diff --git a/compose/runtime/runtime/src/commonMain/kotlin/androidx/compose/runtime/Composer.kt b/compose/runtime/runtime/src/commonMain/kotlin/androidx/compose/runtime/Composer.kt
index 23350c7..d415c3b 100644
--- a/compose/runtime/runtime/src/commonMain/kotlin/androidx/compose/runtime/Composer.kt
+++ b/compose/runtime/runtime/src/commonMain/kotlin/androidx/compose/runtime/Composer.kt
@@ -2669,7 +2669,7 @@
         // All movable content has a compound hash value rooted at the content itself so the hash
         // value doesn't change as the content moves in the tree.
         val savedCompoundKeyHash = compoundKeyHash
-        compoundKeyHash = movableContentKey xor content.hashCode()
+        compoundKeyHash = movableContentKey
 
         // Either insert a place-holder to be inserted later (either created new or moved from
         // another location) or (re)compose the movable content. This is forced if a new value
diff --git a/compose/runtime/runtime/src/commonTest/kotlin/androidx/compose/runtime/MovableContentTests.kt b/compose/runtime/runtime/src/commonTest/kotlin/androidx/compose/runtime/MovableContentTests.kt
index 84d5124..00c5a0e 100644
--- a/compose/runtime/runtime/src/commonTest/kotlin/androidx/compose/runtime/MovableContentTests.kt
+++ b/compose/runtime/runtime/src/commonTest/kotlin/androidx/compose/runtime/MovableContentTests.kt
@@ -29,6 +29,7 @@
 import kotlin.test.Test
 import kotlin.test.assertEquals
 import kotlin.test.assertFalse
+import kotlin.test.assertNotEquals
 import kotlin.test.assertSame
 import kotlin.test.assertTrue
 
@@ -1252,6 +1253,37 @@
         expectChanges()
         revalidate()
     }
+
+    @Test
+    fun movableContentOfTheSameFunctionShouldHaveStableKeys() = compositionTest {
+        val hashList1 = mutableListOf<Int>()
+        val hashList2 = mutableListOf<Int>()
+        val composable1: @Composable () -> Unit = {
+            hashList1.add(currentCompositeKeyHash)
+        }
+        val composable2: @Composable () -> Unit = {
+            hashList2.add(currentCompositeKeyHash)
+        }
+        val movableContent1A = movableContentOf(composable1)
+        val movableContent1B = movableContentOf(composable1)
+        val movableContent2A = movableContentOf(composable2)
+        val movableContent2B = movableContentOf(composable2)
+        compose {
+            movableContent1A()
+            movableContent1B()
+            movableContent1A()
+            movableContent1B()
+            movableContent2A()
+            movableContent2B()
+            movableContent2A()
+            movableContent2B()
+        }
+
+        fun List<Int>.assertAllTheSame() = forEach { assertEquals(it, first()) }
+        hashList1.assertAllTheSame()
+        hashList2.assertAllTheSame()
+        assertNotEquals(hashList1.first(), hashList2.first())
+    }
 }
 
 @Composable