HLFMX vs. CEMFX

Last updated Apr 1, 2026

Compare and contrast key facts about Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Cullen Emerging Markets High Dividend Fund (CEMFX).

HLFMX is managed by Harding Loevner. It was launched on May 26, 2008. CEMFX is managed by Cullen Funds Trust. It was launched on Aug 30, 2012.

Performance

HLFMX vs. CEMFX - Performance Comparison

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

HLFMX vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLFMX Harding Loevner Frontier Emerging Markets Fund	-2.13%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.11%	10.88%	-15.45%	25.08%
CEMFX Cullen Emerging Markets High Dividend Fund	6.79%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%

Returns By Period

In the year-to-date period, HLFMX achieves a -2.13% return, which is significantly lower than CEMFX's 6.79% return. Over the past 10 years, HLFMX has underperformed CEMFX with an annualized return of 3.94%, while CEMFX has yielded a comparatively higher 9.57% annualized return.

HLFMX

• 1D: -0.68%
• 1M: -9.24%
• YTD: -2.13%
• 6M: 1.05%
• 1Y: 13.89%
• 3Y*: 10.82%
• 5Y*: 4.63%
• 10Y*: 3.94%

CEMFX

• 1D: -0.85%
• 1M: -11.79%
• YTD: 6.79%
• 6M: 11.80%
• 1Y: 38.22%
• 3Y*: 21.50%
• 5Y*: 10.64%
• 10Y*: 9.57%

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

HLFMX vs. CEMFX - Expense Ratio Comparison

HLFMX has a 1.60% expense ratio, which is higher than CEMFX's 1.00% expense ratio.

HLFMX

Harding Loevner Frontier Emerging Markets Fund

CEMFX

Cullen Emerging Markets High Dividend Fund

Return for Risk

HLFMX vs. CEMFX — Risk / Return Rank

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

HLFMX

HLFMX Risk / Return Rank: 52
HLFMX Sharpe Ratio Rank: 62
HLFMX Sortino Ratio Rank: 57
HLFMX Omega Ratio Rank: 55
HLFMX Calmar Ratio Rank: 46
HLFMX Martin Ratio Rank: 41

CEMFX

CEMFX Risk / Return Rank: 93
CEMFX Sharpe Ratio Rank: 95
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 92
CEMFX Calmar Ratio Rank: 93
CEMFX Martin Ratio Rank: 91

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. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Cullen Emerging Markets High Dividend Fund (CEMFX). 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.

	HLFMX	CEMFX	Difference
Sharpe ratio Return per unit of total volatility	1.13	2.25	-1.12
Sortino ratio Return per unit of downside risk	1.55	2.86	-1.31
Omega ratio Gain probability vs. loss probability	1.22	1.43	-0.21
Calmar ratio Return relative to maximum drawdown	1.18	2.87	-1.70
Martin ratio Return relative to average drawdown	4.27	10.73	-6.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLFMX vs. CEMFX - Sharpe Ratio Comparison

The current HLFMX Sharpe Ratio is 1.13, which is lower than the CEMFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of HLFMX and CEMFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HLFMX	CEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.25	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.76	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.64	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.46	-0.41

Correlation

The correlation between HLFMX and CEMFX is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HLFMX vs. CEMFX - Dividend Comparison

HLFMX's dividend yield for the trailing twelve months is around 3.64%, more than CEMFX's 2.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.64%	3.56%	1.88%	1.77%	2.28%	0.83%	1.61%	1.97%	1.34%	1.90%	1.01%	1.13%
CEMFX Cullen Emerging Markets High Dividend Fund	2.03%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%

Drawdowns

HLFMX vs. CEMFX - Drawdown Comparison

The maximum HLFMX drawdown since its inception was -63.95%, which is greater than CEMFX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for HLFMX and CEMFX.

Drawdown Indicators

	HLFMX	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-63.95%	-39.30%	-24.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-12.41%	+1.32%
Max Drawdown (5Y) Largest decline over 5 years	-28.37%	-28.13%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-46.61%	-39.30%	-7.31%
Current Drawdown Current decline from peak	-11.09%	-12.41%	+1.32%
Average Drawdown Average peak-to-trough decline	-19.38%	-9.69%	-9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	3.33%	-0.28%

Volatility

HLFMX vs. CEMFX - Volatility Comparison

The current volatility for Harding Loevner Frontier Emerging Markets Fund (HLFMX) is 6.42%, while Cullen Emerging Markets High Dividend Fund (CEMFX) has a volatility of 6.95%. This indicates that HLFMX experiences smaller price fluctuations and is considered to be less risky than CEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLFMX	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	6.95%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	8.49%	12.42%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	16.42%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.19%	14.09%	-3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.77%	14.92%	-3.15%