Hang Seng Index (^HSI) seasonality heatmap
Returns across monthly, quarterly, and yearly periods. Cell color encodes signed magnitude; the scale auto-fits each table.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +6.9% | -2.8% | -6.9% | +4.0% | -2.3% | -9.1% | +13.1% | +0.5% | — | — | — | — |
| 2025 | +0.8% | +13.4% | +0.8% | -4.3% | +5.3% | +3.4% | +2.9% | +1.2% | +7.1% | -3.5% | -0.2% | -0.9% |
| 2024 | -9.2% | +6.6% | +0.2% | +7.4% | +1.8% | -2.0% | -2.1% | +3.7% | +17.5% | -3.9% | -4.4% | +3.3% |
| 2023 | +10.4% | -9.4% | +3.1% | -2.5% | -8.3% | +3.7% | +6.1% | -8.5% | -3.1% | -3.9% | -0.4% | +0.0% |
| 2022 | +1.7% | -4.6% | -3.2% | -4.1% | +1.5% | +2.1% | -7.8% | -1.0% | -13.7% | -14.7% | +26.6% | +6.4% |
| 2021 | +3.9% | +2.5% | -2.1% | +1.2% | +1.5% | -1.1% | -9.9% | -0.3% | -5.0% | +3.3% | -7.5% | -0.3% |
| 2020 | -6.7% | -0.7% | -9.7% | +4.4% | -6.8% | +6.4% | +0.7% | +2.4% | -6.8% | +2.8% | +9.3% | +3.4% |
| 2019 | +8.1% | +2.5% | +1.5% | +2.2% | -9.4% | +6.1% | -2.7% | -7.4% | +1.4% | +3.1% | -2.1% | +7.0% |
| 2018 | +9.9% | -6.2% | -2.4% | +2.4% | -1.1% | -5.0% | -1.3% | -2.4% | -0.4% | -10.1% | +6.1% | -2.5% |
| 2017 | +6.2% | +1.6% | +1.6% | +2.1% | +4.2% | +0.4% | +6.1% | +2.4% | -1.5% | +2.5% | +3.3% | +2.5% |
| 2016 | -10.2% | -2.9% | +8.7% | +1.4% | -1.2% | -0.1% | +5.3% | +5.0% | +1.4% | -1.6% | -0.6% | -3.5% |
| 2015 | +3.8% | +1.3% | +0.3% | +13.0% | -2.5% | -4.3% | -6.1% | -12.0% | -3.8% | +8.6% | -2.8% | -0.4% |
| 2014 | -5.5% | +3.6% | -3.0% | -0.1% | +4.3% | +0.5% | +6.8% | -0.1% | -7.3% | +4.6% | -0.0% | -1.6% |
| 2013 | +4.7% | -3.0% | -3.1% | +2.0% | -1.5% | -7.1% | +5.2% | -0.7% | +5.2% | +1.5% | +2.9% | -2.4% |
| 2012 | +10.6% | +6.3% | -5.2% | +2.6% | -11.7% | +4.4% | +1.8% | -1.6% | +7.0% | +3.8% | +1.8% | +2.8% |
| 2011 | +1.8% | -0.5% | +0.8% | +0.8% | -0.2% | -5.4% | +0.2% | -8.5% | -14.3% | +12.9% | -9.4% | +2.5% |
| 2010 | -8.0% | +2.4% | +3.1% | -0.6% | -6.4% | +1.8% | +4.5% | -2.3% | +8.9% | +3.3% | -0.4% | +0.1% |
