DWGAX vs. HLFMX

Last updated Aug 5, 2026

DWGAX (American Funds Developing World Growth and Income Fund) and HLFMX (Harding Loevner Frontier Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, DWGAX returned 7.08%/yr vs 4.44%/yr for HLFMX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. DWGAX charges 1.23%/yr vs 1.60%/yr for HLFMX.

Performance

DWGAX vs. HLFMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Developing World Growth and Income Fund (DWGAX) and Harding Loevner Frontier Emerging Markets Fund (HLFMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWGAX achieves a 15.24% return, which is significantly higher than HLFMX's 7.50% return. Over the past 10 years, DWGAX has outperformed HLFMX with an annualized return of 7.08%, while HLFMX has yielded a comparatively lower 4.44% annualized return.

DWGAX

• 1D: -0.99%
• 1M: 0.76%
• 6M: 6.51%
• YTD: 15.24%
• 1Y: 30.70%
• 3Y*: 17.46%
• 5Y*: 5.36%
• 10Y*: 7.08%
• ALL TIME*: 5.20%

HLFMX

• 1D: 1.48%
• 1M: 2.45%
• 6M: -1.13%
• YTD: 7.50%
• 1Y: 11.49%
• 3Y*: 11.55%
• 5Y*: 5.08%
• 10Y*: 4.44%
• ALL TIME*: 1.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DWGAX American Funds Developing World Growth and Income Fund	$0.00	$0.00	$0.00
HLFMX Harding Loevner Frontier Emerging Markets Fund	$0.00	$0.00	$0.00

DWGAX vs. HLFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWGAX American Funds Developing World Growth and Income Fund	15.24%	34.25%	3.57%	11.28%	-23.47%	0.50%	12.07%	23.50%	-14.90%	27.69%
HLFMX Harding Loevner Frontier Emerging Markets Fund	7.50%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.11%	10.88%	-15.45%	25.08%

Correlation

The correlation between DWGAX and HLFMX is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.62

The correlation between DWGAX and HLFMX has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

Return for Risk

DWGAX vs. HLFMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DWGAX

DWGAX Risk / Return Rank: 61
DWGAX Sharpe Ratio Rank: 65
DWGAX Sortino Ratio Rank: 56
DWGAX Omega Ratio Rank: 62
DWGAX Calmar Ratio Rank: 68
DWGAX Martin Ratio Rank: 55

HLFMX

HLFMX Risk / Return Rank: 27
HLFMX Sharpe Ratio Rank: 28
HLFMX Sortino Ratio Rank: 31
HLFMX Omega Ratio Rank: 31
HLFMX Calmar Ratio Rank: 24
HLFMX Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DWGAX vs. HLFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Developing World Growth and Income Fund (DWGAX) and Harding Loevner Frontier Emerging Markets Fund (HLFMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DWGAX	HLFMX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.07	+0.66
Sortino ratio: Return per unit of downside risk	2.32	1.69	+0.63
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	2.48	1.20	+1.28
Martin ratio: Return relative to average drawdown	8.09	2.96	+5.13

DWGAX vs. HLFMX - Sharpe Ratio Comparison

The current DWGAX Sharpe Ratio is 1.73, which is higher than the HLFMX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of DWGAX and HLFMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DWGAX vs. HLFMX - Drawdown Comparison

The maximum DWGAX drawdown since its inception was -38.71%, smaller than the maximum HLFMX drawdown of -63.95%. Use the drawdown chart below to compare losses from any high point for DWGAX and HLFMX.

Drawdown Indicators

	DWGAX	HLFMX	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-63.95%	+25.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.26%	-11.09%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-11.79%	-2.89%
Max Drawdown (5Y) Largest decline over 5 years	-37.83%	-28.37%	-9.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	-46.61%	+7.90%
Current Drawdown Current decline from peak	-5.67%	-2.34%	-3.33%
Average Drawdown Average peak-to-trough decline	-13.80%	-19.12%	+5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	4.50%	-0.44%

Volatility

DWGAX vs. HLFMX - Volatility Comparison

American Funds Developing World Growth and Income Fund (DWGAX) has a higher volatility of 8.26% compared to Harding Loevner Frontier Emerging Markets Fund (HLFMX) at 3.74%. This indicates that DWGAX's price experiences larger fluctuations and is considered to be riskier than HLFMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWGAX	HLFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.26%	3.74%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	17.01%	11.12%	+5.89%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	12.48%	+6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	10.68%	+6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	11.96%	+4.81%

DWGAX vs. HLFMX - Expense Ratio Comparison

DWGAX has a 1.23% expense ratio, which is lower than HLFMX's 1.60% expense ratio.

Dividends

DWGAX vs. HLFMX - Dividend Comparison

DWGAX's dividend yield for the trailing twelve months is around 1.38%, less than HLFMX's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWGAX American Funds Developing World Growth and Income Fund	1.38%	1.87%	1.12%	1.63%	1.09%	1.01%	1.46%	1.81%	2.28%	2.02%	2.01%	2.05%
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.31%	3.56%	1.88%	1.77%	2.28%	0.83%	1.61%	1.97%	1.34%	1.90%	1.01%	1.13%

Frequently Asked Questions

Can I hold both DWGAX and HLFMX in my portfolio?

DWGAX and HLFMX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWGAX or HLFMX?

DWGAX has higher volatility (8.26%) compared to HLFMX (3.74%). In terms of maximum drawdown, DWGAX dropped -38.71% vs HLFMX's -63.95%.

Which has better risk-adjusted returns?

DWGAX currently has the higher Sharpe Ratio (1.73 vs 1.07), 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.