APDIX vs. HLEMX

Last updated Jun 3, 2026

APDIX (Artisan International Fund Advisor Class) and HLEMX (Harding Loevner Emerging Markets Fund) are both mutual funds - APDIX is a International Equity fund actively managed by Artisan, while HLEMX is a Emerging Markets Diversified fund managed by Harding Loevner. A 0.69 correlation means they provide meaningful diversification when combined. APDIX charges 1.05%/yr vs 1.19%/yr for HLEMX.

Performance

APDIX vs. HLEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan International Fund Advisor Class (APDIX) and Harding Loevner Emerging Markets Fund (HLEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

APDIX

• 1D: -0.41%
• 1M: -1.23%
• YTD: 14.20%
• 6M: 18.19%
• 1Y: 26.19%
• 3Y*: 22.87%
• 5Y*: 9.99%
• 10Y*: 9.99%

HLEMX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APDIX vs. HLEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDIX Artisan International Fund Advisor Class	14.20%	36.36%	10.78%	14.44%	-19.44%	9.01%	7.75%	29.33%	-10.86%	31.12%
HLEMX Harding Loevner Emerging Markets Fund	0.00%	26.25%	1.96%	6.77%	-27.69%	-3.43%	13.47%	25.81%	-18.72%	35.22%

Correlation

The correlation between APDIX and HLEMX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.69

Over the past year, the correlation between APDIX and HLEMX has dropped to 0.40 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

APDIX vs. HLEMX — Risk / Return Rank

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

APDIX

APDIX Risk / Return Rank: 49
APDIX Sharpe Ratio Rank: 45
APDIX Sortino Ratio Rank: 46
APDIX Omega Ratio Rank: 43
APDIX Calmar Ratio Rank: 59
APDIX Martin Ratio Rank: 53

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.

APDIX vs. HLEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Fund Advisor Class (APDIX) and Harding Loevner Emerging Markets Fund (HLEMX). 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.

	APDIX	HLEMX	Difference
Sharpe ratio Return per unit of total volatility	1.95	—	—
Sortino ratio Return per unit of downside risk	2.84	—	—
Omega ratio Gain probability vs. loss probability	1.36	—	—
Calmar ratio Return relative to maximum drawdown	2.94	—	—
Martin ratio Return relative to average drawdown	10.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	APDIX	HLEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	—	—

Drawdowns

Drawdown Indicators

	APDIX	HLEMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	—	—
Current Drawdown Current decline from peak	-4.70%	—	—
Average Drawdown Average peak-to-trough decline	-6.99%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	—	—

Volatility

Volatility by Period

	APDIX	HLEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	—	—

APDIX vs. HLEMX - Expense Ratio Comparison

APDIX has a 1.05% expense ratio, which is lower than HLEMX's 1.19% expense ratio.

Dividends

APDIX vs. HLEMX - Dividend Comparison

APDIX's dividend yield for the trailing twelve months is around 20.00%, less than HLEMX's 93.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDIX Artisan International Fund Advisor Class	20.00%	22.84%	10.42%	2.00%	2.74%	23.63%	3.39%	5.41%	9.98%	0.83%	1.45%	0.00%
HLEMX Harding Loevner Emerging Markets Fund	93.52%	93.52%	16.56%	3.13%	8.75%	8.53%	0.32%	1.40%	0.89%	0.73%	0.60%	0.56%

Frequently Asked Questions

Can I hold both APDIX and HLEMX in my portfolio?

APDIX and HLEMX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.