| 2009 | -7.7% | -3.5% | +6.0% | +14.3% | +17.1% | +1.1% | +11.9% | -4.1% | +6.2% | +3.8% | +0.3% | +0.2% |
| 2008 | -15.7% | +3.7% | -6.1% | +12.7% | -4.7% | -9.9% | +2.8% | -6.5% | -15.3% | -22.5% | -0.6% | +3.6% |
| 2007 | +0.7% | -2.3% | +0.8% | +2.6% | +1.6% | +5.5% | +6.5% | +3.4% | +13.2% | +15.5% | -8.6% | -2.9% |
| 2006 | +5.9% | +1.0% | -0.7% | +5.4% | -4.8% | +2.6% | +4.3% | +2.5% | +0.9% | +4.5% | +3.5% | +5.3% |
| 2005 | -3.6% | +3.5% | -4.8% | +2.9% | -0.3% | +2.4% | +4.8% | +0.2% | +3.5% | -6.8% | +3.8% | -0.4% |
| 2004 | +5.7% | +4.6% | -8.8% | -5.8% | +2.1% | +0.7% | -0.4% | +5.0% | +2.1% | -0.5% | +7.7% | +1.2% |
| 2003 | -0.7% | -1.5% | -5.4% | +1.0% | +8.8% | +0.9% | +5.8% | +7.6% | +2.9% | +8.6% | +1.0% | +2.1% |
| 2002 | -5.9% | -2.3% | +5.2% | +4.2% | -1.7% | -6.2% | -3.1% | -2.2% | -9.7% | +4.1% | +6.7% | -7.4% |
| 2001 | +6.7% | -8.2% | -13.7% | +4.9% | -1.6% | -1.0% | -5.6% | -10.0% | -10.3% | +1.2% | +12.0% | +1.0% |
| 2000 | -8.4% | +10.5% | +1.5% | -11.0% | -5.2% | +9.8% | +4.2% | +1.5% | -8.5% | -4.8% | -6.1% | +8.0% |
| 1999 | -5.4% | +3.7% | +11.0% | +21.9% | -8.9% | +11.4% | -2.6% | +2.2% | -5.6% | +4.1% | +16.0% | +10.3% |
| 1998 | -13.7% | +24.1% | +0.3% | -9.9% | -14.0% | -4.4% | -7.1% | -8.3% | +8.4% | +28.8% | +2.4% | -3.4% |
| 1997 | -1.0% | +0.6% | -6.4% | +2.9% | +14.2% | +3.2% | +7.7% | -13.6% | +6.5% | -29.4% | -0.9% | +1.9% |
| 1996 | +12.8% | -2.1% | -1.5% | +0.1% | +2.7% | -2.2% | -3.1% | +4.5% | +6.7% | +4.8% | +7.3% | +0.4% |
| 1995 | -10.4% | +13.4% | +3.1% | -2.6% | +12.5% | -2.1% | +2.7% | -2.9% | +5.1% | +1.4% | +0.3% | +2.6% |
| 1994 | -3.4% | -9.4% | -13.3% | -0.7% | +6.5% | -8.3% | +8.3% | +4.7% | -4.1% | +1.3% | -12.2% | -3.2% |
| 1993 | +4.3% | +10.5% | +0.6% | +6.9% | +7.9% | -3.7% | -1.5% | +8.0% | +1.7% | +21.5% | -2.2% | +30.3% |
| 1992 | +6.8% | +7.6% | +0.5% | +8.3% | +12.3% | +0.5% | -3.6% | -3.8% | -2.2% | +12.4% | -6.1% | -5.1% |
