HLMGX vs. AGOCX

Last updated Jun 26, 2026

HLMGX (Harding Loevner Global Equity Portfolio) and AGOCX (PGIM Jennison Global Equity Income Fund) are both Global Equities funds. Over the past 10 years, HLMGX returned 10.36%/yr vs 10.56%/yr for AGOCX. Their correlation of 0.82 suggests significant overlap in exposure. HLMGX charges 1.05%/yr vs 1.94%/yr for AGOCX.

Performance

HLMGX vs. AGOCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Global Equity Portfolio (HLMGX) and PGIM Jennison Global Equity Income Fund (AGOCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLMGX achieves a 2.15% return, which is significantly lower than AGOCX's 18.91% return. Both investments have delivered pretty close results over the past 10 years, with HLMGX having a 10.36% annualized return and AGOCX not far ahead at 10.56%.

HLMGX

• 1D: 0.57%
• 1M: -2.24%
• YTD: 2.15%
• 6M: 1.40%
• 1Y: 8.22%
• 3Y*: 12.09%
• 5Y*: 2.49%
• 10Y*: 10.36%

AGOCX

• 1D: 0.41%
• 1M: 1.15%
• YTD: 18.91%
• 6M: 18.16%
• 1Y: 33.23%
• 3Y*: 21.58%
• 5Y*: 11.98%
• 10Y*: 10.56%

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

HLMGX vs. AGOCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMGX Harding Loevner Global Equity Portfolio	2.15%	11.95%	13.50%	21.84%	-30.20%	14.38%	29.68%	28.77%	-10.61%	31.94%
AGOCX PGIM Jennison Global Equity Income Fund	18.91%	23.91%	13.75%	9.41%	-11.69%	20.27%	5.72%	21.02%	-7.69%	14.68%

Correlation

The correlation between HLMGX and AGOCX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.82

The correlation between HLMGX and AGOCX shifts across timeframes, from 0.70 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HLMGX vs. AGOCX — Risk / Return Rank

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

HLMGX

HLMGX Risk / Return Rank: 10
HLMGX Sharpe Ratio Rank: 10
HLMGX Sortino Ratio Rank: 10
HLMGX Omega Ratio Rank: 9
HLMGX Calmar Ratio Rank: 10
HLMGX Martin Ratio Rank: 13

AGOCX

AGOCX Risk / Return Rank: 89
AGOCX Sharpe Ratio Rank: 91
AGOCX Sortino Ratio Rank: 87
AGOCX Omega Ratio Rank: 84
AGOCX Calmar Ratio Rank: 90
AGOCX Martin Ratio Rank: 92

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.

HLMGX vs. AGOCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Global Equity Portfolio (HLMGX) and PGIM Jennison Global Equity Income Fund (AGOCX). 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.

	HLMGX	AGOCX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	2.61	-2.00
Sortino ratio: Return per unit of downside risk	0.92	3.63	-2.71
Omega ratio: Gain probability vs. loss probability	1.11	1.48	-0.36
Calmar ratio: Return relative to maximum drawdown	0.73	3.97	-3.24
Martin ratio: Return relative to average drawdown	2.85	15.95	-13.10

HLMGX vs. AGOCX - Sharpe Ratio Comparison

The current HLMGX Sharpe Ratio is 0.61, which is lower than the AGOCX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of HLMGX and AGOCX, 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

HLMGX vs. AGOCX - Drawdown Comparison

The maximum HLMGX drawdown since its inception was -54.27%, roughly equal to the maximum AGOCX drawdown of -51.84%. Use the drawdown chart below to compare losses from any high point for HLMGX and AGOCX.

Drawdown Indicators

	HLMGX	AGOCX	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-51.84%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-8.25%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.76%	-11.60%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-38.48%	-24.53%	-13.95%
Max Drawdown (10Y) Largest decline over 10 years	-38.48%	-34.69%	-3.79%
Current Drawdown Current decline from peak	-4.13%	-1.06%	-3.07%
Average Drawdown Average peak-to-trough decline	-12.95%	-7.85%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.05%	+0.83%

Volatility

HLMGX vs. AGOCX - Volatility Comparison

Harding Loevner Global Equity Portfolio (HLMGX) and PGIM Jennison Global Equity Income Fund (AGOCX) have volatilities of 5.20% and 5.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMGX	AGOCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	5.09%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.08%	10.83%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	12.57%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	14.13%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	15.91%	+2.17%

HLMGX vs. AGOCX - Expense Ratio Comparison

HLMGX has a 1.05% expense ratio, which is lower than AGOCX's 1.94% expense ratio.

Dividends

HLMGX vs. AGOCX - Dividend Comparison

HLMGX's dividend yield for the trailing twelve months is around 20.55%, more than AGOCX's 8.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOCX PGIM Jennison Global Equity Income Fund	8.01%	9.59%	10.04%	9.74%	9.10%	5.29%	9.25%	12.44%	23.46%	5.31%	1.56%	12.12%
HLMGX Harding Loevner Global Equity Portfolio	20.55%	20.99%	30.72%	0.28%	0.00%	16.22%	5.68%	0.27%	12.74%	13.71%	1.34%	2.81%

Frequently Asked Questions

Can I hold both HLMGX and AGOCX in my portfolio?

HLMGX and AGOCX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLMGX or AGOCX?

HLMGX has higher volatility (5.20%) compared to AGOCX (5.09%). In terms of maximum drawdown, HLMGX dropped -54.27% vs AGOCX's -51.84%.

Which has better risk-adjusted returns?

AGOCX currently has the higher Sharpe Ratio (2.61 vs 0.61), 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.