Hang Seng
^HSIHong KongHong Kong's primary stock market index tracking the largest companies on the Hong Kong Stock Exchange.
As of Oct 29, 2026, Hang Seng (^HSI) closed at 22,958.70 pts, representing a -30.75% drawdown from its all-time high of 33,154.10 pts recorded on Jan 26, 2018 (3198 days ago). Returning to all-time high requires a +44.4% gain.
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Drawdowns of Top Holdings
Historical Maximum Drawdowns & Annual Drops
Deepest peak-to-trough drop recorded within each calendar year.
Over the last 10 completed years, Hang Seng experienced an average intra-year drawdown of -21.6% lasting an average of 152 days peak-to-trough, with its deepest drawdown reaching -41.2% in 2022.
| Year | Max Intra-Year Drawdown | Peak High | Bottom Trough | Peak-to-Trough | Yearly Return |
|---|---|---|---|---|---|
| 2025 | -19.95%Correction | Mar 19, 2025 24,771.10 | Apr 7, 2025 19,828.30 | 19 days | +27.77% |
| 2024 | -17.09%Correction | Oct 7, 2024 23,099.80 | Nov 25, 2024 19,151.00 | 49 days | +17.67% |
| 2023 | -28.59%Bear Market | Jan 27, 2023 22,688.90 | Dec 11, 2023 16,201.50 | 318 days | -13.82% |
| 2022 | -41.17%Bear Market | Jan 21, 2022 24,965.60 | Oct 31, 2022 14,687.00 | 283 days | -15.46% |
| 2021 | -26.83%Bear Market | Feb 17, 2021 31,084.90 | Dec 20, 2021 22,744.90 | 306 days | -14.08% |
| 2020 | -25.33%Bear Market | Jan 17, 2020 29,056.40 | Mar 23, 2020 21,696.10 | 66 days | -3.40% |
| 2019 | -16.17%Correction | Apr 9, 2019 30,157.50 | Aug 13, 2019 25,281.30 | 126 days | +9.07% |
| 2018 | -25.84%Bear Market | Jan 26, 2018 33,154.10 | Oct 30, 2018 24,585.50 | 277 days | -13.62% |
| 2017 | -5.93%Pullback | Nov 22, 2017 30,003.50 | Dec 6, 2017 28,224.80 | 14 days | +35.99% |
| 2016 | -8.63%Pullback | Oct 24, 2016 23,604.10 | Dec 27, 2016 21,568.10 | 64 days | -6.79% |
Hang Seng Historical Maximum Drawdown & Bear Market History
Historical Maximum Drawdowns & Major Crashes
Hong Kong's Hang Seng Index has undergone several of the deepest cyclical and structural bear markets in global equity history. During the 1997–1998 Asian Financial Crisis, the index plunged -60.1%. In the 2007–2008 Global Financial Crisis, the Hang Seng collapsed -65.2% from its October 2007 peak of 31,638 down to 11,015. Most notably, after reaching an all-time closing peak of 33,154.12 on January 26, 2018, regulatory crackdowns on Chinese internet platforms and mainland property deleveraging drove a protracted -55.4% multi-year drawdown down to a trough of 14,794 in October 2022.
Typical Pullback Frequency
Positioned at the intersection of mainland Chinese corporate earnings and U.S. dollar monetary conditions (via the Hong Kong dollar peg), the Hang Seng exhibits high cyclical volatility. Swings of -15% to -25% occur regularly within a single calendar year, and bear market regimes exceeding -30% have materialized every 4 to 6 years.
Historical Recovery Timelines
Recovery timelines in the Hang Seng depend heavily on Chinese credit stimulus and global liquidity cycles. The October 2007 peak of 31,638 required more than 10.2 years (3,735 days) to finally surpass in January 2018, and the index has since spent over 8 years below that 2018 all-time high despite powerful intermediate rallies.