| 1991 | +7.2% | +9.5% | +5.4% | -4.2% | +3.3% | -1.1% | +8.8% | +0.2% | -1.0% | +2.1% | +2.6% | +3.6% |
| 1990 | -3.0% | +7.3% | +1.5% | -1.6% | +6.2% | +4.7% | +4.9% | -10.2% | -10.6% | +8.3% | -0.8% | +2.0% |
| 1989 | +14.3% | -2.0% | -0.3% | +3.7% | -11.9% | -17.1% | +13.1% | -2.4% | +9.9% | -1.2% | +0.8% | +3.2% |
| 1988 | +4.6% | +0.3% | +5.2% | +2.3% | -4.1% | +7.0% | +0.3% | -8.8% | -0.1% | +7.6% | +1.2% | +1.1% |
| 1987 | -0.6% | +12.7% | -5.7% | -2.0% | +10.9% | +7.7% | +9.5% | +3.8% | +9.2% | -44.1% | -3.0% | +7.7% |
| 1986 | — | — | — | — | — | — | — | — | — | — | — | — |
| Avg | +0.5% | +2.3% | -1.0% | +2.2% | +0.4% | -0.1% | +2.3% | -1.5% | +0.0% | +0.8% | +1.2% | +2.0% |
| Median | +1.3% | +1.5% | +0.2% | +2.2% | -0.2% | +0.5% | +2.9% | -0.7% | +0.9% | +2.8% | +0.3% | +1.2% |
| Last 5Y Avg | +2.1% | +0.7% | -1.2% | +0.1% | -0.4% | -0.4% | +2.5% | -1.0% | +0.5% | -4.6% | +2.8% | +1.7% |
| Std Dev (σ) | 7.6% | 6.9% | 5.4% | 6.2% | 7.4% | 5.8% | 5.7% | 5.6% | 7.8% | 12.6% | 7.1% | 6.0% |
| Consistency (μ/σ) | 0.06 | 0.33 | -0.19 | 0.36 | 0.05 | -0.02 | 0.40 | -0.27 | 0.00 | 0.06 | 0.17 | 0.34 |
| Win Rate (%) | 55% | 60% | 53% | 68% | 48% | 55% | 65% | 44% | 51% | 67% | 51% | 67% |
| Winning / Losing Months | ▲22▼18 | ▲24▼16 | ▲21▼19 | ▲27▼13 | ▲19▼21 | ▲22▼18 | ▲26▼14 | ▲17▼22 | ▲20▼19 | ▲26▼13 | ▲20▼19 | ▲26▼13 |
| Longest Win / Loss Streak | ▲3▼4 | ▲4▼3 | ▲4▼4 | ▲7▼2 | ▲8▼5 | ▲5▼4 | ▲10▼2 | ▲5▼8 | ▲5▼4 | ▲7▼4 | ▲6▼3 | ▲5▼4 |
| Best | +14.3%in January 1989 | +24.1%in February 1998 | +11.0%in March 1999 | +21.9%in April 1999 | +17.1%in May 2009 | +11.4%in June 1999 | +13.1%in July 2026 | +8.0%in August 1993 | +17.5%in September 2024 | +28.8%in October 1998 | +26.6%in November 2022 | +30.3%in December 1993 |
| Worst | -15.7%in January 2008 | -9.4%in February 2023 | -13.7%in March 2001 | -11.0%in April 2000 | -14.0%in May 1998 | -17.1%in June 1989 | -9.9%in July 2021 | -13.6%in August 1997 | -15.3%in September 2008 | -44.1%in October 1987 | -12.2%in November 1994 | -7.4%in December 2002 |
