S&P 500 monthly DCA in Hong Kong: HK$3,000 a month for 10 years became HK$763,919

“Just put a fixed amount into the S&P 500 every month” is now standard advice in Hong Kong personal-finance circles. So what would someone who started ten years ago actually have today, in Hong Kong dollars? We ran the numbers for HK$3,000 a month, the kind of amount many people set aside from salary. The short answer: HK$360,000 became HK$763,919 in the S&P 500. And because the Hong Kong dollar is pegged to the US dollar, that is almost exactly the US-dollar result, which is not true for most of Asia.

How much is HK$3,000 a month in the S&P 500 for 10 years worth now?

Buying HK$3,000 of the S&P 500 on the first US trading day of every month from October 2016 to September 2026, 120 times and HK$360,000 in total, gave HK$763,919 on 25 September 2026: 2.12 times the money paid in, or 14.4% a year on an XIRR basis (FRED SP500; FRED DEXHKUS; calculated).

S&P 500, HK$3,000 on the first US trading day of each month, October 2016 to September 2026, valued at the 25 September 2026 close and HK$7.8439 per US dollar (price index, no dividends, fees or tax)

Visual guide

How much is HK$3,000 a month in the S&P 500 for 10 years worth now?

Multiple

• S&P 5002.12x
• Nasdaq-1002.93x

02.93

Index (10 years, HK$360,000 paid in)	Value on 25 Sep 2026	Multiple	Annualised (XIRR)
S&P 500	HK$763,919	2.12x	14.4%
Nasdaq-100	HK$1,055,737	2.93x	20.5%

The gain is HK$403,919 in the S&P 500 and HK$695,737 in the Nasdaq-100. The difference between the two indices, HK$291,818 on the same HK$360,000, is far larger than anything the exchange rate did (next section).

Why is the Hong Kong dollar result almost the same as the US dollar result?

Because of the peg. Over the 120 purchases, the average rate paid was HK$7.8067 per US dollar, and the valuation rate on 25 September 2026 was HK$7.8439, only 0.5% higher. So the S&P 500 plan grew 2.11x in US dollars and 2.12x in Hong Kong dollars (FRED DEXHKUS; calculated).

S&P 500, 10 years	In US dollars	In Hong Kong dollars
Paid in	US$46,114	HK$360,000
Value on 25 Sep 2026	US$97,390	HK$763,919
Multiple	2.11x	2.12x
Exchange rate	average 7.8067 at purchase	7.8439 at valuation

The rate cannot drift far. Under the Linked Exchange Rate System, the HKMA commits to sell Hong Kong dollars at the strong-side Convertibility Undertaking of HK$7.75 per US dollar and to buy them at the weak-side Convertibility Undertaking of HK$7.85 (HKMA). Even a full move from one edge of that band to the other changes a US-dollar result by only about 1.3% (7.85 ÷ 7.75; calculated). The valuation rate of 7.8439 was close to the weak side, which nudged the Hong Kong dollar result up slightly.

That makes Hong Kong unusual in the region. Here is the same 10-year S&P 500 plan measured in each market’s own currency, with the local amount each investor put in every month:

Home currency (monthly amount)	S&P 500 multiple in US dollars	S&P 500 multiple in home currency
Japanese yen (¥30,000)	2.19x	2.79x
Indonesian rupiah (Rp1,000,000)	2.16x	2.60x
Philippine peso (₱5,000)	2.15x	2.51x
New Taiwan dollar (NT$5,000)	2.12x	2.21x
Thai baht (฿5,000)	2.12x	2.14x
Hong Kong dollar (HK$3,000)	2.11x	2.12x
Malaysian ringgit (RM500)	2.12x	2.02x
Singapore dollar (S$500)	2.10x	1.99x

The US-dollar multiples are all close to 2.1x; the spread in the last column comes almost entirely from currencies. A weaker yen lifted the Japanese result by about 27% (2.79 ÷ 2.19), while a stronger Singapore dollar took some away. For a Hong Kong investor that layer is close to zero, so two questions remain: which index, and when you measure. For how other US benchmarks look in Hong Kong dollars, see US benchmarks in Hong Kong dollars.

What if you kept going for 20 years?

The Nasdaq-100 has daily data back to 2006, so we extended it. HK$3,000 a month from October 2006 to September 2026, 240 purchases and HK$720,000 in total, was worth HK$5,825,010 on 25 September 2026: 8.09 times the money paid in, or 18.1% a year (XIRR).

