HLMEX vs. VEMAX

Last updated Aug 4, 2026

HLMEX (Harding Loevner Institutional Emerging Markets Portfolio) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both Emerging Markets Equities funds. Over the past 10 years, HLMEX returned 5.94%/yr vs 7.77%/yr for VEMAX. Their correlation of 0.94 means they have usually moved in the same direction. HLMEX charges 1.10%/yr vs 0.13%/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 16.76% return, which is significantly higher than VEMAX's 9.14% return. Over the past 10 years, HLMEX has underperformed VEMAX with an annualized return of 5.94%, while VEMAX has yielded a comparatively higher 7.77% annualized return.

HLMEX

• 1D: 1.12%
• 1M: 0.48%
• 6M: 8.05%
• YTD: 16.76%
• 1Y: 34.84%
• 3Y*: 14.32%
• 5Y*: 2.43%
• 10Y*: 5.94%
• ALL TIME*: 6.17%

VEMAX

• 1D: 1.27%
• 1M: -0.49%
• 6M: 3.64%
• YTD: 9.14%
• 1Y: 21.44%
• 3Y*: 14.55%
• 5Y*: 6.03%
• 10Y*: 7.77%
• ALL TIME*: 6.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	$0.00	$0.00	$0.00
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	$0.00	$0.00	$0.00

HLMEX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	16.76%	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	9.14%	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, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.95

The correlation between HLMEX and VEMAX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

HLMEX vs. VEMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HLMEX

HLMEX Risk / Return Rank: 76
HLMEX Sharpe Ratio Rank: 79
HLMEX Sortino Ratio Rank: 73
HLMEX Omega Ratio Rank: 77
HLMEX Calmar Ratio Rank: 80
HLMEX Martin Ratio Rank: 71

VEMAX

VEMAX Risk / Return Rank: 40
VEMAX Sharpe Ratio Rank: 40
VEMAX Sortino Ratio Rank: 38
VEMAX Omega Ratio Rank: 39
VEMAX Calmar Ratio Rank: 44
VEMAX Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HLMEX	VEMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.28	+0.64
Sortino ratio: Return per unit of downside risk	2.59	1.81	+0.78
Omega ratio: Gain probability vs. loss probability	1.36	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	2.77	1.86	+0.91
Martin ratio: Return relative to average drawdown	9.43	6.19	+3.24

HLMEX vs. VEMAX - Sharpe Ratio Comparison

The current HLMEX Sharpe Ratio is 1.93, which is higher than the VEMAX Sharpe Ratio of 1.28. 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.

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	-40.43%	-30.69%	-9.74%
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	-36.11%	-7.71%
Current Drawdown Current decline from peak	-4.32%	-4.23%	-0.09%
Average Drawdown Average peak-to-trough decline	-17.06%	-16.02%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.31%	+0.25%

Volatility

HLMEX vs. VEMAX - Volatility Comparison

Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) has a higher volatility of 6.99% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 5.33%. 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	6.99%	5.33%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	13.84%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	16.02%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	15.59%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	16.50%	+1.51%

HLMEX vs. VEMAX - Expense Ratio Comparison

HLMEX has a 1.10% expense ratio, which is higher than VEMAX's 0.13% expense ratio.

Dividends

HLMEX vs. VEMAX - Dividend Comparison

HLMEX's dividend yield for the trailing twelve months is around 81.80%, more than VEMAX's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMEX Harding Loevner Institutional Emerging Markets Portfolio	81.80%	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	2.32%	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 (6.99%) compared to VEMAX (5.33%). 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 (1.93 vs 1.28), 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.