CAF vs. YUMC

Last updated Jun 5, 2026

CAF (Morgan Stanley China A Share Fund) is China Equities fund actively managed by Morgan Stanley, while YUMC (Yum China Holdings, Inc.) is a stock. Over the past 5 years, CAF returned -1.29%/yr vs -7.52%/yr for YUMC. At a 0.39 correlation, their price movements are largely independent.

Performance

CAF vs. YUMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley China A Share Fund (CAF) and Yum China Holdings, Inc. (YUMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAF achieves a 14.40% return, which is significantly higher than YUMC's -9.15% return.

CAF

• 1D: -0.60%
• 1M: 4.31%
• YTD: 14.40%
• 6M: 25.83%
• 1Y: 49.97%
• 3Y*: 17.21%
• 5Y*: -1.29%
• 10Y*: 5.88%

YUMC

• 1D: -0.21%
• 1M: -10.86%
• YTD: -9.15%
• 6M: -6.92%
• 1Y: 2.23%
• 3Y*: -7.78%
• 5Y*: -7.52%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAF vs. YUMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAF Morgan Stanley China A Share Fund	14.40%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	-14.26%	44.94%
YUMC Yum China Holdings, Inc.	-9.15%	1.18%	15.41%	-21.60%	10.75%	-11.99%	19.48%	44.85%	-15.28%	53.59%

Correlation

The correlation between CAF and YUMC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 18, 2016	0.39

Over the past year, the correlation between CAF and YUMC has dropped to 0.11 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

CAF vs. YUMC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAF

CAF Risk / Return Rank: 80
CAF Sharpe Ratio Rank: 84
CAF Sortino Ratio Rank: 77
CAF Omega Ratio Rank: 74
CAF Calmar Ratio Rank: 90
CAF Martin Ratio Rank: 78

YUMC

YUMC Risk / Return Rank: 42
YUMC Sharpe Ratio Rank: 45
YUMC Sortino Ratio Rank: 38
YUMC Omega Ratio Rank: 37
YUMC Calmar Ratio Rank: 43
YUMC Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAF vs. YUMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and Yum China Holdings, Inc. (YUMC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CAF	YUMC	Difference
Sharpe ratio: Return per unit of total volatility	2.71	0.09	+2.62
Sortino ratio: Return per unit of downside risk	3.69	0.31	+3.38
Omega ratio: Gain probability vs. loss probability	1.48	1.04	+0.45
Calmar ratio: Return relative to maximum drawdown	4.57	0.09	+4.49
Martin ratio: Return relative to average drawdown	14.29	0.22	+14.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAF vs. YUMC - Sharpe Ratio Comparison

The current CAF Sharpe Ratio is 2.71, which is higher than the YUMC Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of CAF and YUMC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CAF	YUMC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	0.09	+2.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	-0.20	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.19	+0.09

Drawdowns

CAF vs. YUMC - Drawdown Comparison

The maximum CAF drawdown since its inception was -65.88%, which is greater than YUMC's maximum drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for CAF and YUMC.

Drawdown Indicators

	CAF	YUMC	Difference
Max Drawdown Largest peak-to-trough decline	-65.88%	-56.49%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	-25.89%	+14.91%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	-51.42%	+25.15%
Max Drawdown (5Y) Largest decline over 5 years	-49.01%	-56.45%	+7.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	—	—
Current Drawdown Current decline from peak	-6.29%	-33.56%	+27.27%
Average Drawdown Average peak-to-trough decline	-25.91%	-19.34%	-6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	10.10%	-6.59%

Volatility

CAF vs. YUMC - Volatility Comparison

Morgan Stanley China A Share Fund (CAF) has a higher volatility of 6.15% compared to Yum China Holdings, Inc. (YUMC) at 5.19%. This indicates that CAF's price experiences larger fluctuations and is considered to be riskier than YUMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAF	YUMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	5.19%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	18.90%	-5.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.55%	25.38%	-6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	37.20%	-15.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	35.41%	-13.54%

Dividends

CAF vs. YUMC - Dividend Comparison

CAF's dividend yield for the trailing twelve months is around 1.32%, less than YUMC's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.32%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
YUMC Yum China Holdings, Inc.	2.47%	2.01%	1.33%	1.23%	0.88%	0.96%	0.42%	1.00%	1.25%	0.25%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAF and YUMC in my portfolio?

CAF and YUMC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAF or YUMC?

CAF has higher volatility (6.15%) compared to YUMC (5.19%). In terms of maximum drawdown, CAF dropped -65.88% vs YUMC's -56.49%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (2.71 vs 0.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.