HLFMX vs. BGELX

Last updated Jun 24, 2026

HLFMX (Harding Loevner Frontier Emerging Markets Fund) and BGELX (Baillie Gifford Emerging Markets Equities Fund) are both Emerging Markets Diversified funds. Over the past 5 years, HLFMX returned 4.51%/yr vs 5.10%/yr for BGELX. A 0.56 correlation means they provide meaningful diversification when combined. HLFMX charges 1.60%/yr vs 0.76%/yr for BGELX.

Performance

HLFMX vs. BGELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Baillie Gifford Emerging Markets Equities Fund (BGELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLFMX achieves a 4.37% return, which is significantly lower than BGELX's 15.73% return.

HLFMX

• 1D: -0.85%
• 1M: 2.31%
• YTD: 4.37%
• 6M: 4.13%
• 1Y: 16.61%
• 3Y*: 12.41%
• 5Y*: 4.51%
• 10Y*: 4.33%

BGELX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 15.73%
• 6M: 18.17%
• 1Y: 44.49%
• 3Y*: 20.01%
• 5Y*: 5.10%
• 10Y*: —

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

HLFMX vs. BGELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLFMX Harding Loevner Frontier Emerging Markets Fund	4.37%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.11%	10.88%	-15.45%	25.08%
BGELX Baillie Gifford Emerging Markets Equities Fund	15.73%	40.75%	6.04%	14.42%	-26.46%	-8.93%	29.66%	28.10%	-14.87%	50.50%

Correlation

The correlation between HLFMX and BGELX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.56

The correlation between HLFMX and BGELX shifts across timeframes, from 0.43 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HLFMX vs. BGELX — Risk / Return Rank

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

HLFMX

HLFMX Risk / Return Rank: 23
HLFMX Sharpe Ratio Rank: 25
HLFMX Sortino Ratio Rank: 28
HLFMX Omega Ratio Rank: 29
HLFMX Calmar Ratio Rank: 19
HLFMX Martin Ratio Rank: 15

BGELX

BGELX Risk / Return Rank: 71
BGELX Sharpe Ratio Rank: 77
BGELX Sortino Ratio Rank: 62
BGELX Omega Ratio Rank: 82
BGELX Calmar Ratio Rank: 69
BGELX Martin Ratio Rank: 64

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.

HLFMX vs. BGELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Baillie Gifford Emerging Markets Equities Fund (BGELX). 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	BGELX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.36	-1.04
Sortino ratio: Return per unit of downside risk	2.03	3.00	-0.98
Omega ratio: Gain probability vs. loss probability	1.26	1.50	-0.24
Calmar ratio: Return relative to maximum drawdown	1.45	3.05	-1.60
Martin ratio: Return relative to average drawdown	3.84	11.76	-7.92

HLFMX vs. BGELX - Sharpe Ratio Comparison

The current HLFMX Sharpe Ratio is 1.32, which is lower than the BGELX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of HLFMX and BGELX, 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

HLFMX vs. BGELX - Drawdown Comparison

The maximum HLFMX drawdown since its inception was -63.95%, which is greater than BGELX's maximum drawdown of -50.47%. Use the drawdown chart below to compare losses from any high point for HLFMX and BGELX.

Drawdown Indicators

	HLFMX	BGELX	Difference
Max Drawdown Largest peak-to-trough decline	-63.95%	-50.47%	-13.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-14.91%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-11.79%	-19.74%	+7.95%
Max Drawdown (5Y) Largest decline over 5 years	-28.37%	-45.82%	+17.45%
Max Drawdown (10Y) Largest decline over 10 years	-46.61%	—	—
Current Drawdown Current decline from peak	-5.19%	-2.10%	-3.09%
Average Drawdown Average peak-to-trough decline	-19.22%	-18.49%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	3.80%	+0.39%

Volatility

HLFMX vs. BGELX - Volatility Comparison

Harding Loevner Frontier Emerging Markets Fund (HLFMX) has a higher volatility of 4.38% compared to Baillie Gifford Emerging Markets Equities Fund (BGELX) at 0.00%. This indicates that HLFMX's price experiences larger fluctuations and is considered to be riskier than BGELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLFMX	BGELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	0.00%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	10.82%	15.64%	-4.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.23%	19.26%	-7.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.61%	21.07%	-10.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.96%	21.62%	-9.66%

HLFMX vs. BGELX - Expense Ratio Comparison

HLFMX has a 1.60% expense ratio, which is higher than BGELX's 0.76% expense ratio.

Dividends

HLFMX vs. BGELX - Dividend Comparison

HLFMX's dividend yield for the trailing twelve months is around 3.41%, more than BGELX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGELX Baillie Gifford Emerging Markets Equities Fund	1.45%	1.68%	3.52%	4.02%	5.46%	3.08%	1.31%	3.90%	10.14%	1.16%	0.00%	0.00%
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.41%	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

Can I hold both HLFMX and BGELX in my portfolio?

HLFMX and BGELX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLFMX or BGELX?

HLFMX has higher volatility (4.38%) compared to BGELX (0.00%). In terms of maximum drawdown, HLFMX dropped -63.95% vs BGELX's -50.47%.

Which has better risk-adjusted returns?

BGELX currently has the higher Sharpe Ratio (2.36 vs 1.32), 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.