HLMIX vs. VMGAX
HLMIX (Harding Loevner International Equity Portfolio) and VMGAX (Vanguard Mega Cap Growth Index Fund Institutional Shares) are both mutual funds - HLMIX is a Foreign Large Cap Equities fund managed by Harding Loevner, while VMGAX is a Large Cap Growth Equities fund tracking the CRSP US Mega Cap Growth Index. Over the past 10 years, HLMIX returned 9.39%/yr vs 18.27%/yr for VMGAX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. HLMIX charges 0.79%/yr vs 0.05%/yr for VMGAX.
Performance
HLMIX vs. VMGAX - 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 VMGAX's 4.77% return. Over the past 10 years, HLMIX has underperformed VMGAX with an annualized return of 9.39%, while VMGAX has yielded a comparatively higher 18.27% annualized return.
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%
VMGAX
- 1D
- 1.14%
- 1M
- -0.93%
- 6M
- 6.38%
- YTD
- 4.77%
- 1Y
- 16.42%
- 3Y*
- 21.81%
- 5Y*
- 13.07%
- 10Y*
- 18.27%
- ALL TIME*
- 13.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HLMIX vs. VMGAX - 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% |
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares | 4.77% | 20.73% | 32.98% | 51.57% | -33.55% | 28.50% | 41.02% | 37.54% | -2.86% | 29.49% |
Correlation
The correlation between HLMIX and VMGAX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 0.75 |
The correlation between HLMIX and VMGAX shifts across timeframes, from 0.63 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HLMIX vs. VMGAX — Risk / Return Rank
HLMIX
VMGAX
HLMIX vs. VMGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Equity Portfolio (HLMIX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX). 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 | VMGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.14 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 0.83 | +1.93 |
| Martin ratioReturn relative to average drawdown | 10.34 | 2.60 | +7.74 |
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Drawdowns
HLMIX vs. VMGAX - Drawdown Comparison
The maximum HLMIX drawdown since its inception was -58.03%, which is greater than VMGAX's maximum drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for HLMIX and VMGAX.
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Drawdown Indicators
| HLMIX | VMGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.03% | -47.97% | -10.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.44% | -16.78% | +6.34% |
Max Drawdown (3Y)Largest decline over 3 years | -13.98% | -23.45% | +9.47% |
Max Drawdown (5Y)Largest decline over 5 years | -32.76% | -36.03% | +3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -32.76% | -36.03% | +3.27% |
Current DrawdownCurrent decline from peak | -0.41% | -6.12% | +5.71% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -7.42% | -5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 5.35% | -2.56% |
Volatility
HLMIX vs. VMGAX - Volatility Comparison
The current volatility for Harding Loevner International Equity Portfolio (HLMIX) is 4.87%, while Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) has a volatility of 5.83%. This indicates that HLMIX experiences smaller price fluctuations and is considered to be less risky than VMGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLMIX | VMGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 5.83% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 13.65% | 14.69% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.80% | 18.26% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 23.00% | -6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 22.02% | -5.62% |
HLMIX vs. VMGAX - Expense Ratio Comparison
HLMIX has a 0.79% expense ratio, which is higher than VMGAX's 0.05% expense ratio.
Dividends
HLMIX vs. VMGAX - Dividend Comparison
HLMIX's dividend yield for the trailing twelve months is around 12.95%, more than VMGAX's 0.35% 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% |
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares | 0.35% | 0.36% | 0.44% | 0.51% | 0.71% | 0.42% | 0.65% | 0.86% | 1.13% | 1.23% | 1.53% | 1.44% |
Frequently Asked Questions
HLMIX and VMGAX 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.
VMGAX has higher volatility (5.83%) compared to HLMIX (4.87%). In terms of maximum drawdown, HLMIX dropped -58.03% vs VMGAX's -47.97%.
HLMIX currently has the higher Sharpe Ratio (1.83 vs 0.76), 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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