API vs TDF: Correlation
Agora, Inc. (API) and Templeton Dragon Fund, Inc. (TDF) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are API and TDF?
Across a 3-year window, the weekly returns of API and TDF correlate at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 996.0 %².
In API's tracked universe of 14 assets, TDF sits right near the top at #2. On 12-month performance API holds a 12.3-point edge, +15.7% against +3.4%. Note the risk asymmetry: API runs 4.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
API vs TDF: side by side
| API (Agora, Inc.) | TDF (Templeton Dragon Fund, Inc.) | |
|---|---|---|
| 1-year return | +15.7% | +3.4% |
| 5-year return | -86.7% | -29.3% |
| Volatility (ann.) | 96.1% | 22.2% |
| Beta vs S&P 500 | 1.90 | 0.64 |
| Max drawdown (3Y) | -60.8% | -22.2% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 45.1 | 3.6 |
| Dividend yield | 0.00% | 3.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | API | TDF |
|---|---|---|
| 2022 | -75.9% | -32.9% |
| 2023 | -32.7% | -20.1% |
| 2024 | +58.2% | +5.5% |
| 2025 | -2.2% | +37.7% |
| 2026 | -0.2% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are API and TDF good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between API and TDF?
As of 2026-08-27, the correlation of weekly returns between API and TDF is 0.47 over 3 years, 0.41 over 1 year and 0.54 over 5 years.
Is TDF a good diversifier for API?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/api-vs-tdf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/api-vs-tdf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: API correlations · TDF correlations
