TDF vs. BGCBX

Last updated Apr 1, 2026

Compare and contrast key facts about Templeton Dragon Fund Inc. (TDF) and Baillie Gifford China Equities Fund (BGCBX).

TDF is managed by Franklin Templeton Investments. BGCBX is managed by Baillie Gifford Funds. It was launched on Jul 6, 2021.

Performance

TDF vs. BGCBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Dragon Fund Inc. (TDF) and Baillie Gifford China Equities Fund (BGCBX). The values are adjusted to include any dividend payments, if applicable.

TDF vs. BGCBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TDF Templeton Dragon Fund Inc.	-4.88%	37.70%	5.44%	-20.06%	-32.93%	-17.02%
BGCBX Baillie Gifford China Equities Fund	-7.39%	36.51%	9.74%	-18.00%	-28.56%	-17.30%

Returns By Period

In the year-to-date period, TDF achieves a -4.88% return, which is significantly higher than BGCBX's -7.39% return.

TDF

• 1D: 1.82%
• 1M: -7.19%
• YTD: -4.88%
• 6M: -7.24%
• 1Y: 13.51%
• 3Y*: 2.14%
• 5Y*: -9.72%
• 10Y*: 4.59%

BGCBX

• 1D: -0.16%
• 1M: -8.19%
• YTD: -7.39%
• 6M: -12.16%
• 1Y: 9.09%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

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

TDF vs. BGCBX - Expense Ratio Comparison

BGCBX

Baillie Gifford China Equities Fund

Return for Risk

TDF vs. BGCBX — Risk / Return Rank

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

TDF

TDF Risk / Return Rank: 23
TDF Sharpe Ratio Rank: 23
TDF Sortino Ratio Rank: 22
TDF Omega Ratio Rank: 22
TDF Calmar Ratio Rank: 26
TDF Martin Ratio Rank: 23

BGCBX

BGCBX Risk / Return Rank: 14
BGCBX Sharpe Ratio Rank: 14
BGCBX Sortino Ratio Rank: 14
BGCBX Omega Ratio Rank: 13
BGCBX Calmar Ratio Rank: 14
BGCBX Martin Ratio Rank: 14

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.

TDF vs. BGCBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Dragon Fund Inc. (TDF) and Baillie Gifford China Equities Fund (BGCBX). 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.

	TDF	BGCBX	Difference
Sharpe ratio Return per unit of total volatility	0.63	0.40	+0.22
Sortino ratio Return per unit of downside risk	0.95	0.67	+0.28
Omega ratio Gain probability vs. loss probability	1.14	1.09	+0.04
Calmar ratio Return relative to maximum drawdown	0.78	0.40	+0.38
Martin ratio Return relative to average drawdown	2.60	1.29	+1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDF vs. BGCBX - Sharpe Ratio Comparison

The current TDF Sharpe Ratio is 0.63, which is higher than the BGCBX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of TDF and BGCBX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TDF	BGCBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.40	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	-0.30	+0.58

Correlation

The correlation between TDF and BGCBX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TDF vs. BGCBX - Dividend Comparison

TDF's dividend yield for the trailing twelve months is around 3.77%, more than BGCBX's 0.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TDF Templeton Dragon Fund Inc.	3.77%	3.55%	1.36%	0.00%	12.73%	14.13%	24.72%	10.75%	12.43%	7.95%	10.34%	22.49%
BGCBX Baillie Gifford China Equities Fund	0.99%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TDF vs. BGCBX - Drawdown Comparison

The maximum TDF drawdown since its inception was -68.15%, which is greater than BGCBX's maximum drawdown of -59.07%. Use the drawdown chart below to compare losses from any high point for TDF and BGCBX.

Drawdown Indicators

	TDF	BGCBX	Difference
Max Drawdown Largest peak-to-trough decline	-68.15%	-59.07%	-9.08%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-16.02%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-62.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.87%	—	—
Current Drawdown Current decline from peak	-48.36%	-33.71%	-14.65%
Average Drawdown Average peak-to-trough decline	-22.44%	-38.61%	+16.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	4.94%	-0.14%

Volatility

TDF vs. BGCBX - Volatility Comparison

Templeton Dragon Fund Inc. (TDF) and Baillie Gifford China Equities Fund (BGCBX) have volatilities of 6.03% and 6.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDF	BGCBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	6.03%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	13.23%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	21.72%	21.42%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.18%	27.29%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.88%	27.29%	-3.41%