HLMEX vs. HLEMX

Last updated Apr 2, 2026

Compare and contrast key facts about Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Harding Loevner Emerging Markets Fund (HLEMX).

HLMEX is managed by Harding Loevner. It was launched on Oct 16, 2005. HLEMX is managed by Harding Loevner. It was launched on Nov 8, 1998.

Performance

HLMEX vs. HLEMX - Performance Comparison

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

HLMEX vs. HLEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	1.11%	-34.86%	2.71%	6.16%	-27.66%	-3.41%	13.88%	25.78%	-18.62%	35.33%
HLEMX Harding Loevner Emerging Markets Fund	0.00%	-34.63%	1.96%	6.77%	-27.69%	-3.43%	13.47%	25.81%	-18.72%	35.22%

Returns By Period

HLMEX

• 1D: 1.77%
• 1M: -8.47%
• YTD: 1.11%
• 6M: -47.17%
• 1Y: -35.50%
• 3Y*: -11.41%
• 5Y*: -13.37%
• 10Y*: -1.67%

HLEMX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HLMEX vs. HLEMX - Expense Ratio Comparison

HLMEX has a 1.10% expense ratio, which is lower than HLEMX's 1.19% expense ratio.

HLEMX

Harding Loevner Emerging Markets Fund

HLMEX

Harding Loevner Institutional Emerging Markets Portfolio

Return for Risk

HLMEX vs. HLEMX — Risk / Return Rank

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

HLMEX

HLMEX Risk / Return Rank: 1
HLMEX Sharpe Ratio Rank: 1
HLMEX Sortino Ratio Rank: 1
HLMEX Omega Ratio Rank: 0
HLMEX Calmar Ratio Rank: 1
HLMEX Martin Ratio Rank: 1

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. HLEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Harding Loevner Emerging Markets Fund (HLEMX). 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	HLEMX	Difference
Sharpe ratio Return per unit of total volatility	-0.68	—	—
Sortino ratio Return per unit of downside risk	-0.46	—	—
Omega ratio Gain probability vs. loss probability	0.81	—	—
Calmar ratio Return relative to maximum drawdown	-0.70	—	—
Martin ratio Return relative to average drawdown	-1.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HLMEX	HLEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.49	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	—	—

Correlation

The correlation between HLMEX and HLEMX is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HLMEX vs. HLEMX - Dividend Comparison

Neither HLMEX nor HLEMX has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	0.00%	0.00%	14.22%	1.40%	0.96%	0.71%	0.39%	1.46%	0.98%	0.76%	0.62%	0.63%
HLEMX Harding Loevner Emerging Markets Fund	0.00%	0.00%	16.56%	3.13%	8.75%	8.53%	0.32%	1.40%	0.89%	0.73%	0.60%	0.56%

Drawdowns

Drawdown Indicators

	HLMEX	HLEMX	Difference
Max Drawdown Largest peak-to-trough decline	-65.03%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-50.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-56.41%	—	—
Current Drawdown Current decline from peak	-54.50%	—	—
Average Drawdown Average peak-to-trough decline	-17.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	25.29%	—	—

Volatility

Volatility by Period

	HLMEX	HLEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	69.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	51.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.51%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	—	—