HLFMX vs. MGEMX

Last updated Jun 5, 2026

HLFMX (Harding Loevner Frontier Emerging Markets Fund) and MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) are both Emerging Markets Diversified funds. Over the past 10 years, HLFMX returned 3.85%/yr vs 4.16%/yr for MGEMX. A 0.64 correlation means they provide meaningful diversification when combined. HLFMX charges 1.60%/yr vs 1.05%/yr for MGEMX.

Performance

HLFMX vs. MGEMX - 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 Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLFMX achieves a 2.24% return, which is significantly lower than MGEMX's 35.97% return. Over the past 10 years, HLFMX has underperformed MGEMX with an annualized return of 3.85%, while MGEMX has yielded a comparatively higher 4.16% annualized return.

HLFMX

• 1D: -0.54%
• 1M: -0.22%
• YTD: 2.24%
• 6M: 3.25%
• 1Y: 12.46%
• 3Y*: 11.53%
• 5Y*: 4.03%
• 10Y*: 3.85%

MGEMX

• 1D: -0.78%
• 1M: 10.86%
• YTD: 35.97%
• 6M: -30.76%
• 1Y: -18.87%
• 3Y*: 1.34%
• 5Y*: -5.10%
• 10Y*: 4.16%

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

HLFMX vs. MGEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLFMX Harding Loevner Frontier Emerging Markets Fund	2.24%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.11%	10.88%	-15.45%	25.08%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	35.97%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	37.21%	-17.34%	34.98%

Correlation

The correlation between HLFMX and MGEMX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.61
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	0.64

The correlation between HLFMX and MGEMX shifts across timeframes, from 0.52 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HLFMX vs. MGEMX — Risk / Return Rank

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

HLFMX

HLFMX Risk / Return Rank: 15
HLFMX Sharpe Ratio Rank: 15
HLFMX Sortino Ratio Rank: 17
HLFMX Omega Ratio Rank: 17
HLFMX Calmar Ratio Rank: 13
HLFMX Martin Ratio Rank: 11

MGEMX

MGEMX Risk / Return Rank: 2
MGEMX Sharpe Ratio Rank: 2
MGEMX Sortino Ratio Rank: 3
MGEMX Omega Ratio Rank: 3
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 2

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. MGEMX - 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 Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX). 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	MGEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	-0.33	+1.41
Sortino ratio: Return per unit of downside risk	1.67	0.05	+1.62
Omega ratio: Gain probability vs. loss probability	1.21	1.02	+0.20
Calmar ratio: Return relative to maximum drawdown	1.14	-0.34	+1.48
Martin ratio: Return relative to average drawdown	3.20	-0.60	+3.80
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. MGEMX - Sharpe Ratio Comparison

The current HLFMX Sharpe Ratio is 1.08, which is higher than the MGEMX Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of HLFMX and MGEMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HLFMX	MGEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	-0.33	+1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	-0.18	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.17	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.31	-0.24

Drawdowns

HLFMX vs. MGEMX - Drawdown Comparison

The maximum HLFMX drawdown since its inception was -63.95%, roughly equal to the maximum MGEMX drawdown of -64.93%. Use the drawdown chart below to compare losses from any high point for HLFMX and MGEMX.

Drawdown Indicators

	HLFMX	MGEMX	Difference
Max Drawdown Largest peak-to-trough decline	-63.95%	-64.93%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-52.50%	+41.41%
Max Drawdown (3Y) Largest decline over 3 years	-11.79%	-52.50%	+40.71%
Max Drawdown (5Y) Largest decline over 5 years	-28.37%	-52.50%	+24.13%
Max Drawdown (10Y) Largest decline over 10 years	-46.61%	-52.50%	+5.89%
Current Drawdown Current decline from peak	-7.12%	-32.33%	+25.21%
Average Drawdown Average peak-to-trough decline	-19.25%	-19.82%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	29.89%	-25.94%

Volatility

HLFMX vs. MGEMX - Volatility Comparison

The current volatility for Harding Loevner Frontier Emerging Markets Fund (HLFMX) is 3.71%, while Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a volatility of 8.84%. This indicates that HLFMX experiences smaller price fluctuations and is considered to be less risky than MGEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLFMX	MGEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	8.84%	-5.13%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	73.57%	-63.37%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	54.95%	-43.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	28.98%	-18.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	24.71%	-12.80%

HLFMX vs. MGEMX - Expense Ratio Comparison

HLFMX has a 1.60% expense ratio, which is higher than MGEMX's 1.05% expense ratio.

Dividends

HLFMX vs. MGEMX - Dividend Comparison

HLFMX's dividend yield for the trailing twelve months is around 3.48%, while MGEMX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.48%	3.56%	1.88%	1.77%	2.28%	0.83%	1.61%	1.97%	1.34%	1.90%	1.01%	1.13%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	0.00%	0.00%	1.27%	2.48%	4.48%	9.05%	1.07%	26.00%	2.46%	0.60%	0.82%	0.87%

Frequently Asked Questions

Can I hold both HLFMX and MGEMX in my portfolio?

HLFMX and MGEMX have a correlation of 0.52, 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 MGEMX?

MGEMX has higher volatility (8.84%) compared to HLFMX (3.71%). In terms of maximum drawdown, HLFMX dropped -63.95% vs MGEMX's -64.93%.

Which has better risk-adjusted returns?

HLFMX currently has the higher Sharpe Ratio (1.08 vs -0.33), 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.