Aims: We investigated the X-ray emission from young stars and brown dwarfs in the sigma Orionis cluster (tau~3 Ma, d~385 pc) and its relation to mass, presence of circumstellar discs, and separation to the cluster centre by taking advantage of the superb spatial resolution of the Chandra X-ray Observatory. Methods: We used public HRC-I/Chandra data from a 97.6 ks pointing towards the cluster centre and complemented them with X-ray data from IPC/Einstein, HRI/ROSAT, EPIC/XMM-Newton, and ACIS-S/Chandra together with optical and infrared photometry and spectroscopy from the literature and public catalogues. On our HRC-I/Chandra data, we measured count rates, estimated X-ray fluxes, and searched for short-term variability. We also looked for long-term variability by comparing with previous X-ray observations. Results: Among the 107 detected X-ray sources, there were 70 cluster stars with known signposts of youth, two young brown dwarfs, 12 cluster member candidates, four field dwarfs, and two galaxies with optical-infrared counterpart. The remaining sources had extragalactic nature. Based on a robust Poisson-chi^2 analysis, nine cluster stars displayed flares or rotational modulation during the HRC-I observations, while other eight stars and one brown dwarf showed long-term X-ray flux variations. We constructed a cluster X-ray luminosity function from O9.5 (~18 Msol) to M6.5 (~0.06 Msol). We found: a tendency of early-type stars in multiple systems or with spectroscopic peculiarities to display X-ray emission, that the two detected brown dwarfs and the least-massive star are among the sigma Orionis objects with the highest L_X/L_J ratios, and that a large fraction of known classical T Tauri stars in the cluster are absent in this and other X-ray surveys. We concluded that dozens X-ray sigma Orionis stars and brown dwarfs are still to be detected [abridged].