-44.1%+30.3%
2026
Jan+6.9%
Feb-2.8%
Mar-6.9%
Apr+4.0%
May-2.3%
Jun-9.1%
Jul+13.1%
Aug+0.5%
Sep—
Oct—
Nov—
Dec—
2025
Jan+0.8%
Feb+13.4%
Mar+0.8%
Apr-4.3%
May+5.3%
Jun+3.4%
Jul+2.9%
Aug+1.2%
Sep+7.1%
Oct-3.5%
Nov-0.2%
Dec-0.9%
2024
Jan-9.2%
Feb+6.6%
Mar+0.2%
Apr+7.4%
May+1.8%
Jun-2.0%
Jul-2.1%
Aug+3.7%
Sep+17.5%
Oct-3.9%
Nov-4.4%
Dec+3.3%
2023
Jan+10.4%
Feb-9.4%
Mar+3.1%
Apr-2.5%
May-8.3%
Jun+3.7%
Jul+6.1%
Aug-8.5%
Sep-3.1%
Oct-3.9%
Nov-0.4%
Dec+0.0%
2022
Jan+1.7%
Feb-4.6%
Mar-3.2%
Apr-4.1%
May+1.5%
Jun+2.1%
Jul-7.8%
Aug-1.0%
Sep-13.7%
Oct-14.7%
Nov+26.6%
Dec+6.4%
2021
Jan+3.9%
Feb+2.5%
Mar-2.1%
Apr+1.2%
May+1.5%
Jun-1.1%
Jul-9.9%
Aug-0.3%
Sep-5.0%
Oct+3.3%
Nov-7.5%
Dec-0.3%
2020
Jan-6.7%
Feb-0.7%
Mar-9.7%
Apr+4.4%
May-6.8%
Jun+6.4%
Jul+0.7%
Aug+2.4%
Sep-6.8%
Oct+2.8%
Nov+9.3%
Dec+3.4%
2019
Jan+8.1%
Feb+2.5%
Mar+1.5%
Apr+2.2%
May-9.4%
Jun+6.1%
Jul-2.7%
Aug-7.4%
Sep+1.4%
Oct+3.1%
Nov-2.1%
Dec+7.0%
2018
Jan+9.9%
Feb-6.2%
Mar-2.4%
Apr+2.4%
May-1.1%
Jun-5.0%
Jul-1.3%
Aug-2.4%
Sep-0.4%
Oct-10.1%
Nov+6.1%
Dec-2.5%
2017
Jan+6.2%
Feb+1.6%
Mar+1.6%
Apr+2.1%
May+4.2%
Jun+0.4%
Jul+6.1%
Aug+2.4%
Sep-1.5%
Oct+2.5%
Nov+3.3%
Dec+2.5%
2016
Jan-10.2%
Feb-2.9%
Mar+8.7%
Apr+1.4%
May-1.2%
Jun-0.1%
Jul+5.3%
Aug+5.0%
Sep+1.4%
Oct-1.6%
Nov-0.6%
Dec-3.5%
2015
Jan+3.8%
Feb+1.3%
Mar+0.3%
Apr+13.0%
May-2.5%
Jun-4.3%
Jul-6.1%
Aug-12.0%
Sep-3.8%
Oct+8.6%
Nov-2.8%
Dec-0.4%
2014
Jan-5.5%
Feb+3.6%
Mar-3.0%
Apr-0.1%
May+4.3%
Jun+0.5%
Jul+6.8%
Aug-0.1%
Sep-7.3%
Oct+4.6%
Nov-0.0%
Dec-1.6%
2013
Jan+4.7%
Feb-3.0%
Mar-3.1%
Apr+2.0%
May-1.5%
Jun-7.1%
Jul+5.2%
Aug-0.7%
Sep+5.2%
Oct+1.5%
Nov+2.9%
Dec-2.4%
2012
Jan+10.6%
Feb+6.3%
Mar-5.2%
Apr+2.6%
May-11.7%
Jun+4.4%
Jul+1.8%
Aug-1.6%
Sep+7.0%
Oct+3.8%
Nov+1.8%
Dec+2.8%
2011
Jan+1.8%
Feb-0.5%
Mar+0.8%
Apr+0.8%
May-0.2%
Jun-5.4%
Jul+0.2%
Aug-8.5%
Sep-14.3%
Oct+12.9%
Nov-9.4%
Dec+2.5%
2010
Jan-8.0%
Feb+2.4%
Mar+3.1%
Apr-0.6%
May-6.4%
Jun+1.8%
Jul+4.5%
Aug-2.3%
Sep+8.9%
Oct+3.3%
Nov-0.4%
Dec+0.1%
2009
Jan-7.7%
Feb-3.5%
Mar+6.0%
Apr+14.3%
