1%—
SMFG Sumitomo Mitsui Financial Group, Inc.8 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%————————
MUFG Mitsubishi UFJ Financial Group, Inc.12 of 27+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%−8.6%+35.4%+31.3%+47.6%−16.0%−33.1%−30.0%−24.2%
MA Mastercard Incorporated11 of 19+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%+47.7%+6.9%+13.8%+3.7%+70.7%+32.1%+66.7%−12.2%+79.8%−33.4%+119%————————
JPM JPMorgan Chase & Co.17 of 27+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+25.5%
V Visa Inc.10 of 17+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%+47.2%+1.4%+19.1%+18.7%+48.0%+50.5%+45.4%−18.9%+68.0%——————————
RY Royal Bank of Canada18 of 27+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%+54.8%
UBS UBS Group AG12 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%——
C Citigroup Inc.15 of 27+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+79.9%
MS Morgan Stanley12 of 27+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%−27.0%−28.1%+12.3%+80.3%
BCS Barclays PLC15 of 27+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%+44.2%−4.0%+31.1%+55.0%−23.6%+7.7%+16.0%+62.3%
DB Deutsche Bank AG9 of 27+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%+42.0%+12.3%+9.8%+83.6%−34.3%−22.1%0.0%+54.6%
TD The Toronto-Dominion Bank18 of 27+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+52.7%
BNS The Bank of Nova Scotia16 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%—
BMO Bank of Montreal18 of 27+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%+44.8%
WFC Wells Fargo & Company13 of 27+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+81.9%
EWH iShares MSCI Hong Kong ETF13 of 27+34.5%−0.1%−13.8%−6.8%−3.4%+4.2%+10.8%−8.7%+36.5%+1.3%−1.1%+3.3%+9.5%+29.2%−16.2%+24.1%+55.1%−50.3%+39.5%+29.2%+7.3%+23.7%+36.4%−17.4%−18.1%−17.6%−26.0%
LYG Lloyds Banking Group plc9 of 24+104%+20.2%+14.5%−9.7%+34.6%−36.5%+36.9%−28.4%+26.8%−25.9%−4.4%−12.7%+66.1%+104%−61.7%+25.4%−27.5%−77.5%−11.6%+42.9%−1.5%+22.5%+25.3%−33.0%———
BAC Bank of America Corporation15 of 27+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%+27.3%
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Risk and diversification

How HSBC has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were HSBC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents HSBC's five deepest drawdowns since it began trading in 1995, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means HSBC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringHSBC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−74.5%−51.6%Oct 2007Mar 200917 monthsApr 202415.1 years
Dot-com bust−41.4%−27.7%Jan 2001Sep 20018 monthsOct 20032.1 years
No named crash−41.2%−1.1%Aug 1997Jan 19985 monthsJul 199918 months
No named crash−22.4%−6.7%Dec 1999Mar 20003 monthsAug 20005 months
No named crash−21.8%−14.6%Mar 2025Apr 20251 monthMay 20251 month

How did HSBC do in stock market crashes?

This section measures how far HSBC, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than HSBC.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
HSBC This pageHSBC Holdings plc—−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CM Canadian Imperial Bank of Commerce4 of 10−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
MFG Mizuho Financial Group, Inc.3 of 9−9.7%−24.1%−29.6%−18.1%−4.2%−34.9%−17.7%−1.0%−72.2%—
BBVA Banco Bilbao Vizcaya Argentaria, S.A.0 of 10−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
ING ING Groep N.V.0 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
SAN Banco Santander, S.A.0 of 10−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
GS The Goldman Sachs Group, Inc.1 of 10−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
SMFG Sumitomo Mitsui Financial Group, Inc.3 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
MUFG Mitsubishi UFJ Financial Group, Inc.2 of 10−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
MA Mastercard Incorporated5 of 9−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
JPM JPMorgan Chase & Co.3 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
V Visa Inc.4 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
RY Royal Bank of Canada6 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
UBS UBS Group AG0 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
C Citigroup Inc.0 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
MS Morgan Stanley0 of 10−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
BCS Barclays PLC1 of 10−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
DB Deutsche Bank AG0 of 10−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
TD The Toronto-Dominion Bank5 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
BNS The Bank of Nova Scotia5 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
BMO Bank of Montreal6 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
WFC Wells Fargo & Company3 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
EWH iShares MSCI Hong Kong ETF5 of 10−3.0%−25.2%−24.4%−12.3%−6.3%−23.2%−26.4%0.0%−63.6%−48.6%
LYG Lloyds Banking Group plc0 of 9−7.8%−40.5%−53.4%−23.3%−4.3%−34.6%−41.6%−4.5%−94.8%—
BAC Bank of America Corporation1 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
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How closely does HSBC move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares HSBC with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than HSBC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
HSBC This pageHSBC Holdings plc79%53%1.490.58
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
MFG Mizuho Financial Group, Inc.75%42%1.810.54
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
MA Mastercard Incorporated105%88%1.200.95
V Visa Inc.93%79%1.180.87
JPM JPMorgan Chase & Co.117%103%1.141.09
RY Royal Bank of Canada97%88%1.110.88
SAN Banco Santander, S.A.101%92%1.101.02
TD The Toronto-Dominion Bank89%80%1.100.88
MS Morgan Stanley142%137%1.041.39
CM Canadian Imperial Bank of Commerce108%106%1.021.07
GS The Goldman Sachs Group, Inc.136%133%1.021.39
UBS UBS Group AG116%120%0.971.18
BMO Bank of Montreal104%112%0.931.12
ING ING Groep N.V.136%155%0.881.36
BAC Bank of America Corporation127%146%0.871.36
BCS Barclays PLC113%131%0.861.26
DB Deutsche Bank AG102%118%0.861.21
LYG Lloyds Banking Group plc106%130%0.821.20
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
WFC Wells Fargo & Company96%129%0.751.13
EWH iShares MSCI Hong Kong ETF54%84%0.650.54
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What diversifies HSBC?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with HSBC's. Because such investments tend not to fall at the same time, pairing HSBC with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which HSBC lost money. The last two columns show a portfolio that is 80% HSBC and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2020201820152014201120102008200720052002200180/20 mix volatility80/20 mix annual return
HSBC HSBC Holdings plc (this page)1.00+318%1.24−31.7%−16.1%−11.5%−10.2%−22.2%−7.5%−38.0%−4.0%−1.5%−5.2%−15.3%25.2%+38.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.35+225%1.34+3.9%−19.8%+7.7%+8.1%−16.1%−1.8%−20.8%−7.4%———21.2%+36.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.40+101%1.04−13.4%−8.7%−25.3%+23.8%———————21.5%+34.3%
HDV Dividend & IncomeiShares Core High Dividend ETF0.46+83.3%1.00−6.5%−3.0%−0.3%+12.6%———————21.6%+33.4%
SMH TechnologyVanEck Semiconductor ETF0.26+323%0.97+55.5%−9.1%−0.3%+30.2%+6.8%+19.0%−44.7%+6.0%+10.8%−47.0%−14.6%23.0%+39.9%
GLD CommoditiesSPDR Gold Shares0.24+126%0.96+24.8%−1.9%−10.7%−2.2%+9.6%+29.3%+4.9%+30.4%+17.8%——21.3%+35.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.15+136%0.93+28.2%−0.9%—————————21.1%+36.0%
XLE EnergyState Street Energy Select Sector SPDR ETF0.31+177%0.93−32.7%−18.2%−21.5%−8.7%+2.8%+21.9%−39.0%+36.8%+40.1%−14.8%−18.2%22.3%+36.3%
VTV Broad MarketVanguard Morningstar Value ETF0.46+76.6%0.90+2.3%−5.5%−1.0%+13.2%+1.1%+14.5%−35.9%−0.1%+7.2%——21.6%+33.5%

