Most stock pickers loses to the index? Just buy the index. Does this advice work in Hong Kong?

If you invest in the Hong Kong stock market, Tracker Fund (2800) is one of the bigger and better-known funds. Does just buy the index work?

source: charts created from https://www.tradingview.com/

If you invested in 2800 10 years ago (2011-05-16 to 2021-05-17), in the course of this 10 years, you are looking at about 23% capital appreciation. Assuming inflation at 2% p.a., it barely tracks inflation of ~22%. The good news is there is a dividend, and you would have collected 8.01 HKD per share, and this doesn't look too bad.

source: http://www.aastocks.com/en/stocks/analysis/company-fundamental/dividend-history?symbol=02800

Let's look at trading view says when we click the "adj" - adjust data for dividends, and we are looking at about 70% return.

source: charts created from https://www.tradingview.com/

However, if you look at VTI and DIA in US, you can see 2800 really lacks behind:

• VTI rose 210.92% for the same period
• DIA rose 173.96% for the same period

source: charts created from https://www.tradingview.com/

Although, past performance is not indicative of future results, given this observation, should we bother with investing in the Tracker fund (2800)? Or any Hong Kong index fund / ETFs at all?