HLFMX vs. AVEEX
HLFMX (Harding Loevner Frontier Emerging Markets Fund) and AVEEX (Avantis Emerging Markets Equity Fund) are both Emerging Markets Equities funds. Over the past 5 years, HLFMX returned 5.18%/yr vs 8.47%/yr for AVEEX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. HLFMX charges 1.60%/yr vs 0.33%/yr for AVEEX.
Performance
HLFMX vs. AVEEX - Performance Comparison
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Returns By Period
In the year-to-date period, HLFMX achieves a 6.49% return, which is significantly lower than AVEEX's 14.22% return.
HLFMX
- 1D
- 2.48%
- 1M
- 1.49%
- 6M
- -2.06%
- YTD
- 6.49%
- 1Y
- 12.21%
- 3Y*
- 10.91%
- 5Y*
- 5.18%
- 10Y*
- 4.34%
- ALL TIME*
- 1.14%
AVEEX
- 1D
- 3.43%
- 1M
- -3.66%
- 6M
- 6.10%
- YTD
- 14.22%
- 1Y
- 29.90%
- 3Y*
- 18.14%
- 5Y*
- 8.47%
- 10Y*
- —
- ALL TIME*
- 11.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HLFMX vs. AVEEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HLFMX Harding Loevner Frontier Emerging Markets Fund | 6.49% | 16.95% | 8.76% | 10.43% | -18.91% | 10.18% | 0.11% | 3.96% |
AVEEX Avantis Emerging Markets Equity Fund | 14.22% | 32.09% | 7.68% | 15.15% | -18.15% | 5.21% | 15.72% | 7.38% |
Correlation
The correlation between HLFMX and AVEEX is 0.57, 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. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2019 | 0.64 |
The correlation between HLFMX and AVEEX has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
HLFMX vs. AVEEX — Risk / Return Rank
HLFMX
AVEEX
HLFMX vs. AVEEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Avantis Emerging Markets Equity Fund (AVEEX). 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.
| HLFMX | AVEEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.26 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | 2.05 | -0.97 |
| Martin ratioReturn relative to average drawdown | 2.64 | 6.59 | -3.95 |
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Drawdowns
HLFMX vs. AVEEX - Drawdown Comparison
The maximum HLFMX drawdown since its inception was -63.95%, which is greater than AVEEX's maximum drawdown of -36.45%. Use the drawdown chart below to compare losses from any high point for HLFMX and AVEEX.
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Drawdown Indicators
| HLFMX | AVEEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.95% | -36.45% | -27.50% |
Max Drawdown (1Y)Largest decline over 1 year | -11.09% | -13.24% | +2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -11.79% | -17.34% | +5.55% |
Max Drawdown (5Y)Largest decline over 5 years | -28.37% | -31.96% | +3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -46.61% | — | — |
Current DrawdownCurrent decline from peak | -3.26% | -10.27% | +7.01% |
Average DrawdownAverage peak-to-trough decline | -19.13% | -10.21% | -8.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.49% | 4.11% | +0.38% |
Volatility
HLFMX vs. AVEEX - Volatility Comparison
The current volatility for Harding Loevner Frontier Emerging Markets Fund (HLFMX) is 3.50%, while Avantis Emerging Markets Equity Fund (AVEEX) has a volatility of 8.46%. This indicates that HLFMX experiences smaller price fluctuations and is considered to be less risky than AVEEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLFMX | AVEEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 8.46% | -4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 18.33% | -7.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.39% | 20.16% | -7.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.67% | 16.72% | -6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 19.18% | -7.23% |
HLFMX vs. AVEEX - Expense Ratio Comparison
HLFMX has a 1.60% expense ratio, which is higher than AVEEX's 0.33% expense ratio.
Dividends
HLFMX vs. AVEEX - Dividend Comparison
HLFMX's dividend yield for the trailing twelve months is around 3.35%, more than AVEEX's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVEEX Avantis Emerging Markets Equity Fund | 3.07% | 3.50% | 2.93% | 3.51% | 3.48% | 1.92% | 1.52% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% |
HLFMX Harding Loevner Frontier Emerging Markets Fund | 3.35% | 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
HLFMX and AVEEX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVEEX has higher volatility (8.46%) compared to HLFMX (3.50%). In terms of maximum drawdown, HLFMX dropped -63.95% vs AVEEX's -36.45%.
AVEEX currently has the higher Sharpe Ratio (1.34 vs 0.96), 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.
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