HLEMX vs. WAEMX

Last updated Apr 1, 2026

Compare and contrast key facts about Harding Loevner Emerging Markets Fund (HLEMX) and Wasatch Emerging Markets Small Cap Fund (WAEMX).

HLEMX is managed by Harding Loevner. It was launched on Nov 8, 1998. WAEMX is managed by Wasatch. It was launched on Sep 30, 2007.

Performance

HLEMX vs. WAEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Emerging Markets Fund (HLEMX) and Wasatch Emerging Markets Small Cap Fund (WAEMX). The values are adjusted to include any dividend payments, if applicable.

HLEMX vs. WAEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLEMX Harding Loevner Emerging Markets Fund	0.00%	-34.63%	1.96%	6.77%	-27.69%	-3.43%	13.47%	25.81%	-18.72%	35.22%
WAEMX Wasatch Emerging Markets Small Cap Fund	2.94%	5.85%	-2.21%	21.20%	-38.76%	30.16%	32.79%	27.45%	-18.97%	38.20%

Returns By Period

HLEMX

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

WAEMX

• 1D: -1.69%
• 1M: -7.41%
• YTD: 2.94%
• 6M: 8.97%
• 1Y: 19.69%
• 3Y*: 6.27%
• 5Y*: -0.05%
• 10Y*: 6.51%

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

HLEMX vs. WAEMX - Expense Ratio Comparison

HLEMX has a 1.19% expense ratio, which is lower than WAEMX's 1.91% expense ratio.

WAEMX

Wasatch Emerging Markets Small Cap Fund

HLEMX

Harding Loevner Emerging Markets Fund

Return for Risk

HLEMX vs. WAEMX — Risk / Return Rank

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

WAEMX

WAEMX Risk / Return Rank: 67
WAEMX Sharpe Ratio Rank: 66
WAEMX Sortino Ratio Rank: 68
WAEMX Omega Ratio Rank: 55
WAEMX Calmar Ratio Rank: 77
WAEMX Martin Ratio Rank: 68

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. WAEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Emerging Markets Fund (HLEMX) and Wasatch Emerging Markets Small Cap Fund (WAEMX). 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	WAEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.15	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.00	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.25	—

Correlation

The correlation between HLEMX and WAEMX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HLEMX vs. WAEMX - Dividend Comparison

HLEMX has not paid dividends to shareholders, while WAEMX's dividend yield for the trailing twelve months is around 68.39%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLEMX Harding Loevner Emerging Markets Fund	0.00%	0.00%	16.56%	3.13%	8.75%	8.53%	0.32%	1.40%	0.89%	0.73%	0.60%	0.56%
WAEMX Wasatch Emerging Markets Small Cap Fund	68.39%	70.40%	6.49%	0.00%	3.32%	6.03%	7.15%	5.82%	12.81%	0.00%	0.00%	0.02%

Drawdowns

Drawdown Indicators

	HLEMX	WAEMX	Difference
Max Drawdown Largest peak-to-trough decline	—	-66.35%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.88%	—
Current Drawdown Current decline from peak	—	-23.84%	—
Average Drawdown Average peak-to-trough decline	—	-16.87%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.61%	—

Volatility

Volatility by Period

	HLEMX	WAEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.78%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.40%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.93%	—