FHKIX vs. TDF

Last updated Jun 3, 2026

FHKIX (Fidelity Advisor China Region Fund Class I) and TDF (Templeton Dragon Fund Inc.) are both China Equities funds. Over the past 10 years, FHKIX returned 15.11%/yr vs 5.30%/yr for TDF. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

FHKIX vs. TDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor China Region Fund Class I (FHKIX) and Templeton Dragon Fund Inc. (TDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHKIX achieves a 36.35% return, which is significantly higher than TDF's 2.56% return. Over the past 10 years, FHKIX has outperformed TDF with an annualized return of 15.11%, while TDF has yielded a comparatively lower 5.30% annualized return.

FHKIX

• 1D: 1.13%
• 1M: 5.70%
• YTD: 36.35%
• 6M: 39.14%
• 1Y: 82.77%
• 3Y*: 32.99%
• 5Y*: 8.21%
• 10Y*: 15.11%

TDF

• 1D: 2.23%
• 1M: 1.69%
• YTD: 2.56%
• 6M: 3.39%
• 1Y: 23.53%
• 3Y*: 8.94%
• 5Y*: -8.26%
• 10Y*: 5.30%

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

FHKIX vs. TDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKIX Fidelity Advisor China Region Fund Class I	36.35%	42.60%	23.15%	-0.28%	-23.85%	-13.71%	47.80%	35.11%	-17.43%	51.93%
TDF Templeton Dragon Fund Inc.	2.56%	37.70%	5.44%	-20.06%	-32.93%	-18.02%	52.98%	27.97%	-11.80%	42.09%

Correlation

The correlation between FHKIX and TDF is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 9, 2008	0.76

The correlation between FHKIX and TDF shifts across timeframes, from 0.64 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FHKIX vs. TDF — Risk / Return Rank

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

FHKIX

FHKIX Risk / Return Rank: 95
FHKIX Sharpe Ratio Rank: 98
FHKIX Sortino Ratio Rank: 93
FHKIX Omega Ratio Rank: 91
FHKIX Calmar Ratio Rank: 98
FHKIX Martin Ratio Rank: 96

TDF

TDF Risk / Return Rank: 21
TDF Sharpe Ratio Rank: 20
TDF Sortino Ratio Rank: 21
TDF Omega Ratio Rank: 20
TDF Calmar Ratio Rank: 23
TDF Martin Ratio Rank: 18

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.

FHKIX vs. TDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class I (FHKIX) and Templeton Dragon Fund Inc. (TDF). 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.

	FHKIX	TDF	Difference
Sharpe ratio Return per unit of total volatility	4.00	1.29	+2.71
Sortino ratio Return per unit of downside risk	4.71	1.94	+2.78
Omega ratio Gain probability vs. loss probability	1.67	1.24	+0.43
Calmar ratio Return relative to maximum drawdown	7.55	1.82	+5.73
Martin ratio Return relative to average drawdown	23.45	5.12	+18.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHKIX vs. TDF - Sharpe Ratio Comparison

The current FHKIX Sharpe Ratio is 4.00, which is higher than the TDF Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of FHKIX and TDF, 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

	FHKIX	TDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.00	1.29	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	-0.31	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.22	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.30	+0.09

Drawdowns

FHKIX vs. TDF - Drawdown Comparison

The maximum FHKIX drawdown since its inception was -58.42%, smaller than the maximum TDF drawdown of -68.15%. Use the drawdown chart below to compare losses from any high point for FHKIX and TDF.

Drawdown Indicators

	FHKIX	TDF	Difference
Max Drawdown Largest peak-to-trough decline	-58.42%	-68.15%	+9.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-13.95%	+3.15%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-28.25%	+6.23%
Max Drawdown (5Y) Largest decline over 5 years	-52.42%	-61.85%	+9.43%
Max Drawdown (10Y) Largest decline over 10 years	-58.42%	-66.87%	+8.45%
Current Drawdown Current decline from peak	-0.73%	-44.32%	+43.59%
Average Drawdown Average peak-to-trough decline	-18.68%	-22.56%	+3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	4.96%	-1.48%

Volatility

FHKIX vs. TDF - Volatility Comparison

Fidelity Advisor China Region Fund Class I (FHKIX) has a higher volatility of 7.07% compared to Templeton Dragon Fund Inc. (TDF) at 6.21%. This indicates that FHKIX's price experiences larger fluctuations and is considered to be riskier than TDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKIX	TDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	6.21%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	16.47%	12.59%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	21.17%	18.36%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.20%	27.18%	-2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	23.94%	-1.63%

Dividends

FHKIX vs. TDF - Dividend Comparison

FHKIX's dividend yield for the trailing twelve months is around 1.35%, less than TDF's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKIX Fidelity Advisor China Region Fund Class I	1.35%	1.84%	1.44%	1.89%	1.04%	10.81%	4.90%	0.65%	0.79%	0.44%	1.40%	15.62%
TDF Templeton Dragon Fund Inc.	3.50%	3.55%	1.36%	0.00%	12.73%	14.13%	24.72%	10.75%	12.43%	7.95%	10.34%	22.49%

Frequently Asked Questions

Can I hold both FHKIX and TDF in my portfolio?

FHKIX and TDF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHKIX or TDF?

FHKIX has higher volatility (7.07%) compared to TDF (6.21%). In terms of maximum drawdown, FHKIX dropped -58.42% vs TDF's -68.15%.

Which has better risk-adjusted returns?

FHKIX currently has the higher Sharpe Ratio (4.00 vs 1.29), 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.