GPMCX vs. HLMSX

Last updated Jun 25, 2026

GPMCX (Grandeur Peak Global Micro Cap Fund) and HLMSX (Harding Loevner International Small Companies Portfolio) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, GPMCX returned 8.96%/yr vs 6.22%/yr for HLMSX. A 0.79 correlation means they provide meaningful diversification when combined. GPMCX charges 1.85%/yr vs 1.37%/yr for HLMSX.

Performance

GPMCX vs. HLMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Global Micro Cap Fund (GPMCX) 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, GPMCX achieves a -1.35% return, which is significantly lower than HLMSX's 3.42% return. Over the past 10 years, GPMCX has outperformed HLMSX with an annualized return of 8.96%, while HLMSX has yielded a comparatively lower 6.22% annualized return.

GPMCX

• 1D: -0.97%
• 1M: -1.03%
• YTD: -1.35%
• 6M: -0.97%
• 1Y: 2.14%
• 3Y*: 8.35%
• 5Y*: -2.21%
• 10Y*: 8.96%

HLMSX

• 1D: -1.62%
• 1M: -2.95%
• YTD: 3.42%
• 6M: 3.47%
• 1Y: 2.31%
• 3Y*: 5.40%
• 5Y*: -0.48%
• 10Y*: 6.22%

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

GPMCX vs. HLMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPMCX Grandeur Peak Global Micro Cap Fund	-1.35%	13.25%	3.22%	12.46%	-31.66%	17.27%	53.02%	23.79%	-17.74%	31.50%
HLMSX Harding Loevner International Small Companies Portfolio	3.42%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%

Correlation

The correlation between GPMCX and HLMSX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.79

The correlation between GPMCX and HLMSX has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

GPMCX vs. HLMSX — Risk / Return Rank

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

GPMCX

GPMCX Risk / Return Rank: 5
GPMCX Sharpe Ratio Rank: 5
GPMCX Sortino Ratio Rank: 5
GPMCX Omega Ratio Rank: 5
GPMCX Calmar Ratio Rank: 5
GPMCX Martin Ratio Rank: 5

HLMSX

HLMSX Risk / Return Rank: 5
HLMSX Sharpe Ratio Rank: 6
HLMSX Sortino Ratio Rank: 5
HLMSX Omega Ratio Rank: 5
HLMSX Calmar Ratio Rank: 6
HLMSX Martin Ratio Rank: 5

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.

GPMCX vs. HLMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Global Micro Cap Fund (GPMCX) 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.

	GPMCX	HLMSX	Difference
Sharpe ratio: Return per unit of total volatility	0.30	0.32	-0.02
Sortino ratio: Return per unit of downside risk	0.53	0.53	0.00
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	0.30	0.37	-0.08
Martin ratio: Return relative to average drawdown	0.90	0.93	-0.03

GPMCX vs. HLMSX - Sharpe Ratio Comparison

The current GPMCX Sharpe Ratio is 0.30, which is comparable to the HLMSX Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of GPMCX 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

GPMCX vs. HLMSX - Drawdown Comparison

The maximum GPMCX drawdown since its inception was -44.27%, smaller than the maximum HLMSX drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for GPMCX and HLMSX.

Drawdown Indicators

	GPMCX	HLMSX	Difference
Max Drawdown Largest peak-to-trough decline	-44.27%	-60.77%	+16.50%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-10.59%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-16.57%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-44.27%	-38.22%	-6.05%
Max Drawdown (10Y) Largest decline over 10 years	-44.27%	-38.22%	-6.05%
Current Drawdown Current decline from peak	-17.44%	-11.73%	-5.71%
Average Drawdown Average peak-to-trough decline	-15.05%	-13.21%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	4.26%	+0.31%

Volatility

GPMCX vs. HLMSX - Volatility Comparison

Grandeur Peak Global Micro Cap Fund (GPMCX) and Harding Loevner International Small Companies Portfolio (HLMSX) have volatilities of 3.80% and 3.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPMCX	HLMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	3.88%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	10.18%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	12.42%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	15.10%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.85%	14.86%	-0.01%

GPMCX vs. HLMSX - Expense Ratio Comparison

GPMCX has a 1.85% expense ratio, which is higher than HLMSX's 1.37% expense ratio.

Dividends

GPMCX vs. HLMSX - Dividend Comparison

GPMCX's dividend yield for the trailing twelve months is around 3.37%, less than HLMSX's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPMCX Grandeur Peak Global Micro Cap Fund	3.37%	3.33%	0.53%	0.00%	0.00%	15.76%	8.25%	0.69%	6.99%	7.34%	1.20%	0.00%
HLMSX Harding Loevner International Small Companies Portfolio	3.91%	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 GPMCX and HLMSX in my portfolio?

GPMCX 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, GPMCX or HLMSX?

HLMSX has higher volatility (3.88%) compared to GPMCX (3.80%). In terms of maximum drawdown, GPMCX dropped -44.27% vs HLMSX's -60.77%.

Which has better risk-adjusted returns?

HLMSX currently has the higher Sharpe Ratio (0.32 vs 0.30), 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.