GAP vs. TCEHY

Last updated Jun 4, 2026

GAP (The Gap, Inc.) and TCEHY (Tencent Holdings Limited) are both stocks. GAP operates in Apparel Retail (Consumer Cyclical), while TCEHY operates in Internet Content & Information (Communication Services). Over the past 10 years, GAP returned 4.65%/yr vs 11.67%/yr for TCEHY. At a 0.19 correlation, their price movements are largely independent.

Performance

GAP vs. TCEHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Gap, Inc. (GAP) and Tencent Holdings Limited (TCEHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAP achieves a -16.13% return, which is significantly higher than TCEHY's -23.18% return. Over the past 10 years, GAP has underperformed TCEHY with an annualized return of 4.65%, while TCEHY has yielded a comparatively higher 11.67% annualized return.

GAP

• 1D: -0.56%
• 1M: -10.48%
• YTD: -16.13%
• 6M: -20.03%
• 1Y: -0.73%
• 3Y*: 39.22%
• 5Y*: -4.07%
• 10Y*: 4.65%

TCEHY

• 1D: -3.65%
• 1M: -2.67%
• YTD: -23.18%
• 6M: -25.09%
• 1Y: -8.48%
• 3Y*: 11.82%
• 5Y*: -3.82%
• 10Y*: 11.67%

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

GAP vs. TCEHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAP The Gap, Inc.	-16.13%	11.74%	16.14%	96.66%	-32.64%	-11.11%	15.73%	-28.11%	-21.95%	56.05%
TCEHY Tencent Holdings Limited	-23.18%	45.23%	41.92%	-5.48%	-24.97%	-18.69%	50.09%	21.93%	-23.83%	115.30%

Correlation

The correlation between GAP and TCEHY is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 4, 2008	0.19

Fundamentals

Market Cap GAP : $8.01B TCEHY : $533.23B
EPS GAP : $2.53 TCEHY : $25.30
PE Ratio GAP : 8.38 TCEHY : 2.30
PEG Ratio GAP : 0.25 TCEHY : 0.29
PS Ratio GAP : 0.52 TCEHY : 0.70
PB Ratio GAP : 2.19 TCEHY : 0.47
Total Revenue (TTM) GAP : $15.40B TCEHY : $763.32B
Gross Profit (TTM) GAP : $6.24B TCEHY : $422.60B
EBITDA (TTM) GAP : $1.71B TCEHY : $324.78B

Return for Risk

GAP vs. TCEHY — Risk / Return Rank

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

GAP

GAP Risk / Return Rank: 38
GAP Sharpe Ratio Rank: 40
GAP Sortino Ratio Rank: 36
GAP Omega Ratio Rank: 36
GAP Calmar Ratio Rank: 39
GAP Martin Ratio Rank: 39

TCEHY

TCEHY Risk / Return Rank: 29
TCEHY Sharpe Ratio Rank: 29
TCEHY Sortino Ratio Rank: 25
TCEHY Omega Ratio Rank: 25
TCEHY Calmar Ratio Rank: 33
TCEHY Martin Ratio Rank: 31

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.

GAP vs. TCEHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Gap, Inc. (GAP) and Tencent Holdings Limited (TCEHY). 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.

	GAP	TCEHY	Difference
Sharpe ratio Return per unit of total volatility	-0.02	-0.28	+0.26
Sortino ratio Return per unit of downside risk	0.28	-0.21	+0.50
Omega ratio Gain probability vs. loss probability	1.04	0.98	+0.06
Calmar ratio Return relative to maximum drawdown	-0.03	-0.23	+0.21
Martin ratio Return relative to average drawdown	-0.07	-0.51	+0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAP vs. TCEHY - Sharpe Ratio Comparison

The current GAP Sharpe Ratio is -0.02, which is higher than the TCEHY Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of GAP and TCEHY, 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

	GAP	TCEHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	-0.28	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.09	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.30	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.65	-0.48

Drawdowns

GAP vs. TCEHY - Drawdown Comparison

The maximum GAP drawdown since its inception was -85.61%, which is greater than TCEHY's maximum drawdown of -73.17%. Use the drawdown chart below to compare losses from any high point for GAP and TCEHY.

Drawdown Indicators

	GAP	TCEHY	Difference
Max Drawdown Largest peak-to-trough decline	-85.61%	-73.17%	-12.44%
Max Drawdown (1Y) Largest decline over 1 year	-28.33%	-36.75%	+8.42%
Max Drawdown (3Y) Largest decline over 3 years	-38.00%	-36.75%	-1.25%
Max Drawdown (5Y) Largest decline over 5 years	-76.13%	-66.67%	-9.46%
Max Drawdown (10Y) Largest decline over 10 years	-83.13%	-73.17%	-9.96%
Current Drawdown Current decline from peak	-32.31%	-33.77%	+1.46%
Average Drawdown Average peak-to-trough decline	-40.92%	-19.66%	-21.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.06%	16.55%	-5.49%

Volatility

GAP vs. TCEHY - Volatility Comparison

The Gap, Inc. (GAP) has a higher volatility of 21.81% compared to Tencent Holdings Limited (TCEHY) at 12.73%. This indicates that GAP's price experiences larger fluctuations and is considered to be riskier than TCEHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAP	TCEHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.81%	12.73%	+9.08%
Volatility (6M) Calculated over the trailing 6-month period	35.45%	24.43%	+11.02%
Volatility (1Y) Calculated over the trailing 1-year period	44.36%	30.75%	+13.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.66%	43.23%	+12.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.30%	38.84%	+16.46%

Dividends

GAP vs. TCEHY - Dividend Comparison

GAP's dividend yield for the trailing twelve months is around 3.16%, more than TCEHY's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAP The Gap, Inc.	3.16%	2.52%	2.54%	2.87%	5.05%	2.73%	1.20%	5.49%	3.72%	2.03%	5.12%	3.68%
TCEHY Tencent Holdings Limited	1.16%	0.76%	0.82%	6.67%	4.15%	0.35%	0.19%	0.23%	0.26%	0.29%	0.51%	0.21%

Financials

GAP vs. TCEHY - Profitability Comparison

The chart below illustrates the profitability comparison between The Gap, Inc. and Tencent Holdings Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

GAP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported a gross profit of 1.42B and revenue of 3.50B. Therefore, the gross margin over that period was 40.5%.

TCEHY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tencent Holdings Limited reported a gross profit of 106.58B and revenue of 195.27B. Therefore, the gross margin over that period was 54.6%.

GAP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported an operating income of 445.00M and revenue of 3.50B, resulting in an operating margin of 12.7%.

TCEHY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tencent Holdings Limited reported an operating income of 65.72B and revenue of 195.27B, resulting in an operating margin of 33.7%.

GAP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported a net income of 339.00M and revenue of 3.50B, resulting in a net margin of 9.7%.

TCEHY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tencent Holdings Limited reported a net income of 57.74B and revenue of 195.27B, resulting in a net margin of 29.6%.

Frequently Asked Questions

Can I hold both GAP and TCEHY in my portfolio?

GAP and TCEHY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAP or TCEHY?

GAP has higher volatility (21.81%) compared to TCEHY (12.73%). In terms of maximum drawdown, GAP dropped -85.61% vs TCEHY's -73.17%.

Which has better risk-adjusted returns?

GAP currently has the higher Sharpe Ratio (-0.02 vs -0.28), 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.