HLFMX vs. MDOEX

Last updated Aug 1, 2026

HLFMX (Harding Loevner Frontier Emerging Markets Fund) and MDOEX (Morgan Stanley Developing Opportunity Portfolio) are both Emerging Markets Equities funds. Over the past 5 years, HLFMX returned 5.18%/yr vs -0.80%/yr for MDOEX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. HLFMX charges 1.60%/yr vs 1.15%/yr for MDOEX.

Performance

HLFMX vs. MDOEX - Performance Comparison

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

Returns By Period

In the year-to-date period, HLFMX achieves a 6.49% return, which is significantly lower than MDOEX's 10.30% 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%

MDOEX

• 1D: 3.75%
• 1M: -0.42%
• 6M: 7.50%
• YTD: 10.30%
• 1Y: 9.90%
• 3Y*: 10.06%
• 5Y*: -0.80%
• 10Y*: —
• ALL TIME*: 2.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HLFMX Harding Loevner Frontier Emerging Markets Fund	$0.00	$0.00	$0.00
MDOEX Morgan Stanley Developing Opportunity Portfolio	$0.00	$0.00	$0.00

HLFMX vs. MDOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HLFMX Harding Loevner Frontier Emerging Markets Fund	6.49%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.87%
MDOEX Morgan Stanley Developing Opportunity Portfolio	10.30%	8.28%	16.79%	5.36%	-30.36%	-18.69%	45.00%

Correlation

The correlation between HLFMX and MDOEX is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (All Time) Calculated using the full available price history since Feb 14, 2020	0.57

The correlation between HLFMX and MDOEX has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

Return for Risk

HLFMX vs. MDOEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HLFMX

HLFMX Risk / Return Rank: 27
HLFMX Sharpe Ratio Rank: 29
HLFMX Sortino Ratio Rank: 32
HLFMX Omega Ratio Rank: 32
HLFMX Calmar Ratio Rank: 23
HLFMX Martin Ratio Rank: 19

MDOEX

MDOEX Risk / Return Rank: 9
MDOEX Sharpe Ratio Rank: 8
MDOEX Sortino Ratio Rank: 9
MDOEX Omega Ratio Rank: 10
MDOEX Calmar Ratio Rank: 8
MDOEX Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HLFMX vs. MDOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Frontier Emerging Markets Fund (HLFMX) and Morgan Stanley Developing Opportunity Portfolio (MDOEX). 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	MDOEX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.30	+0.66
Sortino ratio: Return per unit of downside risk	1.52	0.59	+0.93
Omega ratio: Gain probability vs. loss probability	1.19	1.08	+0.11
Calmar ratio: Return relative to maximum drawdown	1.07	0.36	+0.72
Martin ratio: Return relative to average drawdown	2.64	0.94	+1.70

HLFMX vs. MDOEX - Sharpe Ratio Comparison

The current HLFMX Sharpe Ratio is 0.96, which is higher than the MDOEX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of HLFMX and MDOEX, 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. MDOEX - Drawdown Comparison

The maximum HLFMX drawdown since its inception was -63.95%, which is greater than MDOEX's maximum drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for HLFMX and MDOEX.

Drawdown Indicators

	HLFMX	MDOEX	Difference
Max Drawdown Largest peak-to-trough decline	-63.95%	-59.92%	-4.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-21.82%	+10.73%
Max Drawdown (3Y) Largest decline over 3 years	-11.79%	-21.82%	+10.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.37%	-48.32%	+19.95%
Max Drawdown (10Y) Largest decline over 10 years	-46.61%	—	—
Current Drawdown Current decline from peak	-3.26%	-30.22%	+26.96%
Average Drawdown Average peak-to-trough decline	-19.13%	-34.89%	+15.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	8.25%	-3.76%

Volatility

HLFMX vs. MDOEX - Volatility Comparison

The current volatility for Harding Loevner Frontier Emerging Markets Fund (HLFMX) is 3.50%, while Morgan Stanley Developing Opportunity Portfolio (MDOEX) has a volatility of 8.96%. This indicates that HLFMX experiences smaller price fluctuations and is considered to be less risky than MDOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLFMX	MDOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	8.96%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	23.79%	-12.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	26.00%	-13.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.67%	24.20%	-13.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.95%	25.19%	-13.24%

HLFMX vs. MDOEX - Expense Ratio Comparison

HLFMX has a 1.60% expense ratio, which is higher than MDOEX's 1.15% expense ratio.

Dividends

HLFMX vs. MDOEX - Dividend Comparison

HLFMX's dividend yield for the trailing twelve months is around 3.35%, more than MDOEX's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MDOEX Morgan Stanley Developing Opportunity Portfolio	0.67%	0.74%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HLFMX and MDOEX in my portfolio?

HLFMX and MDOEX have a correlation of 0.49, 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 MDOEX?

MDOEX has higher volatility (8.96%) compared to HLFMX (3.50%). In terms of maximum drawdown, HLFMX dropped -63.95% vs MDOEX's -59.92%.

Which has better risk-adjusted returns?

HLFMX currently has the higher Sharpe Ratio (0.96 vs 0.30), 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.