TDF vs. CAF
Compare and contrast key facts about Templeton Dragon Fund Inc. (TDF) and Morgan Stanley China A Share Fund (CAF).
TDF is managed by Franklin Templeton Investments. CAF is an actively managed fund by Morgan Stanley. It was launched on Jul 6, 2006.
Performance
TDF vs. CAF - Performance Comparison
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TDF vs. CAF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TDF Templeton Dragon Fund Inc. | -4.88% | 37.70% | 5.44% | -20.06% | -32.93% | -18.02% | 52.98% | 27.97% | -11.80% | 42.09% |
CAF Morgan Stanley China A Share Fund | 0.81% | 41.51% | 0.34% | -9.39% | -30.41% | -1.77% | 12.74% | 23.50% | -14.26% | 44.94% |
Returns By Period
In the year-to-date period, TDF achieves a -4.88% return, which is significantly lower than CAF's 0.81% return. Both investments have delivered pretty close results over the past 10 years, with TDF having a 4.59% annualized return and CAF not far ahead at 4.78%.
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%
CAF
- 1D
- 3.67%
- 1M
- -4.11%
- YTD
- 0.81%
- 6M
- 6.75%
- 1Y
- 35.89%
- 3Y*
- 8.65%
- 5Y*
- -3.03%
- 10Y*
- 4.78%
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TDF vs. CAF - Expense Ratio Comparison
Return for Risk
TDF vs. CAF — Risk / Return Rank
TDF
CAF
TDF vs. CAF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Templeton Dragon Fund Inc. (TDF) and Morgan Stanley China A Share Fund (CAF). 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 | CAF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 1.83 | -1.20 |
Sortino ratioReturn per unit of downside risk | 0.95 | 2.50 | -1.55 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.35 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | 0.78 | 3.02 | -2.24 |
Martin ratioReturn relative to average drawdown | 2.60 | 10.31 | -7.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TDF | CAF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.83 | -1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.14 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.22 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.26 | +0.03 |
Correlation
The correlation between TDF and CAF is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TDF vs. CAF - Dividend Comparison
TDF's dividend yield for the trailing twelve months is around 3.77%, more than CAF's 1.50% 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% |
CAF Morgan Stanley China A Share Fund | 1.50% | 1.51% | 2.63% | 0.96% | 0.02% | 6.57% | 10.40% | 3.78% | 9.48% | 5.20% | 4.69% | 67.03% |
Drawdowns
TDF vs. CAF - Drawdown Comparison
The maximum TDF drawdown since its inception was -68.15%, roughly equal to the maximum CAF drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for TDF and CAF.
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Drawdown Indicators
| TDF | CAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.15% | -65.88% | -2.27% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -11.45% | -4.60% |
Max Drawdown (5Y)Largest decline over 5 years | -62.07% | -49.01% | -13.06% |
Max Drawdown (10Y)Largest decline over 10 years | -66.87% | -49.01% | -17.86% |
Current DrawdownCurrent decline from peak | -48.36% | -17.42% | -30.94% |
Average DrawdownAverage peak-to-trough decline | -22.44% | -26.05% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.80% | 3.49% | +1.31% |
Volatility
TDF vs. CAF - Volatility Comparison
The current volatility for Templeton Dragon Fund Inc. (TDF) is 6.03%, while Morgan Stanley China A Share Fund (CAF) has a volatility of 6.54%. This indicates that TDF experiences smaller price fluctuations and is considered to be less risky than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TDF | CAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | 6.54% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 12.48% | 13.91% | -1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.72% | 19.73% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.18% | 21.20% | +5.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.88% | 21.90% | +1.98% |