Long HKEX — exchange always wins

by @frank · pick date Dec. 24, 2025 · indefinite · Open · benchmark Hang Seng Index · performance through June 19, 2026

4.80%Total return

13.02%IRR (annualized)

8.13%Alpha (ann.)

0.91Beta

0.70Sharpe

1.34Sortino

22.43%Volatility (ann.)

-12.54%Max drawdown

140Days held

Pick (active)

Pick (hypothetical, outside active window)

Hang Seng Index

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Thesis & evidence

HKEX is a tollbooth on every cross-border flow into HK/China. Volume comes back when sentiment does.

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