HLMEX vs. VEMAX
Compare and contrast key facts about Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX).
HLMEX is managed by Harding Loevner. It was launched on Oct 16, 2005. VEMAX is managed by Vanguard. It was launched on Jun 23, 2006.
Performance
HLMEX vs. VEMAX - Performance Comparison
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HLMEX vs. VEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HLMEX Harding Loevner Institutional Emerging Markets Portfolio | -0.65% | -34.86% | 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 | -2.51% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
Returns By Period
In the year-to-date period, HLMEX achieves a -0.65% return, which is significantly higher than VEMAX's -2.51% return. Over the past 10 years, HLMEX has underperformed VEMAX with an annualized return of -1.84%, while VEMAX has yielded a comparatively higher 7.28% annualized return.
HLMEX
- 1D
- -0.83%
- 1M
- -10.95%
- YTD
- -0.65%
- 6M
- -47.76%
- 1Y
- -36.24%
- 3Y*
- -11.93%
- 5Y*
- -13.48%
- 10Y*
- -1.84%
VEMAX
- 1D
- -0.82%
- 1M
- -9.73%
- YTD
- -2.51%
- 6M
- -1.16%
- 1Y
- 19.13%
- 3Y*
- 12.46%
- 5Y*
- 3.36%
- 10Y*
- 7.28%
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HLMEX vs. VEMAX - Expense Ratio Comparison
HLMEX has a 1.10% expense ratio, which is higher than VEMAX's 0.14% expense ratio.
Return for Risk
HLMEX vs. VEMAX — Risk / Return Rank
HLMEX
VEMAX
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 ratioReturn per unit of total volatility | -0.71 | 1.23 | -1.95 |
Sortino ratioReturn per unit of downside risk | -0.51 | 1.70 | -2.22 |
Omega ratioGain probability vs. loss probability | 0.79 | 1.24 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.74 | 1.53 | -2.28 |
Martin ratioReturn relative to average drawdown | -1.51 | 5.69 | -7.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HLMEX | VEMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.71 | 1.23 | -1.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | 0.22 | -0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | 0.45 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.26 | -0.17 |
Correlation
The correlation between HLMEX and VEMAX is 0.95, 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. VEMAX - Dividend Comparison
HLMEX has not paid dividends to shareholders, while VEMAX's dividend yield for the trailing twelve months is around 2.73%.
| 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% |
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.73% | 2.74% | 3.13% | 3.47% | 4.05% | 2.57% | 1.87% | 3.20% | 2.85% | 2.31% | 2.51% | 3.25% |
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.
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Drawdown Indicators
| HLMEX | VEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.03% | -66.45% | +1.42% |
Max Drawdown (1Y)Largest decline over 1 year | -50.96% | -11.08% | -39.88% |
Max Drawdown (5Y)Largest decline over 5 years | -55.58% | -32.60% | -22.98% |
Max Drawdown (10Y)Largest decline over 10 years | -56.41% | -36.11% | -20.30% |
Current DrawdownCurrent decline from peak | -55.29% | -11.05% | -44.24% |
Average DrawdownAverage peak-to-trough decline | -17.94% | -16.25% | -1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.11% | 2.99% | +22.12% |
Volatility
HLMEX vs. VEMAX - Volatility Comparison
Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) has a higher volatility of 6.95% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 6.36%. 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.
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Volatility by Period
| HLMEX | VEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 6.36% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 69.03% | 10.70% | +58.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.99% | 15.26% | +36.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.49% | 15.18% | +12.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.71% | 16.37% | +7.34% |