HLMIX vs. VMGAX

Last updated Jun 25, 2026

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 managed by Vanguard. Over the past 10 years, HLMIX returned 9.91%/yr vs 18.98%/yr for VMGAX. A 0.75 correlation means they provide meaningful diversification when combined. HLMIX charges 0.79%/yr vs 0.06%/yr for VMGAX.

Performance

HLMIX vs. VMGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner International Equity Portfolio (HLMIX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLMIX achieves a 11.89% return, which is significantly higher than VMGAX's 3.62% return. Over the past 10 years, HLMIX has underperformed VMGAX with an annualized return of 9.91%, while VMGAX has yielded a comparatively higher 18.98% annualized return.

HLMIX

• 1D: -2.81%
• 1M: 0.10%
• YTD: 11.89%
• 6M: 11.73%
• 1Y: 25.23%
• 3Y*: 15.09%
• 5Y*: 6.12%
• 10Y*: 9.91%

VMGAX

• 1D: -2.15%
• 1M: -3.94%
• YTD: 3.62%
• 6M: 2.13%
• 1Y: 19.91%
• 3Y*: 23.32%
• 5Y*: 13.85%
• 10Y*: 18.98%

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

HLMIX vs. VMGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMIX Harding Loevner International Equity Portfolio	11.89%	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	3.62%	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 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	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.

Return for Risk

HLMIX vs. VMGAX — Risk / Return Rank

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

HLMIX

HLMIX Risk / Return Rank: 47
HLMIX Sharpe Ratio Rank: 45
HLMIX Sortino Ratio Rank: 42
HLMIX Omega Ratio Rank: 43
HLMIX Calmar Ratio Rank: 54
HLMIX Martin Ratio Rank: 53

VMGAX

VMGAX Risk / Return Rank: 20
VMGAX Sharpe Ratio Rank: 23
VMGAX Sortino Ratio Rank: 21
VMGAX Omega Ratio Rank: 22
VMGAX Calmar Ratio Rank: 16
VMGAX Martin Ratio Rank: 18

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.

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 ratio: Return per unit of total volatility	1.79	1.25	+0.54
Sortino ratio: Return per unit of downside risk	2.46	1.75	+0.71
Omega ratio: Gain probability vs. loss probability	1.32	1.22	+0.10
Calmar ratio: Return relative to maximum drawdown	2.64	1.29	+1.35
Martin ratio: Return relative to average drawdown	10.01	4.36	+5.65

HLMIX vs. VMGAX - Sharpe Ratio Comparison

The current HLMIX Sharpe Ratio is 1.79, which is higher than the VMGAX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HLMIX and VMGAX, 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

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.

Drawdown Indicators

	HLMIX	VMGAX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-3.28%	-7.16%	+3.88%
Average Drawdown Average peak-to-trough decline	-12.68%	-7.43%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	4.97%	-2.22%

Volatility

HLMIX vs. VMGAX - Volatility Comparison

The current volatility for Harding Loevner International Equity Portfolio (HLMIX) is 6.35%, while Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) has a volatility of 7.12%. 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.

Volatility by Period

	HLMIX	VMGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	7.12%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	13.82%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	17.38%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	22.88%	-6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	21.97%	-5.56%

HLMIX vs. VMGAX - Expense Ratio Comparison

HLMIX has a 0.79% expense ratio, which is higher than VMGAX's 0.06% expense ratio.

Dividends

HLMIX vs. VMGAX - Dividend Comparison

HLMIX's dividend yield for the trailing twelve months is around 13.35%, more than VMGAX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMIX Harding Loevner International Equity Portfolio	13.35%	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	0.34%	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

Can I hold both HLMIX and VMGAX in my portfolio?

HLMIX and VMGAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLMIX or VMGAX?

VMGAX has higher volatility (7.12%) compared to HLMIX (6.35%). In terms of maximum drawdown, HLMIX dropped -58.03% vs VMGAX's -47.97%.

Which has better risk-adjusted returns?

HLMIX currently has the higher Sharpe Ratio (1.79 vs 1.25), 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.