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Harding Loevner Frontier Emerging Markets Fund (HLFMX) Sharpe Ratio: 1.32

Mutual Fund · Currency in USD · Last updated Jun 24, 2026

The fund invests primarily in companies that are based in frontier emerging markets, including the smaller traditionally-recognized emerging markets. It invests at least 80% of its net assets in frontier emerging market securities, and investment companies that invest in the types of securities in which the Portfolio would normally invest. The fund invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies. It also may invest in securities of U.S. companies.

HLFMX's Sharpe Ratio of 1.32 indicates that for each unit of volatility, it generates 1.32 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 24, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets. For how to read this number and when it can mislead, see Sharpe Ratio Explained.

HLFMX Sharpe Ratio Rank

HLFMX Sharpe Ratio Rank: 24.925
Below Average

HLFMX ranks above 24.9% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

HLFMX Sharpe Ratio Market Positioning

The chart shows HLFMX's Sharpe Ratio relative to all mutual funds on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 1.30 or lower
  • Yellow zone (middle 50%): 1.30 to 2.32
  • Green zone (top 25%): 2.32 or higher
  • Top 1%: 4.28+
  • Median: 1.93 — half of all investments score higher

How it compares to other similar mutual funds

The table compares Harding Loevner Frontier Emerging Markets Fund's Sharpe Ratio with other mutual funds in the Emerging Markets Diversified category across multiple time periods, showing how HLFMX's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 24, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
DEMIXDelaware Emerging Markets Fund6.06
FQEMXFranklin Templeton SMACS: Series EM5.10
LCSMXMartin Currie SMA-Shares Series EM Fund4.58
LVAZXLSV Emerging Markets Equity Fund3.76
LZEMXLazard Emerging Markets Equity Portfolio3.73
GTDDXInvesco EQV Emerging Markets All Cap Fd3.72
GMAQXGMO Emerging Markets ex-China Fund3.69
IEMGXVoya Multi-Manager Emerging Markets Equity Fund3.64
GLLSXabrdn Emerging Markets ex-China Fund3.58
DODEXDodge & Cox Emerging Markets Stock Fund3.47
HLFMXHarding Loevner Frontier Emerging Markets Fund1.32

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows HLFMX's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when HLFMX consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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How does HLFMX fit in your portfolio?

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