HLEMX vs. SSKEX

Last updated Jun 5, 2026

HLEMX (Harding Loevner Emerging Markets Fund) and SSKEX (State Street Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Their correlation of 0.86 suggests significant overlap in exposure. HLEMX charges 1.19%/yr vs 0.17%/yr for SSKEX.

Performance

HLEMX vs. SSKEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Emerging Markets Fund (HLEMX) and State Street Emerging Markets Equity Index Fund (SSKEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HLEMX

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

SSKEX

• 1D: -0.14%
• 1M: 8.60%
• YTD: 28.77%
• 6M: 31.57%
• 1Y: 56.13%
• 3Y*: 24.66%
• 5Y*: 7.69%
• 10Y*: 10.58%

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

HLEMX vs. SSKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SSKEX State Street Emerging Markets Equity Index Fund	28.77%	33.79%	7.00%	9.50%	-20.23%	-2.80%	18.20%	18.16%	-14.78%	37.18%

Correlation

The correlation between HLEMX and SSKEX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.86

Over the past year, the correlation between HLEMX and SSKEX has dropped to 0.50 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

HLEMX vs. SSKEX — Risk / Return Rank

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

SSKEX

SSKEX Risk / Return Rank: 91
SSKEX Sharpe Ratio Rank: 96
SSKEX Sortino Ratio Rank: 91
SSKEX Omega Ratio Rank: 89
SSKEX Calmar Ratio Rank: 90
SSKEX Martin Ratio Rank: 90

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.

HLEMX vs. SSKEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Emerging Markets Fund (HLEMX) and State Street Emerging Markets Equity Index Fund (SSKEX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HLEMX	SSKEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.51	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.63	—

Drawdowns

Drawdown Indicators

	HLEMX	SSKEX	Difference
Max Drawdown Largest peak-to-trough decline	—	-39.23%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-12.44%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.23%	—
Current Drawdown Current decline from peak	—	-0.14%	—
Average Drawdown Average peak-to-trough decline	—	-13.27%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.29%	—

Volatility

Volatility by Period

	HLEMX	SSKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.46%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.50%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.29%	—

HLEMX vs. SSKEX - Expense Ratio Comparison

HLEMX has a 1.19% expense ratio, which is higher than SSKEX's 0.17% expense ratio.

Dividends

HLEMX vs. SSKEX - Dividend Comparison

HLEMX's dividend yield for the trailing twelve months is around 93.52%, more than SSKEX's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SSKEX State Street Emerging Markets Equity Index Fund	2.21%	2.85%	2.90%	3.26%	3.90%	1.95%	1.84%	2.84%	3.01%	2.55%	2.29%	0.00%

Frequently Asked Questions

Can I hold both HLEMX and SSKEX in my portfolio?

HLEMX and SSKEX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.