HLFMX vs. HLEMX

Last updated Jun 4, 2026

HLFMX (Harding Loevner Frontier Emerging Markets Fund) and HLEMX (Harding Loevner Emerging Markets Fund) are both Emerging Markets Diversified funds from Harding Loevner. A 0.66 correlation means they provide meaningful diversification when combined. HLFMX charges 1.60%/yr vs 1.19%/yr for HLEMX.

Performance

HLFMX vs. HLEMX - Performance Comparison

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

Returns By Period

HLFMX

• 1D: 0.66%
• 1M: 0.22%
• YTD: 2.80%
• 6M: 3.93%
• 1Y: 13.21%
• 3Y*: 11.74%
• 5Y*: 4.19%
• 10Y*: 3.91%

HLEMX

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

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

HLFMX vs. HLEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLFMX Harding Loevner Frontier Emerging Markets Fund	2.80%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.11%	10.88%	-15.45%	25.08%
HLEMX Harding Loevner Emerging Markets Fund	0.00%	26.25%	1.96%	6.77%	-27.69%	-3.43%	13.47%	25.81%	-18.72%	35.22%

Correlation

The correlation between HLFMX and HLEMX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 29, 2008	0.66

Over the past year, the correlation between HLFMX and HLEMX has dropped to 0.25 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

HLFMX vs. HLEMX — Risk / Return Rank

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

HLFMX

HLFMX Risk / Return Rank: 16
HLFMX Sharpe Ratio Rank: 17
HLFMX Sortino Ratio Rank: 19
HLFMX Omega Ratio Rank: 20
HLFMX Calmar Ratio Rank: 13
HLFMX Martin Ratio Rank: 12

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. HLEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Harding Loevner Emerging Markets Fund (HLEMX). 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	HLEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	—	—
Sortino ratio: Return per unit of downside risk	1.81	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.25	—	—
Martin ratio: Return relative to average drawdown	3.51	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HLFMX	HLEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	—	—

Drawdowns

Drawdown Indicators

	HLFMX	HLEMX	Difference
Max Drawdown Largest peak-to-trough decline	-63.95%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.61%	—	—
Current Drawdown Current decline from peak	-6.61%	—	—
Average Drawdown Average peak-to-trough decline	-19.26%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	—	—

Volatility

Volatility by Period

	HLFMX	HLEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.76%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	—	—

HLFMX vs. HLEMX - Expense Ratio Comparison

HLFMX has a 1.60% expense ratio, which is higher than HLEMX's 1.19% expense ratio.

Dividends

HLFMX vs. HLEMX - Dividend Comparison

HLFMX's dividend yield for the trailing twelve months is around 3.47%, less than HLEMX's 93.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLEMX Harding Loevner Emerging Markets Fund	93.52%	93.52%	16.56%	3.13%	8.75%	8.53%	0.32%	1.40%	0.89%	0.73%	0.60%	0.56%
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.47%	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 HLEMX in my portfolio?

HLFMX and HLEMX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.