May+17.1%
Jun+1.1%
Jul+11.9%
Aug-4.1%
Sep+6.2%
Oct+3.8%
Nov+0.3%
Dec+0.2%
2008
Jan-15.7%
Feb+3.7%
Mar-6.1%
Apr+12.7%
May-4.7%
Jun-9.9%
Jul+2.8%
Aug-6.5%
Sep-15.3%
Oct-22.5%
Nov-0.6%
Dec+3.6%
2007
Jan+0.7%
Feb-2.3%
Mar+0.8%
Apr+2.6%
May+1.6%
Jun+5.5%
Jul+6.5%
Aug+3.4%
Sep+13.2%
Oct+15.5%
Nov-8.6%
Dec-2.9%
2006
Jan+5.9%
Feb+1.0%
Mar-0.7%
Apr+5.4%
May-4.8%
Jun+2.6%
Jul+4.3%
Aug+2.5%
Sep+0.9%
Oct+4.5%
Nov+3.5%
Dec+5.3%
2005
Jan-3.6%
Feb+3.5%
Mar-4.8%
Apr+2.9%
May-0.3%
Jun+2.4%
Jul+4.8%
Aug+0.2%
Sep+3.5%
Oct-6.8%
Nov+3.8%
Dec-0.4%
2004
Jan+5.7%
Feb+4.6%
Mar-8.8%
Apr-5.8%
May+2.1%
Jun+0.7%
Jul-0.4%
Aug+5.0%
Sep+2.1%
Oct-0.5%
Nov+7.7%
Dec+1.2%
2003
Jan-0.7%
Feb-1.5%
Mar-5.4%
Apr+1.0%
May+8.8%
Jun+0.9%
Jul+5.8%
Aug+7.6%
Sep+2.9%
Oct+8.6%
Nov+1.0%
Dec+2.1%
2002
Jan-5.9%
Feb-2.3%
Mar+5.2%
Apr+4.2%
May-1.7%
Jun-6.2%
Jul-3.1%
Aug-2.2%
Sep-9.7%
Oct+4.1%
Nov+6.7%
Dec-7.4%
2001
Jan+6.7%
Feb-8.2%
Mar-13.7%
Apr+4.9%
May-1.6%
Jun-1.0%
Jul-5.6%
Aug-10.0%
Sep-10.3%
Oct+1.2%
Nov+12.0%
Dec+1.0%
2000
Jan-8.4%
Feb+10.5%
Mar+1.5%
Apr-11.0%
May-5.2%
Jun+9.8%
Jul+4.2%
Aug+1.5%
Sep-8.5%
Oct-4.8%
Nov-6.1%
Dec+8.0%
1999
Jan-5.4%
Feb+3.7%
Mar+11.0%
Apr+21.9%
May-8.9%
Jun+11.4%
Jul-2.6%
Aug+2.2%
Sep-5.6%
Oct+4.1%
Nov+16.0%
Dec+10.3%
1998
Jan-13.7%
Feb+24.1%
Mar+0.3%
Apr-9.9%
May-14.0%
Jun-4.4%
Jul-7.1%
Aug-8.3%
Sep+8.4%
Oct+28.8%
Nov+2.4%
Dec-3.4%
1997
Jan-1.0%
Feb+0.6%
Mar-6.4%
Apr+2.9%
May+14.2%
Jun+3.2%
Jul+7.7%
Aug-13.6%
Sep+6.5%
Oct-29.4%
Nov-0.9%
Dec+1.9%
1996
Jan+12.8%
Feb-2.1%
Mar-1.5%
Apr+0.1%
May+2.7%
Jun-2.2%
Jul-3.1%
Aug+4.5%
Sep+6.7%
Oct+4.8%
Nov+7.3%
Dec+0.4%
1995
Jan-10.4%
Feb+13.4%
Mar+3.1%
Apr-2.6%
May+12.5%
Jun-2.1%
Jul+2.7%
Aug-2.9%
Sep+5.1%
Oct+1.4%
Nov+0.3%
Dec+2.6%
1994
Jan-3.4%
Feb-9.4%
Mar-13.3%
Apr-0.7%
May+6.5%
Jun-8.3%
Jul+8.3%
Aug+4.7%
Sep-4.1%
Oct+1.3%
Nov-12.2%
Dec-3.2%
1993
Jan+4.3%
Feb+10.5%
Mar+0.6%
Apr+6.9%
May+7.9%
Jun-3.7%
Jul-1.5%
Aug+8.0%
Sep+1.7%
Oct+21.5%
Nov-2.2%
Dec+30.3%
1992
Jan+6.8%
Feb+7.6%
Mar+0.5%
Apr+8.3%
May+12.3%
Jun+0.5%
