PDD vs. TCEHY
PDD (Pinduoduo Inc.) and TCEHY (Tencent Holdings Limited) are both stocks. PDD operates in Internet Retail (Consumer Cyclical), while TCEHY operates in Internet Content & Information (Communication Services). Over the past 5 years, PDD returned -7.73%/yr vs -2.94%/yr for TCEHY. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
PDD vs. TCEHY - Performance Comparison
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Returns By Period
In the year-to-date period, PDD achieves a -28.07% return, which is significantly lower than TCEHY's -21.95% return.
PDD
- 1D
- 0.32%
- 1M
- -14.67%
- YTD
- -28.07%
- 6M
- -27.15%
- 1Y
- -18.91%
- 3Y*
- 1.73%
- 5Y*
- -7.73%
- 10Y*
- —
TCEHY
- 1D
- -0.20%
- 1M
- 1.46%
- YTD
- -21.95%
- 6M
- -23.21%
- 1Y
- -7.81%
- 3Y*
- 11.40%
- 5Y*
- -2.94%
- 10Y*
- 12.11%
PDD vs. TCEHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PDD Pinduoduo Inc. | -28.07% | 16.91% | -33.71% | 79.41% | 39.88% | -67.19% | 369.78% | 68.54% | -15.32% |
TCEHY Tencent Holdings Limited | -21.95% | 45.23% | 41.92% | -5.48% | -24.97% | -18.69% | 50.09% | 21.93% | -19.62% |
Correlation
The correlation between PDD and TCEHY is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018 | 0.57 |
The correlation between PDD and TCEHY has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
Fundamentals
PDD:
$120.71B
TCEHY:
$541.76B
PDD:
CN¥64.39
TCEHY:
CN¥25.30
PDD:
8.58
TCEHY:
15.81
PDD:
0.08
TCEHY:
1.97
PDD:
1.86
TCEHY:
4.84
PDD:
1.94
TCEHY:
3.27
PDD:
CN¥441.76B
TCEHY:
CN¥763.32B
PDD:
CN¥247.30B
TCEHY:
CN¥422.60B
PDD:
CN¥134.30B
TCEHY:
CN¥324.78B
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Return for Risk
PDD vs. TCEHY — Risk / Return Rank
PDD
TCEHY
PDD vs. TCEHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pinduoduo Inc. (PDD) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PDD | TCEHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.97 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.25 | -0.27 |
| Martin ratioReturn relative to average drawdown | -1.08 | -0.52 | -0.57 |
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Drawdowns
PDD vs. TCEHY - Drawdown Comparison
The maximum PDD drawdown since its inception was -87.41%, which is greater than TCEHY's maximum drawdown of -73.17%. Use the drawdown chart below to compare losses from any high point for PDD and TCEHY.
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Drawdown Indicators
| PDD | TCEHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.41% | -73.17% | -14.24% |
Max Drawdown (1Y)Largest decline over 1 year | -41.14% | -36.75% | -4.39% |
Max Drawdown (3Y)Largest decline over 3 years | -48.40% | -36.75% | -11.65% |
Max Drawdown (5Y)Largest decline over 5 years | -80.88% | -66.13% | -14.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.17% | — |
Current DrawdownCurrent decline from peak | -59.79% | -32.71% | -27.08% |
Average DrawdownAverage peak-to-trough decline | -39.32% | -19.72% | -19.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.55% | 17.42% | +2.13% |
Volatility
PDD vs. TCEHY - Volatility Comparison
Pinduoduo Inc. (PDD) has a higher volatility of 14.35% compared to Tencent Holdings Limited (TCEHY) at 12.15%. This indicates that PDD'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.
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Volatility by Period
| PDD | TCEHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.35% | 12.15% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 25.50% | 24.73% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.48% | 30.90% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.09% | 43.23% | +24.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.37% | 38.83% | +30.54% |
Dividends
PDD vs. TCEHY - Dividend Comparison
PDD has not paid dividends to shareholders, while TCEHY's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDD Pinduoduo Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TCEHY Tencent Holdings Limited | 1.15% | 0.76% | 0.82% | 6.67% | 4.15% | 0.35% | 0.19% | 0.23% | 0.26% | 0.29% | 0.51% | 0.21% |
Financials
PDD vs. TCEHY - Financials Comparison
This section allows you to compare key financial metrics between Pinduoduo Inc. and Tencent Holdings Limited. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
PDD vs. TCEHY - Profitability Comparison
PDD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pinduoduo Inc. reported a gross profit of 58.98B and revenue of 105.59B. Therefore, the gross margin over that period was 55.9%.
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%.
PDD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pinduoduo Inc. reported an operating income of 21.02B and revenue of 105.59B, resulting in an operating margin of 19.9%.
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%.
PDD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pinduoduo Inc. reported a net income of 12.47B and revenue of 105.59B, resulting in a net margin of 11.8%.
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
PDD and TCEHY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDD has higher volatility (14.35%) compared to TCEHY (12.15%). In terms of maximum drawdown, PDD dropped -87.41% vs TCEHY's -73.17%.
TCEHY currently has the higher Sharpe Ratio (-0.29 vs -0.65), 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.
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