MPF Crashes & Recovery: Historical Data by Category (2020–2026)
Over 2020-07 – 2026-09, the median month-end max drawdown of 425 MPF funds was -25.63%; by 2026-09-30, 76% had regained their prior peak. The deepest category was China equity (median -54.97%). Past performance is not indicative of future results.
| Category | n | Median max DD† | Median 2022* | Recovered† | Median months to recover† |
|---|---|---|---|---|---|
| China equity | 10 | -54.97% | -23.55% | 0% | n/a |
| Hong Kong equity | 28 | -53.14% | -18.91% | 4% | 35 |
| Greater China equity | 15 | -52.16% | -26.84% | 73% | 40 |
| HK index tracking | 17 | -47.22% | -13.21% | 76% | 35 |
| Asia equity | 30 | -37.30% | -21.94% | 100% | 36 |
| Mixed assets (81–100% equity) | 21 | -30.81% | -17.78% | 100% | 31 |
| Mixed assets (61–80% equity) | 29 | -28.14% | -16.74% | 100% | 32 |
| Global equity | 23 | -25.97% | -20.25% | 100% | 17 |
| Europe equity | 11 | -25.84% | -13.75% | 100% | 15 |
| Mixed assets (41–60% equity) | 24 | -25.52% | -17.29% | 96% | 35 |
| US equity | 12 | -24.32% | -19.34% | 100% | 16 |
| Global bond | 22 | -23.45% | -15.85% | 0% | n/a |
| Japan equity | 3 | -22.43% | -13.00% | 100% | 14 |
| Mixed assets (21–40% equity) | 24 | -22.29% | -15.47% | 79% | 39 |
| Core Accumulation Fund (DIS) | 28 | -20.61% | -16.49% | 100% | 18 |
| Asia bond | 5 | -19.13% | -11.11% | 20% | 34 |
| Guaranteed fund | 7 | -18.13% | -9.70% | 43% | 39 |
| Age 65 Plus Fund (DIS) | 28 | -16.61% | -14.82% | 100% | 37 |
| HKD bond | 7 | -12.81% | -9.36% | 100% | 31 |
| RMB bond | 6 | -9.07% | -5.46% | 100% | 31 |
| Other money market | 12 | -7.91% | -4.00% | 100% | 38.5 |
| MPF Conservative Fund | 29 | 0.00% | +0.32% | 48% | 2 |
* MPFA-published. † Calculated by us from month-end prices 2020-07 – 2026-09; "months to recover" runs from the trough month to the month the prior peak was regained, for recovered funds only. The window is only about 6 years and excludes earlier crashes such as 2008.
A 50% fall needs a 100% gain to get back to even; a 20% fall needs 25%.
Market-timing study · By risk class · Methodology
Cite as: MPF Watch (mpfwatch.com), MPFA data as of 2026-09-30.
FAQ
How deep were MPF drawdowns in 2020–2026?
Across 425 funds with ≥60 months, the median month-end max drawdown was -25.63%; the deepest category was China equity (median -54.97%).
How many funds regained their prior peak?
As of 2026-09-30, 325 (76%) had regained the month-end peak before their largest drawdown.
Why do month-end prices understate drawdowns?
The intra-month low is rarely on the last day, so actual falls may have been deeper.