HLMEX vs. DFIV

Last updated Jun 4, 2026

HLMEX (Harding Loevner Institutional Emerging Markets Portfolio) and DFIV (Dimensional International Value ETF) are both funds - HLMEX is a Emerging Markets Diversified fund managed by Harding Loevner, while DFIV is a Foreign Large Cap Equities fund actively managed by Dimensional. Over the past 3 years, HLMEX returned 17.89%/yr vs 23.90%/yr for DFIV. A 0.67 correlation means they provide meaningful diversification when combined. HLMEX charges 1.10%/yr vs 0.27%/yr for DFIV.

Performance

HLMEX vs. DFIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Dimensional International Value ETF (DFIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLMEX achieves a 22.04% return, which is significantly higher than DFIV's 11.54% return.

HLMEX

• 1D: 0.53%
• 1M: 6.55%
• YTD: 22.04%
• 6M: 23.47%
• 1Y: 45.44%
• 3Y*: 17.89%
• 5Y*: 2.10%
• 10Y*: 7.06%

DFIV

• 1D: -0.70%
• 1M: 2.57%
• YTD: 11.54%
• 6M: 15.41%
• 1Y: 34.88%
• 3Y*: 23.90%
• 5Y*: —
• 10Y*: —

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

HLMEX vs. DFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	22.04%	28.02%	2.71%	6.16%	-27.66%	-5.91%
DFIV Dimensional International Value ETF	11.54%	45.36%	7.26%	17.75%	-3.70%	0.08%

Correlation

The correlation between HLMEX and DFIV is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 14, 2021	0.67

The correlation between HLMEX and DFIV has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

Return for Risk

HLMEX vs. DFIV — 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: 91
HLMEX Sortino Ratio Rank: 86
HLMEX Omega Ratio Rank: 85
HLMEX Calmar Ratio Rank: 82
HLMEX Martin Ratio Rank: 79

DFIV

DFIV Risk / Return Rank: 75
DFIV Sharpe Ratio Rank: 77
DFIV Sortino Ratio Rank: 76
DFIV Omega Ratio Rank: 75
DFIV Calmar Ratio Rank: 71
DFIV Martin Ratio Rank: 73

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. DFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Dimensional International Value ETF (DFIV). 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.

	HLMEX	DFIV	Difference
Sharpe ratio: Return per unit of total volatility	3.09	2.56	+0.53
Sortino ratio: Return per unit of downside risk	4.14	3.50	+0.65
Omega ratio: Gain probability vs. loss probability	1.59	1.46	+0.12
Calmar ratio: Return relative to maximum drawdown	3.77	3.63	+0.15
Martin ratio: Return relative to average drawdown	14.80	14.02	+0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLMEX vs. DFIV - Sharpe Ratio Comparison

The current HLMEX Sharpe Ratio is 3.09, which is comparable to the DFIV Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of HLMEX and DFIV, 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

	HLMEX	DFIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	2.56	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.94	-0.63

Drawdowns

HLMEX vs. DFIV - Drawdown Comparison

The maximum HLMEX drawdown since its inception was -65.03%, which is greater than DFIV's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for HLMEX and DFIV.

Drawdown Indicators

	HLMEX	DFIV	Difference
Max Drawdown Largest peak-to-trough decline	-65.03%	-25.42%	-39.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-9.66%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-18.59%	-14.72%	-3.87%
Max Drawdown (5Y) Largest decline over 5 years	-42.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	—	—
Current Drawdown Current decline from peak	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-17.17%	-4.48%	-12.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.49%	+0.59%

Volatility

HLMEX vs. DFIV - Volatility Comparison

Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) has a higher volatility of 5.61% compared to Dimensional International Value ETF (DFIV) at 3.89%. This indicates that HLMEX's price experiences larger fluctuations and is considered to be riskier than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMEX	DFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	3.89%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	10.99%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	13.69%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	16.63%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	16.63%	+1.29%

HLMEX vs. DFIV - Expense Ratio Comparison

HLMEX has a 1.10% expense ratio, which is higher than DFIV's 0.27% expense ratio.

Dividends

HLMEX vs. DFIV - Dividend Comparison

HLMEX's dividend yield for the trailing twelve months is around 78.26%, more than DFIV's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIV Dimensional International Value ETF	2.55%	2.92%	3.88%	3.93%	3.84%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	78.26%	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 DFIV in my portfolio?

HLMEX and DFIV have a correlation of 0.58, 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 DFIV?

HLMEX has higher volatility (5.61%) compared to DFIV (3.89%). In terms of maximum drawdown, HLMEX dropped -65.03% vs DFIV's -25.42%.

Which has better risk-adjusted returns?

HLMEX currently has the higher Sharpe Ratio (3.09 vs 2.56), 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.