APDKX vs. HLMIX

Last updated Jun 3, 2026

APDKX (Artisan International Value Fund Advisor Class) and HLMIX (Harding Loevner International Equity Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, APDKX returned 10.48%/yr vs 9.70%/yr for HLMIX. Their correlation of 0.85 suggests significant overlap in exposure. APDKX charges 1.06%/yr vs 0.79%/yr for HLMIX.

Performance

APDKX vs. HLMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, APDKX achieves a 9.96% return, which is significantly lower than HLMIX's 14.76% return. Over the past 10 years, APDKX has outperformed HLMIX with an annualized return of 10.48%, while HLMIX has yielded a comparatively lower 9.70% annualized return.

APDKX

• 1D: 0.32%
• 1M: 4.77%
• YTD: 9.96%
• 6M: 13.91%
• 1Y: 22.06%
• 3Y*: 16.61%
• 5Y*: 10.26%
• 10Y*: 10.48%

HLMIX

• 1D: 0.45%
• 1M: 4.11%
• YTD: 14.76%
• 6M: 17.40%
• 1Y: 28.54%
• 3Y*: 15.99%
• 5Y*: 6.68%
• 10Y*: 9.70%

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

APDKX vs. HLMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APDKX Artisan International Value Fund Advisor Class	9.96%	22.69%	6.55%	22.81%	-6.85%	16.83%	8.70%	24.12%	-15.56%	20.50%
HLMIX Harding Loevner International Equity Portfolio	14.76%	27.63%	1.18%	15.10%	-20.21%	8.49%	20.33%	25.22%	-13.96%	29.91%

Correlation

The correlation between APDKX and HLMIX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.85

The correlation between APDKX and HLMIX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

APDKX vs. HLMIX — Risk / Return Rank

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

APDKX

APDKX Risk / Return Rank: 36
APDKX Sharpe Ratio Rank: 34
APDKX Sortino Ratio Rank: 35
APDKX Omega Ratio Rank: 41
APDKX Calmar Ratio Rank: 36
APDKX Martin Ratio Rank: 34

HLMIX

HLMIX Risk / Return Rank: 49
HLMIX Sharpe Ratio Rank: 49
HLMIX Sortino Ratio Rank: 46
HLMIX Omega Ratio Rank: 45
HLMIX Calmar Ratio Rank: 53
HLMIX Martin Ratio Rank: 52

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.

APDKX vs. HLMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan International Value Fund Advisor Class (APDKX) and Harding Loevner International Equity Portfolio (HLMIX). 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.

	APDKX	HLMIX	Difference
Sharpe ratio Return per unit of total volatility	1.69	2.06	-0.36
Sortino ratio Return per unit of downside risk	2.48	2.85	-0.37
Omega ratio Gain probability vs. loss probability	1.35	1.36	-0.02
Calmar ratio Return relative to maximum drawdown	2.31	2.82	-0.51
Martin ratio Return relative to average drawdown	7.80	10.78	-2.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APDKX vs. HLMIX - Sharpe Ratio Comparison

The current APDKX Sharpe Ratio is 1.69, which is comparable to the HLMIX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of APDKX and HLMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APDKX	HLMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.06	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.42	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.59	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.38	+0.28

Drawdowns

APDKX vs. HLMIX - Drawdown Comparison

The maximum APDKX drawdown since its inception was -38.09%, smaller than the maximum HLMIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for APDKX and HLMIX.

Drawdown Indicators

	APDKX	HLMIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.09%	-58.03%	+19.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-10.44%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-10.88%	-13.98%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.88%	-32.76%	+7.88%
Max Drawdown (10Y) Largest decline over 10 years	-38.09%	-32.76%	-5.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.41%	-12.70%	+7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.73%	+0.21%

Volatility

APDKX vs. HLMIX - Volatility Comparison

The current volatility for Artisan International Value Fund Advisor Class (APDKX) is 4.37%, while Harding Loevner International Equity Portfolio (HLMIX) has a volatility of 5.15%. This indicates that APDKX experiences smaller price fluctuations and is considered to be less risky than HLMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APDKX	HLMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.15%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	12.02%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.64%	14.49%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	15.93%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	16.49%	-0.32%

APDKX vs. HLMIX - Expense Ratio Comparison

APDKX has a 1.06% expense ratio, which is higher than HLMIX's 0.79% expense ratio.

Dividends

APDKX vs. HLMIX - Dividend Comparison

APDKX's dividend yield for the trailing twelve months is around 6.44%, less than HLMIX's 13.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APDKX Artisan International Value Fund Advisor Class	6.44%	7.05%	4.26%	3.02%	2.23%	9.92%	0.91%	3.83%	5.61%	1.25%	3.27%	0.00%
HLMIX Harding Loevner International Equity Portfolio	13.02%	14.94%	7.14%	3.79%	2.51%	2.48%	0.75%	1.59%	1.50%	1.64%	0.98%	1.02%

Frequently Asked Questions

Can I hold both APDKX and HLMIX in my portfolio?

APDKX and HLMIX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APDKX or HLMIX?

HLMIX has higher volatility (5.15%) compared to APDKX (4.37%). In terms of maximum drawdown, APDKX dropped -38.09% vs HLMIX's -58.03%.

Which has better risk-adjusted returns?

HLMIX currently has the higher Sharpe Ratio (2.06 vs 1.69), 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.