Jul-3.6%
Aug-3.8%
Sep-2.2%
Oct+12.4%
Nov-6.1%
Dec-5.1%
1991
Jan+7.2%
Feb+9.5%
Mar+5.4%
Apr-4.2%
May+3.3%
Jun-1.1%
Jul+8.8%
Aug+0.2%
Sep-1.0%
Oct+2.1%
Nov+2.6%
Dec+3.6%
1990
Jan-3.0%
Feb+7.3%
Mar+1.5%
Apr-1.6%
May+6.2%
Jun+4.7%
Jul+4.9%
Aug-10.2%
Sep-10.6%
Oct+8.3%
Nov-0.8%
Dec+2.0%
1989
Jan+14.3%
Feb-2.0%
Mar-0.3%
Apr+3.7%
May-11.9%
Jun-17.1%
Jul+13.1%
Aug-2.4%
Sep+9.9%
Oct-1.2%
Nov+0.8%
Dec+3.2%
1988
Jan+4.6%
Feb+0.3%
Mar+5.2%
Apr+2.3%
May-4.1%
Jun+7.0%
Jul+0.3%
Aug-8.8%
Sep-0.1%
Oct+7.6%
Nov+1.2%
Dec+1.1%
1987
Jan-0.6%
Feb+12.7%
Mar-5.7%
Apr-2.0%
May+10.9%
Jun+7.7%
Jul+9.5%
Aug+3.8%
Sep+9.2%
Oct-44.1%
Nov-3.0%
Dec+7.7%
1986
Jan—
Feb—
Mar—
Apr—
May—
Jun—
Jul—
Aug—
Sep—
Oct—
Nov—
Dec—
Avg
Jan+0.5%
Feb+2.3%
Mar-1.0%
Apr+2.2%
May+0.4%
Jun-0.1%
Jul+2.3%
Aug-1.5%
Sep+0.0%
Oct+0.8%
Nov+1.2%
Dec+2.0%
Median
Jan+1.3%
Feb+1.5%
Mar+0.2%
Apr+2.2%
May-0.2%
Jun+0.5%
Jul+2.9%
Aug-0.7%
Sep+0.9%
Oct+2.8%
Nov+0.3%
Dec+1.2%
Last 5Y Avg
Jan+2.1%
Feb+0.7%
Mar-1.2%
Apr+0.1%
May-0.4%
Jun-0.4%
Jul+2.5%
Aug-1.0%
Sep+0.5%
Oct-4.6%
Nov+2.8%
Dec+1.7%
Std Dev (σ)
Jan7.6%
Feb6.9%
Mar5.4%
Apr6.2%
May7.4%
Jun5.8%
Jul5.7%
Aug5.6%
Sep7.8%
Oct12.6%
Nov7.1%
Dec6.0%
Consistency (μ/σ)
Jan0.06
Feb0.33
Mar-0.19
Apr0.36
May0.05
Jun-0.02
Jul0.40
Aug-0.27
Sep0.00
Oct0.06
Nov0.17
Dec0.34
Win Rate (%)
Jan55%
Feb60%
Mar53%
Apr68%
May48%
Jun55%
Jul65%
Aug44%
Sep51%
Oct67%
Nov51%
Dec67%
Winning / Losing Months
Jan▲22▼18
Feb▲24▼16
Mar▲21▼19
Apr▲27▼13
May▲19▼21
Jun▲22▼18
Jul▲26▼14
Aug▲17▼22
Sep▲20▼19
Oct▲26▼13
Nov▲20▼19
Dec▲26▼13
Longest Win / Loss Streak
Jan▲3▼4
Feb▲4▼3
Mar▲4▼4
Apr▲7▼2
May▲8▼5
Jun▲5▼4
Jul▲10▼2
Aug▲5▼8
Sep▲5▼4
Oct▲7▼4
Nov▲6▼3
Dec▲5▼4
Best
Jan+14.3%1989
Feb+24.1%1998
Mar+11.0%1999
Apr+21.9%1999
May+17.1%2009
Jun+11.4%1999
Jul+13.1%2026
Aug+8.0%1993
Sep+17.5%2024
Oct+28.8%1998
Nov+26.6%2022
Dec+30.3%1993
Worst
Jan-15.7%2008
Feb-9.4%2023
Mar-13.7%2001
Apr-11.0%2000
May-14.0%1998
Jun-17.1%1989
Jul-9.9%2021
Aug-13.6%1997
Sep-15.3%2008
Oct-44.1%1987
Nov-12.2%1994
Dec-7.4%2002
-44.1%+30.3%