HLMEX vs. VEMAX

Last updated Jun 4, 2026

HLMEX (Harding Loevner Institutional Emerging Markets Portfolio) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - HLMEX is a Emerging Markets Diversified fund managed by Harding Loevner, while VEMAX is a Emerging Markets Equities fund managed by Vanguard. Over the past 10 years, HLMEX returned 7.06%/yr vs 9.04%/yr for VEMAX. Their correlation of 0.95 suggests significant overlap in exposure. HLMEX charges 1.10%/yr vs 0.14%/yr for VEMAX.

Performance

HLMEX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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 VEMAX's 13.97% return. Over the past 10 years, HLMEX has underperformed VEMAX with an annualized return of 7.06%, while VEMAX has yielded a comparatively higher 9.04% annualized 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%

VEMAX

• 1D: 1.58%
• 1M: 4.22%
• YTD: 13.97%
• 6M: 15.57%
• 1Y: 32.68%
• 3Y*: 18.62%
• 5Y*: 5.62%
• 10Y*: 9.04%

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

HLMEX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	22.04%	28.02%	2.71%	6.16%	-27.66%	-3.41%	13.88%	25.78%	-18.62%	35.33%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	13.97%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-14.59%	31.37%

Correlation

The correlation between HLMEX and VEMAX 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 (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.95

The correlation between HLMEX and VEMAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

HLMEX vs. VEMAX — 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

VEMAX

VEMAX Risk / Return Rank: 59
VEMAX Sharpe Ratio Rank: 62
VEMAX Sortino Ratio Rank: 57
VEMAX Omega Ratio Rank: 58
VEMAX Calmar Ratio Rank: 61
VEMAX Martin Ratio Rank: 56

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. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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	VEMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.09	2.31	+0.78
Sortino ratio: Return per unit of downside risk	4.14	3.18	+0.96
Omega ratio: Gain probability vs. loss probability	1.59	1.42	+0.16
Calmar ratio: Return relative to maximum drawdown	3.77	3.00	+0.78
Martin ratio: Return relative to average drawdown	14.80	11.18	+3.62
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. VEMAX - Sharpe Ratio Comparison

The current HLMEX Sharpe Ratio is 3.09, which is higher than the VEMAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of HLMEX and VEMAX, 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	VEMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	2.31	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.37	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.55	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.30	+0.01

Drawdowns

HLMEX vs. VEMAX - Drawdown Comparison

The maximum HLMEX drawdown since its inception was -65.03%, roughly equal to the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for HLMEX and VEMAX.

Drawdown Indicators

	HLMEX	VEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.03%	-66.45%	+1.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-11.05%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.59%	-15.78%	-2.81%
Max Drawdown (5Y) Largest decline over 5 years	-42.65%	-32.55%	-10.10%
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	-36.11%	-7.71%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.17%	-16.12%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.96%	+0.12%

Volatility

HLMEX vs. VEMAX - Volatility Comparison

Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) has a higher volatility of 5.61% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 5.01%. This indicates that HLMEX's price experiences larger fluctuations and is considered to be riskier than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMEX	VEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	5.01%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	11.80%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	14.31%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	15.38%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	16.46%	+1.46%

HLMEX vs. VEMAX - Expense Ratio Comparison

HLMEX has a 1.10% expense ratio, which is higher than VEMAX's 0.14% expense ratio.

Dividends

HLMEX vs. VEMAX - Dividend Comparison

HLMEX's dividend yield for the trailing twelve months is around 78.26%, more than VEMAX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.34%	2.74%	3.13%	3.47%	4.05%	2.57%	1.87%	3.20%	2.85%	2.31%	2.51%	3.25%

Frequently Asked Questions

Can I hold both HLMEX and VEMAX in my portfolio?

With a correlation of 0.90, HLMEX and VEMAX 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 VEMAX?

HLMEX has higher volatility (5.61%) compared to VEMAX (5.01%). In terms of maximum drawdown, HLMEX dropped -65.03% vs VEMAX's -66.45%.

Which has better risk-adjusted returns?

HLMEX currently has the higher Sharpe Ratio (3.09 vs 2.31), 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.