HLMEX vs. DODEX

Last updated Jun 4, 2026

HLMEX (Harding Loevner Institutional Emerging Markets Portfolio) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both Emerging Markets Diversified funds. Over the past 5 years, HLMEX returned 2.10%/yr vs 9.72%/yr for DODEX. Their correlation of 0.92 suggests significant overlap in exposure. HLMEX charges 1.10%/yr vs 0.70%/yr for DODEX.

Performance

HLMEX vs. DODEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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 lower than DODEX's 25.77% 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%

DODEX

• 1D: 0.68%
• 1M: 6.66%
• YTD: 25.77%
• 6M: 27.16%
• 1Y: 56.39%
• 3Y*: 26.27%
• 5Y*: 9.72%
• 10Y*: —

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

HLMEX vs. DODEX - 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%	-7.07%
DODEX Dodge & Cox Emerging Markets Stock Fund	25.77%	38.64%	7.47%	13.37%	-14.91%	-9.57%

Correlation

The correlation between HLMEX and DODEX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 21, 2021	0.92

The correlation between HLMEX and DODEX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

HLMEX vs. DODEX — 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

DODEX

DODEX Risk / Return Rank: 94
DODEX Sharpe Ratio Rank: 98
DODEX Sortino Ratio Rank: 95
DODEX Omega Ratio Rank: 94
DODEX Calmar Ratio Rank: 93
DODEX Martin Ratio Rank: 93

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. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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	DODEX	Difference
Sharpe ratio: Return per unit of total volatility	3.09	3.96	-0.87
Sortino ratio: Return per unit of downside risk	4.14	4.99	-0.85
Omega ratio: Gain probability vs. loss probability	1.59	1.72	-0.14
Calmar ratio: Return relative to maximum drawdown	3.77	5.18	-1.41
Martin ratio: Return relative to average drawdown	14.80	19.82	-5.01
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. DODEX - Sharpe Ratio Comparison

The current HLMEX Sharpe Ratio is 3.09, which is comparable to the DODEX Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of HLMEX and DODEX, 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	DODEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	3.96	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.58	-0.45
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	0.61	-0.31

Drawdowns

HLMEX vs. DODEX - Drawdown Comparison

The maximum HLMEX drawdown since its inception was -65.03%, which is greater than DODEX's maximum drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for HLMEX and DODEX.

Drawdown Indicators

	HLMEX	DODEX	Difference
Max Drawdown Largest peak-to-trough decline	-65.03%	-37.01%	-28.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-10.97%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-18.59%	-16.15%	-2.44%
Max Drawdown (5Y) Largest decline over 5 years	-42.65%	-36.89%	-5.76%
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.17%	-12.80%	-4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.86%	+0.22%

Volatility

HLMEX vs. DODEX - Volatility Comparison

Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) has a higher volatility of 5.61% compared to Dodge & Cox Emerging Markets Stock Fund (DODEX) at 5.09%. This indicates that HLMEX's price experiences larger fluctuations and is considered to be riskier than DODEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMEX	DODEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	5.09%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	12.06%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	14.36%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	16.81%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	16.78%	+1.14%

HLMEX vs. DODEX - Expense Ratio Comparison

HLMEX has a 1.10% expense ratio, which is higher than DODEX's 0.70% expense ratio.

Dividends

HLMEX vs. DODEX - Dividend Comparison

HLMEX's dividend yield for the trailing twelve months is around 78.26%, more than DODEX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.25%	2.83%	1.94%	1.92%	1.93%	1.38%	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 DODEX in my portfolio?

With a correlation of 0.90, HLMEX and DODEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HLMEX or DODEX?

HLMEX has higher volatility (5.61%) compared to DODEX (5.09%). In terms of maximum drawdown, HLMEX dropped -65.03% vs DODEX's -37.01%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (3.96 vs 3.09), 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.