TDF vs YUMC: Correlation
Templeton Dragon Fund, Inc. (TDF) and Yum China Holdings, Inc. (YUMC) 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 TDF and YUMC?
On 3 years of weekly data the TDF/YUMC correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.47). The 5-year figure is 0.57, and annualized covariance runs at 389.1 %².
By 3-year correlation, YUMC places #8 of the 21 assets tracked against TDF. Twelve-month performance is nearly a tie, at +3.4% for TDF and +1.9% for YUMC. Note the risk asymmetry: YUMC runs 1.7 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.
TDF vs YUMC: side by side
| TDF (Templeton Dragon Fund, Inc.) | YUMC (Yum China Holdings, Inc.) | |
|---|---|---|
| 1-year return | +3.4% | +1.9% |
| 5-year return | -29.3% | -21.2% |
| Volatility (ann.) | 22.2% | 37.2% |
| Beta vs S&P 500 | 0.64 | 0.25 |
| Max drawdown (3Y) | -22.2% | -49.0% |
| Market cap | $0.3B | $15.3B |
| P/E (trailing) | 3.6 | 16.5 |
| Dividend yield | 3.68% | 2.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TDF | YUMC |
|---|---|---|
| 2022 | -32.9% | +10.8% |
| 2023 | -20.1% | -21.6% |
| 2024 | +5.5% | +15.4% |
| 2025 | +37.7% | +0.1% |
| 2026 | -1.2% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TDF and YUMC 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 TDF and YUMC?
As of 2026-08-27, the correlation of weekly returns between TDF and YUMC is 0.47 over 3 years, 0.02 over 1 year and 0.57 over 5 years.
Is YUMC a good diversifier for TDF?
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?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tdf-vs-yumc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/tdf-vs-yumc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TDF correlations · YUMC correlations
