DWUSX vs. HLMSX

Last updated Jun 24, 2026

DWUSX (DFA World ex U.S. Targeted Value Portfolio) and HLMSX (Harding Loevner International Small Companies Portfolio) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, DWUSX returned 12.10%/yr vs 6.40%/yr for HLMSX. Their correlation of 0.84 suggests significant overlap in exposure. DWUSX charges 0.52%/yr vs 1.37%/yr for HLMSX.

Performance

DWUSX vs. HLMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA World ex U.S. Targeted Value Portfolio (DWUSX) and Harding Loevner International Small Companies Portfolio (HLMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWUSX achieves a 13.78% return, which is significantly higher than HLMSX's 5.12% return. Over the past 10 years, DWUSX has outperformed HLMSX with an annualized return of 12.10%, while HLMSX has yielded a comparatively lower 6.40% annualized return.

DWUSX

• 1D: 0.05%
• 1M: 1.57%
• YTD: 13.78%
• 6M: 13.43%
• 1Y: 34.99%
• 3Y*: 22.69%
• 5Y*: 13.53%
• 10Y*: 12.10%

HLMSX

• 1D: -0.31%
• 1M: -1.34%
• YTD: 5.12%
• 6M: 5.01%
• 1Y: 5.66%
• 3Y*: 5.97%
• 5Y*: -0.06%
• 10Y*: 6.40%

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

DWUSX vs. HLMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWUSX DFA World ex U.S. Targeted Value Portfolio	13.78%	39.16%	5.31%	17.40%	-11.83%	26.30%	4.96%	17.39%	-20.38%	30.95%
HLMSX Harding Loevner International Small Companies Portfolio	5.12%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%

Correlation

The correlation between DWUSX and HLMSX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.84

The correlation between DWUSX and HLMSX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

DWUSX vs. HLMSX — Risk / Return Rank

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

DWUSX

DWUSX Risk / Return Rank: 79
DWUSX Sharpe Ratio Rank: 88
DWUSX Sortino Ratio Rank: 83
DWUSX Omega Ratio Rank: 82
DWUSX Calmar Ratio Rank: 75
DWUSX Martin Ratio Rank: 66

HLMSX

HLMSX Risk / Return Rank: 6
HLMSX Sharpe Ratio Rank: 7
HLMSX Sortino Ratio Rank: 6
HLMSX Omega Ratio Rank: 6
HLMSX Calmar Ratio Rank: 7
HLMSX Martin Ratio Rank: 6

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.

DWUSX vs. HLMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA World ex U.S. Targeted Value Portfolio (DWUSX) and Harding Loevner International Small Companies Portfolio (HLMSX). 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.

	DWUSX	HLMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.66	0.49	+2.17
Sortino ratio: Return per unit of downside risk	3.62	0.77	+2.84
Omega ratio: Gain probability vs. loss probability	1.50	1.10	+0.40
Calmar ratio: Return relative to maximum drawdown	3.22	0.57	+2.64
Martin ratio: Return relative to average drawdown	12.06	1.43	+10.63

DWUSX vs. HLMSX - Sharpe Ratio Comparison

The current DWUSX Sharpe Ratio is 2.66, which is higher than the HLMSX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of DWUSX and HLMSX, 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

DWUSX vs. HLMSX - Drawdown Comparison

The maximum DWUSX drawdown since its inception was -49.65%, smaller than the maximum HLMSX drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for DWUSX and HLMSX.

Drawdown Indicators

	DWUSX	HLMSX	Difference
Max Drawdown Largest peak-to-trough decline	-49.65%	-60.77%	+11.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-10.59%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-13.03%	-16.57%	+3.54%
Max Drawdown (5Y) Largest decline over 5 years	-26.71%	-38.22%	+11.51%
Max Drawdown (10Y) Largest decline over 10 years	-49.65%	-38.22%	-11.43%
Current Drawdown Current decline from peak	-0.63%	-10.27%	+9.64%
Average Drawdown Average peak-to-trough decline	-8.63%	-13.21%	+4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	4.26%	-1.27%

Volatility

DWUSX vs. HLMSX - Volatility Comparison

DFA World ex U.S. Targeted Value Portfolio (DWUSX) has a higher volatility of 5.01% compared to Harding Loevner International Small Companies Portfolio (HLMSX) at 3.53%. This indicates that DWUSX's price experiences larger fluctuations and is considered to be riskier than HLMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWUSX	HLMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	3.53%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	10.08%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	12.33%	+1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	15.08%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	14.95%	+1.00%

DWUSX vs. HLMSX - Expense Ratio Comparison

DWUSX has a 0.52% expense ratio, which is lower than HLMSX's 1.37% expense ratio.

Dividends

DWUSX vs. HLMSX - Dividend Comparison

DWUSX's dividend yield for the trailing twelve months is around 2.45%, less than HLMSX's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWUSX DFA World ex U.S. Targeted Value Portfolio	2.45%	2.64%	2.86%	2.81%	2.91%	16.59%	1.37%	3.22%	5.51%	3.18%	1.94%	1.27%
HLMSX Harding Loevner International Small Companies Portfolio	3.84%	4.04%	1.17%	1.00%	1.83%	2.82%	0.03%	0.52%	7.56%	1.13%	4.37%	1.54%

Frequently Asked Questions

Can I hold both DWUSX and HLMSX in my portfolio?

DWUSX and HLMSX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWUSX or HLMSX?

DWUSX has higher volatility (5.01%) compared to HLMSX (3.53%). In terms of maximum drawdown, DWUSX dropped -49.65% vs HLMSX's -60.77%.

Which has better risk-adjusted returns?

DWUSX currently has the higher Sharpe Ratio (2.66 vs 0.49), 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.