HLMIX vs. IEFA
HLMIX (Harding Loevner International Equity Portfolio) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, HLMIX returned 9.39%/yr vs 9.52%/yr for IEFA. Their correlation of 0.92 means they have usually moved in the same direction. HLMIX charges 0.79%/yr vs 0.07%/yr for IEFA.
Performance
HLMIX vs. IEFA - Performance Comparison
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Returns By Period
In the year-to-date period, HLMIX achieves a 15.32% return, which is significantly higher than IEFA's 12.10% return. Both investments have delivered pretty close results over the past 10 years, with HLMIX having a 9.39% annualized return and IEFA not far ahead at 9.52%.
HLMIX
- 1D
- -0.32%
- 1M
- 1.03%
- 6M
- 6.89%
- YTD
- 15.32%
- 1Y
- 29.16%
- 3Y*
- 15.24%
- 5Y*
- 6.56%
- 10Y*
- 9.39%
- ALL TIME*
- 6.76%
IEFA
- 1D
- 0.43%
- 1M
- 1.41%
- 6M
- 6.08%
- YTD
- 12.10%
- 1Y
- 25.11%
- 3Y*
- 17.33%
- 5Y*
- 8.81%
- 10Y*
- 9.52%
- ALL TIME*
- 8.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $866.09M | $876.15M | $940.56M |
HLMIX vs. IEFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HLMIX Harding Loevner International Equity Portfolio | 15.32% | 27.63% | 1.18% | 15.10% | -20.21% | 8.49% | 20.33% | 25.22% | -13.96% | 29.91% |
IEFA iShares Core MSCI EAFE ETF | 12.10% | 32.08% | 3.26% | 17.95% | -15.24% | 11.63% | 8.18% | 22.64% | -14.14% | 26.57% |
Correlation
The correlation between HLMIX and IEFA 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. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.92 |
The correlation between HLMIX and IEFA has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
HLMIX vs. IEFA — Risk / Return Rank
HLMIX
IEFA
HLMIX vs. IEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Equity Portfolio (HLMIX) and iShares Core MSCI EAFE ETF (IEFA). 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.
| HLMIX | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.19 | +0.57 |
| Martin ratioReturn relative to average drawdown | 10.34 | 8.42 | +1.92 |
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Drawdowns
HLMIX vs. IEFA - Drawdown Comparison
The maximum HLMIX drawdown since its inception was -58.03%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for HLMIX and IEFA.
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Drawdown Indicators
| HLMIX | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.03% | -34.78% | -23.25% |
Max Drawdown (1Y)Largest decline over 1 year | -10.44% | -11.50% | +1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -13.98% | -13.76% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -32.76% | -30.41% | -2.35% |
Max Drawdown (10Y)Largest decline over 10 years | -32.76% | -34.78% | +2.02% |
Current DrawdownCurrent decline from peak | -0.41% | -0.21% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -6.63% | -6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.99% | -0.20% |
Volatility
HLMIX vs. IEFA - Volatility Comparison
Harding Loevner International Equity Portfolio (HLMIX) has a higher volatility of 4.87% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.60%. This indicates that HLMIX's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLMIX | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 4.60% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 13.65% | 13.60% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.80% | 15.68% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 16.64% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 17.04% | -0.64% |
HLMIX vs. IEFA - Expense Ratio Comparison
HLMIX has a 0.79% expense ratio, which is higher than IEFA's 0.07% expense ratio.
Dividends
HLMIX vs. IEFA - Dividend Comparison
HLMIX's dividend yield for the trailing twelve months is around 12.95%, more than IEFA's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLMIX Harding Loevner International Equity Portfolio | 12.95% | 14.94% | 7.14% | 3.79% | 2.51% | 2.48% | 0.75% | 1.59% | 1.50% | 1.64% | 0.98% | 1.02% |
IEFA iShares Core MSCI EAFE ETF | 3.33% | 3.55% | 3.47% | 3.20% | 2.70% | 3.32% | 1.90% | 3.18% | 3.46% | 2.57% | 2.96% | 2.63% |
Frequently Asked Questions
With a correlation of 0.90, HLMIX and IEFA 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.
HLMIX has higher volatility (4.87%) compared to IEFA (4.60%). In terms of maximum drawdown, HLMIX dropped -58.03% vs IEFA's -34.78%.
HLMIX currently has the higher Sharpe Ratio (1.83 vs 1.61), 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.
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