Nasdaq-100, 20 years	In US dollars	In Hong Kong dollars
Paid in	US$92,462	HK$720,000
Value on 25 Sep 2026	US$742,617	HK$5,825,010
Multiple	8.03x	8.09x
Exchange rate	average 7.7870 at purchase	7.8439 at valuation

Over twenty years the currency effect is still under 1% (7.8439 ÷ 7.7870; calculated). The S&P 500 is shown for 10 years only, because the FRED daily S&P 500 series used here starts on 3 October 2016. This period includes the 2008 financial crisis, when monthly buyers kept purchasing at low prices, and a very strong period for large US technology companies. It is a record of what happened, not a reasonable expectation for the next 20 years.

How much does the valuation date change the answer?

A lot more than the currency. Keeping the same October 2016 start and simply stopping the clock at different dates gives very different multiples:

Valuation date (paid in by then)	S&P 500	Nasdaq-100	HK$ per US$
31 Dec 2024 (HK$297,000)	HK$518,368 (1.75x)	HK$662,935 (2.23x)	7.7677
31 Dec 2025 (HK$333,000)	HK$644,541 (1.94x)	HK$839,206 (2.52x)	7.7833
25 Sep 2026 (HK$360,000)	HK$763,919 (2.12x)	HK$1,055,737 (2.93x)	7.8439

The exchange rate in the last column barely moved, yet the S&P 500 multiple went from 1.75x to 2.12x in under two years. A monthly plan smooths your entry prices, but the final value depends heavily on where the market is when you look, or when you need the money. Searches like “S&P 500 monthly plan 10-year return” will give different answers depending on the month they were calculated.

Would a lump sum have done better?

In a market that rose for most of the decade, yes. Putting the whole HK$360,000 into the S&P 500 on 3 October 2016, at HK$7.7557 per US dollar, would have grown to HK$1,304,520 (3.62x) by 25 September 2026. In the Nasdaq-100 it would have reached HK$2,289,929 (6.36x).

HK$360,000	Lump sum on 3 Oct 2016	HK$3,000 a month for 10 years
S&P 500	HK$1,304,520 (3.62x)	HK$763,919 (2.12x)
Nasdaq-100	HK$2,289,929 (6.36x)	HK$1,055,737 (2.93x)

The comparison is not fair to the monthly plan. The lump sum needs the full HK$360,000 on day one, and its money is invested for the whole ten years, while monthly contributions are invested for about five years on average. Most people invest out of salary, so the realistic choice is usually a monthly plan versus not investing at all. The real benefit of a monthly plan is behavioural: you never put everything in at a single peak, and you keep buying when prices fall.

What do tax, fees and plan rules mean for Hong Kong investors?

The Hong Kong side is light; the US side is not. The HKSAR Government states that Hong Kong does not impose capital gains tax or dividend tax (HK Talent Engage). The IRD’s Profits Tax applies to profits from carrying on a trade, profession or business in Hong Kong, excluding profits from the sale of capital assets (IRD), so a long-term monthly plan is a different situation from running a share-trading business. Checked October 2026.

US-source dividends are a different story. Most US-source income paid to foreign persons is subject to 30% US tax, generally withheld at source, unless a treaty lowers the rate (IRS), and the United States is not on the IRD’s list of Hong Kong’s comprehensive double taxation agreements (IRD). Brokers usually ask non-US individuals for Form W-8BEN, which documents foreign status for US withholding (IRS). The tables above use a price index, so the dividends, and the 30% withheld from them, are not included.

One less-known US rule: for a non-US-citizen non-resident, US estate tax applies to US-situated property, and the executor must file Form 706-NA if those assets exceed US$60,000 at death, a threshold that is not indexed for inflation (IRS). The Form 706-NA instructions treat stock of US corporations as property located in the US. The 10-year S&P 500 plan above, about US$97,390, is already past that line. How this applies to a specific holding or fund structure is a question for a tax adviser.

Many Hong Kong banks and brokers offer monthly stock plans (月供股). When the Consumer Council surveyed 10 banks’ plans in 2018, each limited purchases to a bank-selected list of between 32 and 164 stocks, all required at least HK$1,000 a month, and most charged a basic monthly fee of 0.25% of the contribution with a HK$50 minimum, which is 5% of a HK$1,000 contribution. Purchase dates were set by the bank, one to four trading days after the contribution (Consumer Council). That survey covered bank plans built on a designated stock list; some brokers now also run monthly plans for US-listed shares and ETFs. Eligible lists, fees, FX conversion and purchase dates differ by provider and have changed since 2018, so compare the current tariff yourself.

Finally, do not mix this up with MPF. MPF is the mandatory, employment-based retirement system: contributions go into funds within your MPF scheme, with their own fees, and are generally withdrawn at the retirement age of 65 (GovHK). Everything in this note is money you invest yourself, outside MPF.

What these numbers leave out

To see how your own savings compare with money-supply and price growth over the same years, try the asset growth calculator. For why savings can grow and still fall behind the money stock, see our note on money growth and asset values.

Compare your own savings growth →