HLFMX vs. DEMCX
HLFMX (Harding Loevner Frontier Emerging Markets Fund) and DEMCX (Nomura Emerging Markets Fund Class C) are both Emerging Markets Equities funds. Over the past 10 years, HLFMX returned 4.34%/yr vs 16.80%/yr for DEMCX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. HLFMX charges 1.60%/yr vs 2.17%/yr for DEMCX.
Performance
HLFMX vs. DEMCX - 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 DEMCX's 67.60% return. Over the past 10 years, HLFMX has underperformed DEMCX with an annualized return of 4.34%, while DEMCX has yielded a comparatively higher 16.80% annualized 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%
DEMCX
- 1D
- 8.32%
- 1M
- -18.28%
- 6M
- 33.85%
- YTD
- 67.60%
- 1Y
- 153.43%
- 3Y*
- 49.76%
- 5Y*
- 21.94%
- 10Y*
- 16.80%
- ALL TIME*
- 9.70%
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. DEMCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HLFMX Harding Loevner Frontier Emerging Markets Fund | 6.49% | 16.95% | 8.76% | 10.43% | -18.91% | 10.18% | 0.11% | 10.88% | -15.45% | 25.08% |
DEMCX Nomura Emerging Markets Fund Class C | 67.60% | 84.86% | 5.47% | 16.47% | -29.38% | -3.05% | 24.55% | 23.16% | -17.94% | 40.59% |
Correlation
The correlation between HLFMX and DEMCX is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 28, 2008 | 0.60 |
Over the past year, the correlation between HLFMX and DEMCX has dropped to 0.37 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
HLFMX vs. DEMCX — Risk / Return Rank
HLFMX
DEMCX
HLFMX vs. DEMCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Nomura Emerging Markets Fund Class C (DEMCX). 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 | DEMCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.43 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | 3.98 | -2.91 |
| Martin ratioReturn relative to average drawdown | 2.64 | 16.56 | -13.92 |
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Drawdowns
HLFMX vs. DEMCX - Drawdown Comparison
The maximum HLFMX drawdown since its inception was -63.95%, roughly equal to the maximum DEMCX drawdown of -63.54%. Use the drawdown chart below to compare losses from any high point for HLFMX and DEMCX.
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Drawdown Indicators
| HLFMX | DEMCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.95% | -63.54% | -0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -11.09% | -36.58% | +25.49% |
Max Drawdown (3Y)Largest decline over 3 years | -11.79% | -36.58% | +24.79% |
Max Drawdown (5Y)Largest decline over 5 years | -28.37% | -38.96% | +10.59% |
Max Drawdown (10Y)Largest decline over 10 years | -46.61% | -47.21% | +0.60% |
Current DrawdownCurrent decline from peak | -3.26% | -31.31% | +28.05% |
Average DrawdownAverage peak-to-trough decline | -19.13% | -19.59% | +0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.49% | 8.76% | -4.27% |
Volatility
HLFMX vs. DEMCX - Volatility Comparison
The current volatility for Harding Loevner Frontier Emerging Markets Fund (HLFMX) is 3.50%, while Nomura Emerging Markets Fund Class C (DEMCX) has a volatility of 25.07%. This indicates that HLFMX experiences smaller price fluctuations and is considered to be less risky than DEMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLFMX | DEMCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 25.07% | -21.57% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 49.53% | -38.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.39% | 52.91% | -40.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.67% | 30.11% | -19.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 25.79% | -13.84% |
HLFMX vs. DEMCX - Expense Ratio Comparison
HLFMX has a 1.60% expense ratio, which is lower than DEMCX's 2.17% expense ratio.
Dividends
HLFMX vs. DEMCX - Dividend Comparison
HLFMX's dividend yield for the trailing twelve months is around 3.35%, less than DEMCX's 12.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEMCX Nomura Emerging Markets Fund Class C | 12.22% | 20.47% | 1.09% | 2.03% | 0.69% | 2.58% | 0.61% | 0.00% | 0.00% | 1.03% | 0.08% | 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 DEMCX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DEMCX has higher volatility (25.07%) compared to HLFMX (3.50%). In terms of maximum drawdown, HLFMX dropped -63.95% vs DEMCX's -63.54%.
DEMCX currently has the higher Sharpe Ratio (2.75 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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