HLMEX vs. CEMFX

Last updated Jun 24, 2026

HLMEX (Harding Loevner Institutional Emerging Markets Portfolio) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both Emerging Markets Diversified funds. Over the past 10 years, HLMEX returned 7.25%/yr vs 11.57%/yr for CEMFX. Their correlation of 0.83 suggests significant overlap in exposure. HLMEX charges 1.10%/yr vs 1.00%/yr for CEMFX.

Performance

HLMEX vs. CEMFX - Performance Comparison

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

Returns By Period

In the year-to-date period, HLMEX achieves a 21.57% return, which is significantly lower than CEMFX's 25.52% return. Over the past 10 years, HLMEX has underperformed CEMFX with an annualized return of 7.25%, while CEMFX has yielded a comparatively higher 11.57% annualized return.

HLMEX

• 1D: 0.08%
• 1M: 4.29%
• YTD: 21.57%
• 6M: 22.25%
• 1Y: 44.81%
• 3Y*: 17.39%
• 5Y*: 2.21%
• 10Y*: 7.25%

CEMFX

• 1D: -0.05%
• 1M: 1.81%
• YTD: 25.52%
• 6M: 27.02%
• 1Y: 52.45%
• 3Y*: 26.31%
• 5Y*: 13.39%
• 10Y*: 11.57%

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

HLMEX vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	21.57%	28.02%	2.71%	6.16%	-27.66%	-3.41%	13.88%	25.78%	-18.62%	35.33%
CEMFX Cullen Emerging Markets High Dividend Fund	25.52%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%

Correlation

The correlation between HLMEX and CEMFX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.83

The correlation between HLMEX and CEMFX shifts across timeframes, from 0.72 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HLMEX vs. CEMFX — Risk / Return Rank

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

HLMEX

HLMEX Risk / Return Rank: 85
HLMEX Sharpe Ratio Rank: 92
HLMEX Sortino Ratio Rank: 85
HLMEX Omega Ratio Rank: 85
HLMEX Calmar Ratio Rank: 84
HLMEX Martin Ratio Rank: 82

CEMFX

CEMFX Risk / Return Rank: 89
CEMFX Sharpe Ratio Rank: 96
CEMFX Sortino Ratio Rank: 89
CEMFX Omega Ratio Rank: 88
CEMFX Calmar Ratio Rank: 89
CEMFX Martin Ratio Rank: 85

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.

HLMEX vs. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) 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.

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.

	HLMEX	CEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	3.12	-0.29
Sortino ratio: Return per unit of downside risk	3.70	4.04	-0.34
Omega ratio: Gain probability vs. loss probability	1.53	1.57	-0.04
Calmar ratio: Return relative to maximum drawdown	3.71	4.25	-0.54
Martin ratio: Return relative to average drawdown	14.17	14.77	-0.60

HLMEX vs. CEMFX - Sharpe Ratio Comparison

The current HLMEX Sharpe Ratio is 2.83, which is comparable to the CEMFX Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of HLMEX and CEMFX, 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

HLMEX vs. CEMFX - Drawdown Comparison

The maximum HLMEX drawdown since its inception was -65.03%, which is greater than CEMFX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for HLMEX and CEMFX.

Drawdown Indicators

	HLMEX	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-65.03%	-39.30%	-25.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-12.41%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.59%	-13.27%	-5.32%
Max Drawdown (5Y) Largest decline over 5 years	-42.65%	-27.22%	-15.43%
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	-39.30%	-4.52%
Current Drawdown Current decline from peak	-0.38%	-2.68%	+2.30%
Average Drawdown Average peak-to-trough decline	-17.13%	-9.57%	-7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.57%	-0.40%

Volatility

HLMEX vs. CEMFX - Volatility Comparison

Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Cullen Emerging Markets High Dividend Fund (CEMFX) have volatilities of 6.82% and 6.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMEX	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	6.70%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	14.32%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.93%	16.96%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	14.67%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	15.20%	+2.78%

HLMEX vs. CEMFX - Expense Ratio Comparison

HLMEX has a 1.10% expense ratio, which is higher than CEMFX's 1.00% expense ratio.

Dividends

HLMEX vs. CEMFX - Dividend Comparison

HLMEX's dividend yield for the trailing twelve months is around 78.56%, more than CEMFX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	1.73%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	78.56%	95.51%	14.22%	1.40%	0.96%	0.71%	0.39%	1.46%	0.98%	0.76%	0.62%	0.63%

Frequently Asked Questions

Can I hold both HLMEX and CEMFX in my portfolio?

HLMEX and CEMFX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLMEX or CEMFX?

HLMEX has higher volatility (6.82%) compared to CEMFX (6.70%). In terms of maximum drawdown, HLMEX dropped -65.03% vs CEMFX's -39.30%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.12 vs 2.83), 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.