TDF vs. ICHKX

Last updated Jun 23, 2026

TDF (Templeton Dragon Fund Inc.) and ICHKX (Guinness Atkinson China And Hong Kong Fund) are both China Equities funds. Over the past 10 years, TDF returned 5.03%/yr vs 3.64%/yr for ICHKX. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

TDF vs. ICHKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Dragon Fund Inc. (TDF) and Guinness Atkinson China And Hong Kong Fund (ICHKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TDF achieves a -2.73% return, which is significantly higher than ICHKX's -6.77% return. Over the past 10 years, TDF has outperformed ICHKX with an annualized return of 5.03%, while ICHKX has yielded a comparatively lower 3.64% annualized return.

TDF

• 1D: 1.50%
• 1M: -1.18%
• YTD: -2.73%
• 6M: -3.92%
• 1Y: 14.90%
• 3Y*: 8.64%
• 5Y*: -8.68%
• 10Y*: 5.03%

ICHKX

• 1D: -0.79%
• 1M: -6.94%
• YTD: -6.77%
• 6M: -7.39%
• 1Y: 10.53%
• 3Y*: 1.48%
• 5Y*: -6.72%
• 10Y*: 3.64%

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

TDF vs. ICHKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TDF Templeton Dragon Fund Inc.	-2.73%	37.70%	5.44%	-20.06%	-32.93%	-18.02%	52.98%	27.97%	-11.80%	42.09%
ICHKX Guinness Atkinson China And Hong Kong Fund	-6.77%	28.97%	0.05%	-14.52%	-23.67%	-6.90%	14.58%	30.08%	-20.50%	49.07%

Correlation

The correlation between TDF and ICHKX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 20, 1995	0.63

The correlation between TDF and ICHKX shifts across timeframes, from 0.63 (all time) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TDF vs. ICHKX — Risk / Return Rank

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

TDF

TDF Risk / Return Rank: 11
TDF Sharpe Ratio Rank: 11
TDF Sortino Ratio Rank: 11
TDF Omega Ratio Rank: 11
TDF Calmar Ratio Rank: 12
TDF Martin Ratio Rank: 10

ICHKX

ICHKX Risk / Return Rank: 8
ICHKX Sharpe Ratio Rank: 8
ICHKX Sortino Ratio Rank: 8
ICHKX Omega Ratio Rank: 8
ICHKX Calmar Ratio Rank: 8
ICHKX Martin Ratio Rank: 8

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. ICHKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Dragon Fund Inc. (TDF) and Guinness Atkinson China And Hong Kong Fund (ICHKX). 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.

	TDF	ICHKX	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.60	+0.21
Sortino ratio: Return per unit of downside risk	1.28	0.95	+0.33
Omega ratio: Gain probability vs. loss probability	1.16	1.11	+0.04
Calmar ratio: Return relative to maximum drawdown	1.07	0.74	+0.33
Martin ratio: Return relative to average drawdown	2.74	2.22	+0.52

TDF vs. ICHKX - Sharpe Ratio Comparison

The current TDF Sharpe Ratio is 0.81, which is higher than the ICHKX Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of TDF and ICHKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TDF vs. ICHKX - Drawdown Comparison

The maximum TDF drawdown since its inception was -68.15%, roughly equal to the maximum ICHKX drawdown of -70.67%. Use the drawdown chart below to compare losses from any high point for TDF and ICHKX.

Drawdown Indicators

	TDF	ICHKX	Difference
Max Drawdown Largest peak-to-trough decline	-68.15%	-70.67%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.95%	-13.17%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-28.25%	-28.10%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-61.85%	-51.29%	-10.56%
Max Drawdown (10Y) Largest decline over 10 years	-66.87%	-58.39%	-8.48%
Current Drawdown Current decline from peak	-47.19%	-40.67%	-6.52%
Average Drawdown Average peak-to-trough decline	-22.60%	-27.22%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.45%	4.40%	+1.05%

Volatility

TDF vs. ICHKX - Volatility Comparison

Templeton Dragon Fund Inc. (TDF) has a higher volatility of 6.14% compared to Guinness Atkinson China And Hong Kong Fund (ICHKX) at 4.93%. This indicates that TDF's price experiences larger fluctuations and is considered to be riskier than ICHKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDF	ICHKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	4.93%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	11.45%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	16.29%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.25%	23.70%	+3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.98%	22.43%	+1.55%

Dividends

TDF vs. ICHKX - Dividend Comparison

TDF's dividend yield for the trailing twelve months is around 2.76%, more than ICHKX's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICHKX Guinness Atkinson China And Hong Kong Fund	1.13%	1.06%	1.11%	0.74%	0.86%	20.44%	3.57%	4.37%	12.53%	6.76%	5.31%	12.25%
TDF Templeton Dragon Fund Inc.	2.76%	3.55%	1.36%	0.00%	12.73%	14.13%	24.72%	10.75%	12.43%	7.95%	10.34%	22.49%

Frequently Asked Questions

Can I hold both TDF and ICHKX in my portfolio?

TDF and ICHKX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDF or ICHKX?

TDF has higher volatility (6.14%) compared to ICHKX (4.93%). In terms of maximum drawdown, TDF dropped -68.15% vs ICHKX's -70.67%.

Which has better risk-adjusted returns?

TDF currently has the higher Sharpe Ratio (0.81 vs 0.60), 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.