Stocks

InvestmentCorrelation5Y returnSharpe2020201820152014201120102008200720052002200180/20 mix volatility80/20 mix annual return
HSBC HSBC Holdings plc (this page)1.00+318%1.24−31.7%−16.1%−11.5%−10.2%−22.2%−7.5%−38.0%−4.0%−1.5%−5.2%−15.3%25.2%+38.7%
CAH Medical - DistributionCardinal Health, Inc.0.00+479%1.55+10.1%−24.5%+12.6%+23.0%+8.1%+21.4%−39.6%−9.8%+18.7%−8.3%−2.5%20.8%+39.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.16+3,143%1.47−2.4%−16.3%−6.0%+12.9%−24.4%+2.8%−20.5%−25.7%−25.2%−65.1%−25.6%24.9%+54.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.05+1,636%1.46+6.7%+0.8%+67.7%−10.4%−17.0%+8.7%−15.2%+2.1%+20.1%−9.4%+73.7%22.4%+50.1%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+27.1%−28.4%−4.5%+29.3%+11.8%+13.8%−40.4%+29.7%+64.9%−27.2%+4.9%21.4%+39.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.09+690%1.41−27.4%−8.2%+17.4%+0.4%———————21.7%+42.2%
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Common questions

What was HSBC's worst drawdown?

HSBC's deepest decline since it began trading in 1995 was 74.5%, from October 2007 to March 2009. It took about 15 years from the low to climb back to its old high.

What were HSBC's best and worst years?

Over 27 full calendar years, HSBC's best year was 2025, when it returned 67.9%. Its worst was 2008, with a return of -38.0%.

Is there a better investment than HSBC?

Among HSBC's popular alternatives, CM, BBVA and MFG were ahead of HSBC in most short and long periods. Looking beyond its popular alternatives, CIB (banks) and NWG (banks) were ahead of HSBC in most short and long periods, though with much bigger swings (32.9% and 34.1% volatility against 25.9%).

Is HSBC more volatile than the S&P 500?

Yes. HSBC's volatility over the past 5 years was 25.9%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HSBC's return lands within 25.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is HSBC's Sharpe ratio?

HSBC's Sharpe ratio over the past 5 years was 1.24, against 0.79 for the S&P 500, so HSBC earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is HSBC with the S&P 500?

Over the past 5 years, HSBC's monthly returns had a correlation of 0.37 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against HSBC instead: the lower it is, the more that option would diversify a HSBC holding.

What are the best alternatives to HSBC?

Of the 24 popular alternatives we compared, two outperformed HSBC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CM and MFG.

Did HSBC outperform the S&P 500?

HSBC finished ahead of the S&P 500 (SPY) in 11 of 27 full calendar years. In 2025, it returned +67.9%, against +17.7% for the index.

How did HSBC do in stock market crashes?

HSBC fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in five. The clearest case was the Covid crash, when HSBC fell 20.5% and the S&P 500 fell 33.7%.

What diversifies HSBC?

These had a low correlation with HSBC over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.35), EMLP (correlation 0.40) and HDV (correlation 0.46); among large stocks, CAH (correlation 0.00), CLS (correlation 0.16) and FIX (correlation 0.05). A correlation near zero means the two have moved largely independently.

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Popular alternatives to HSBC