HLMIX vs. VXUS

Last updated Jun 5, 2026

HLMIX (Harding Loevner International Equity Portfolio) and VXUS (Vanguard Total International Stock ETF) are both funds - HLMIX is a Foreign Large Cap Equities fund managed by Harding Loevner, while VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index. Over the past 10 years, HLMIX returned 9.68%/yr vs 9.69%/yr for VXUS. Their correlation of 0.94 suggests significant overlap in exposure. HLMIX charges 0.79%/yr vs 0.05%/yr for VXUS.

Performance

HLMIX vs. VXUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner International Equity Portfolio (HLMIX) and Vanguard Total International Stock ETF (VXUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HLMIX having a 14.54% return and VXUS slightly lower at 14.45%. Both investments have delivered pretty close results over the past 10 years, with HLMIX having a 9.68% annualized return and VXUS not far ahead at 9.69%.

HLMIX

• 1D: -0.99%
• 1M: 3.56%
• YTD: 14.54%
• 6M: 16.22%
• 1Y: 28.25%
• 3Y*: 15.92%
• 5Y*: 6.56%
• 10Y*: 9.68%

VXUS

• 1D: 0.17%
• 1M: 3.40%
• YTD: 14.45%
• 6M: 16.87%
• 1Y: 31.38%
• 3Y*: 19.55%
• 5Y*: 8.49%
• 10Y*: 9.69%

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

HLMIX vs. VXUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMIX Harding Loevner International Equity Portfolio	14.54%	27.63%	1.18%	15.10%	-20.21%	8.49%	20.33%	25.22%	-13.96%	29.91%
VXUS Vanguard Total International Stock ETF	14.45%	32.35%	5.08%	15.86%	-16.08%	8.98%	10.66%	21.75%	-14.43%	27.46%

Correlation

The correlation between HLMIX and VXUS is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 31, 2011	0.94

The correlation between HLMIX and VXUS has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

HLMIX vs. VXUS — Risk / Return Rank

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

HLMIX

HLMIX Risk / Return Rank: 48
HLMIX Sharpe Ratio Rank: 47
HLMIX Sortino Ratio Rank: 44
HLMIX Omega Ratio Rank: 43
HLMIX Calmar Ratio Rank: 53
HLMIX Martin Ratio Rank: 52

VXUS

VXUS Risk / Return Rank: 62
VXUS Sharpe Ratio Rank: 63
VXUS Sortino Ratio Rank: 62
VXUS Omega Ratio Rank: 64
VXUS Calmar Ratio Rank: 58
VXUS Martin Ratio Rank: 62

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. VXUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Equity Portfolio (HLMIX) and Vanguard Total International Stock ETF (VXUS). 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.

	HLMIX	VXUS	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.08	-0.07
Sortino ratio: Return per unit of downside risk	2.78	2.85	-0.07
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.80	-0.01
Martin ratio: Return relative to average drawdown	10.63	10.92	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLMIX vs. VXUS - Sharpe Ratio Comparison

The current HLMIX Sharpe Ratio is 2.01, which is comparable to the VXUS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of HLMIX and VXUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HLMIX	VXUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.08	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.53	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.57	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.39	-0.01

Drawdowns

HLMIX vs. VXUS - Drawdown Comparison

The maximum HLMIX drawdown since its inception was -58.03%, which is greater than VXUS's maximum drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for HLMIX and VXUS.

Drawdown Indicators

	HLMIX	VXUS	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-35.97%	-22.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-11.27%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-13.98%	-13.58%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-32.76%	-29.44%	-3.32%
Max Drawdown (10Y) Largest decline over 10 years	-32.76%	-35.97%	+3.21%
Current Drawdown Current decline from peak	-0.99%	-0.82%	-0.17%
Average Drawdown Average peak-to-trough decline	-12.70%	-8.22%	-4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.88%	-0.15%

Volatility

HLMIX vs. VXUS - Volatility Comparison

The current volatility for Harding Loevner International Equity Portfolio (HLMIX) is 5.14%, while Vanguard Total International Stock ETF (VXUS) has a volatility of 5.46%. This indicates that HLMIX experiences smaller price fluctuations and is considered to be less risky than VXUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMIX	VXUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	5.46%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	13.00%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.50%	15.20%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	16.04%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	17.15%	-0.66%

HLMIX vs. VXUS - Expense Ratio Comparison

HLMIX has a 0.79% expense ratio, which is higher than VXUS's 0.05% expense ratio.

Dividends

HLMIX vs. VXUS - Dividend Comparison

HLMIX's dividend yield for the trailing twelve months is around 13.04%, more than VXUS's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMIX Harding Loevner International Equity Portfolio	13.04%	14.94%	7.14%	3.79%	2.51%	2.48%	0.75%	1.59%	1.50%	1.64%	0.98%	1.02%
VXUS Vanguard Total International Stock ETF	2.65%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%

Frequently Asked Questions

Can I hold both HLMIX and VXUS in my portfolio?

With a correlation of 0.94, HLMIX and VXUS 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, HLMIX or VXUS?

VXUS has higher volatility (5.46%) compared to HLMIX (5.14%). In terms of maximum drawdown, HLMIX dropped -58.03% vs VXUS's -35.97%.

Which has better risk-adjusted returns?

VXUS currently has the higher Sharpe Ratio (2.08 vs 2.01), 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.