TCEHY vs. PDD
TCEHY (Tencent Holdings Limited) and PDD (Pinduoduo Inc.) are both stocks. TCEHY operates in Internet Content & Information (Communication Services), while PDD operates in Internet Retail (Consumer Cyclical). Over the past 5 years, TCEHY returned -2.94%/yr vs -7.73%/yr for PDD. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
TCEHY vs. PDD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TCEHY achieves a -21.95% return, which is significantly higher than PDD's -28.07% return.
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
- 1D
- 0.32%
- 1M
- -14.67%
- YTD
- -28.07%
- 6M
- -27.15%
- 1Y
- -18.91%
- 3Y*
- 1.73%
- 5Y*
- -7.73%
- 10Y*
- —
TCEHY vs. PDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TCEHY Tencent Holdings Limited | -21.95% | 45.23% | 41.92% | -5.48% | -24.97% | -18.69% | 50.09% | 21.93% | -19.62% |
PDD Pinduoduo Inc. | -28.07% | 16.91% | -33.71% | 79.41% | 39.88% | -67.19% | 369.78% | 68.54% | -15.32% |
Correlation
The correlation between TCEHY and PDD 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 TCEHY and PDD has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
Fundamentals
TCEHY:
$541.76B
PDD:
$120.71B
TCEHY:
CN¥25.30
PDD:
CN¥64.39
TCEHY:
15.81
PDD:
8.58
TCEHY:
1.97
PDD:
0.08
TCEHY:
4.84
PDD:
1.86
TCEHY:
3.27
PDD:
1.94
TCEHY:
CN¥763.32B
PDD:
CN¥441.76B
TCEHY:
CN¥422.60B
PDD:
CN¥247.30B
TCEHY:
CN¥324.78B
PDD:
CN¥134.30B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TCEHY vs. PDD — Risk / Return Rank
TCEHY
PDD
TCEHY vs. PDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tencent Holdings Limited (TCEHY) and Pinduoduo Inc. (PDD). 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.
| TCEHY | PDD | 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 | 0.97 | 0.91 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | -0.52 | +0.27 |
| Martin ratioReturn relative to average drawdown | -0.52 | -1.08 | +0.57 |
Loading charts...
Drawdowns
TCEHY vs. PDD - Drawdown Comparison
The maximum TCEHY drawdown since its inception was -73.17%, smaller than the maximum PDD drawdown of -87.41%. Use the drawdown chart below to compare losses from any high point for TCEHY and PDD.
Loading charts...
Drawdown Indicators
| TCEHY | PDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.17% | -87.41% | +14.24% |
Max Drawdown (1Y)Largest decline over 1 year | -36.75% | -41.14% | +4.39% |
Max Drawdown (3Y)Largest decline over 3 years | -36.75% | -48.40% | +11.65% |
Max Drawdown (5Y)Largest decline over 5 years | -66.13% | -80.88% | +14.75% |
Max Drawdown (10Y)Largest decline over 10 years | -73.17% | — | — |
Current DrawdownCurrent decline from peak | -32.71% | -59.79% | +27.08% |
Average DrawdownAverage peak-to-trough decline | -19.72% | -39.32% | +19.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.42% | 19.55% | -2.13% |
Volatility
TCEHY vs. PDD - Volatility Comparison
The current volatility for Tencent Holdings Limited (TCEHY) is 12.15%, while Pinduoduo Inc. (PDD) has a volatility of 14.35%. This indicates that TCEHY experiences smaller price fluctuations and is considered to be less risky than PDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TCEHY | PDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.15% | 14.35% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 24.73% | 25.50% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.90% | 32.48% | -1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 68.09% | -24.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.83% | 69.37% | -30.54% |
Dividends
TCEHY vs. PDD - Dividend Comparison
TCEHY's dividend yield for the trailing twelve months is around 1.15%, while PDD has not paid dividends to shareholders.
| 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
TCEHY vs. PDD - Financials Comparison
This section allows you to compare key financial metrics between Tencent Holdings Limited and Pinduoduo Inc.. 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
TCEHY vs. PDD - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
TCEHY and PDD 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, TCEHY dropped -73.17% vs PDD's -87.41%.
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.
Find the right allocation for TCEHY and PDD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer