HLMSX vs. ARTJX

Last updated Aug 4, 2026

HLMSX (Harding Loevner International Small Companies Portfolio) and ARTJX (Artisan International Small-Mid Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, HLMSX returned 6.10%/yr vs 7.23%/yr for ARTJX. Their correlation of 0.85 means they have usually moved in the same direction. HLMSX charges 1.37%/yr vs 1.28%/yr for ARTJX.

Performance

HLMSX vs. ARTJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner International Small Companies Portfolio (HLMSX) and Artisan International Small-Mid Fund (ARTJX). 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 HLMSX having a 7.71% return and ARTJX slightly lower at 7.52%. Over the past 10 years, HLMSX has underperformed ARTJX with an annualized return of 6.10%, while ARTJX has yielded a comparatively higher 7.23% annualized return.

HLMSX

• 1D: -0.66%
• 1M: 0.88%
• 6M: 5.11%
• YTD: 7.71%
• 1Y: 6.78%
• 3Y*: 5.55%
• 5Y*: -0.29%
• 10Y*: 6.10%
• ALL TIME*: 5.59%

ARTJX

• 1D: -0.19%
• 1M: -0.39%
• 6M: 6.47%
• YTD: 7.52%
• 1Y: 14.46%
• 3Y*: 8.35%
• 5Y*: 0.87%
• 10Y*: 7.23%
• ALL TIME*: 9.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARTJX Artisan International Small-Mid Fund	$0.00	$0.00	$0.00
HLMSX Harding Loevner International Small Companies Portfolio	$0.00	$0.00	$0.00

HLMSX vs. ARTJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMSX Harding Loevner International Small Companies Portfolio	7.71%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%
ARTJX Artisan International Small-Mid Fund	7.52%	18.29%	-0.80%	11.03%	-23.77%	3.63%	33.00%	36.25%	-17.94%	33.50%

Correlation

The correlation between HLMSX and ARTJX is 0.82, 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.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.85

The correlation between HLMSX and ARTJX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

HLMSX vs. ARTJX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HLMSX

HLMSX Risk / Return Rank: 12
HLMSX Sharpe Ratio Rank: 12
HLMSX Sortino Ratio Rank: 12
HLMSX Omega Ratio Rank: 12
HLMSX Calmar Ratio Rank: 12
HLMSX Martin Ratio Rank: 11

ARTJX

ARTJX Risk / Return Rank: 28
ARTJX Sharpe Ratio Rank: 26
ARTJX Sortino Ratio Rank: 28
ARTJX Omega Ratio Rank: 26
ARTJX Calmar Ratio Rank: 30
ARTJX Martin Ratio Rank: 31

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HLMSX vs. ARTJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Small Companies Portfolio (HLMSX) and Artisan International Small-Mid Fund (ARTJX). 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.

	HLMSX	ARTJX	Difference
Sharpe ratio: Return per unit of total volatility	0.55	0.97	-0.43
Sortino ratio: Return per unit of downside risk	0.84	1.50	-0.66
Omega ratio: Gain probability vs. loss probability	1.10	1.18	-0.07
Calmar ratio: Return relative to maximum drawdown	0.65	1.44	-0.79
Martin ratio: Return relative to average drawdown	1.65	4.94	-3.30

HLMSX vs. ARTJX - Sharpe Ratio Comparison

The current HLMSX Sharpe Ratio is 0.55, which is lower than the ARTJX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of HLMSX and ARTJX, 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

HLMSX vs. ARTJX - Drawdown Comparison

The maximum HLMSX drawdown since its inception was -60.77%, smaller than the maximum ARTJX drawdown of -64.43%. Use the drawdown chart below to compare losses from any high point for HLMSX and ARTJX.

Drawdown Indicators

	HLMSX	ARTJX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-64.43%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-10.10%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-17.50%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-38.22%	-37.04%	-1.18%
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	-37.04%	-1.18%
Current Drawdown Current decline from peak	-8.06%	-1.53%	-6.53%
Average Drawdown Average peak-to-trough decline	-13.19%	-13.18%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	2.93%	+1.23%

Volatility

HLMSX vs. ARTJX - Volatility Comparison

Harding Loevner International Small Companies Portfolio (HLMSX) has a higher volatility of 4.08% compared to Artisan International Small-Mid Fund (ARTJX) at 3.75%. This indicates that HLMSX's price experiences larger fluctuations and is considered to be riskier than ARTJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMSX	ARTJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	3.75%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	12.06%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	14.96%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	17.92%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	17.19%	-2.37%

HLMSX vs. ARTJX - Expense Ratio Comparison

HLMSX has a 1.37% expense ratio, which is higher than ARTJX's 1.28% expense ratio.

Dividends

HLMSX vs. ARTJX - Dividend Comparison

HLMSX's dividend yield for the trailing twelve months is around 3.75%, less than ARTJX's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARTJX Artisan International Small-Mid Fund	5.20%	5.59%	0.57%	0.00%	0.03%	2.86%	0.54%	0.14%	73.24%	13.74%	6.05%	3.36%
HLMSX Harding Loevner International Small Companies Portfolio	3.75%	4.04%	1.17%	1.00%	1.83%	2.82%	0.03%	0.52%	7.56%	1.13%	4.37%	1.54%

Frequently Asked Questions

Can I hold both HLMSX and ARTJX in my portfolio?

HLMSX and ARTJX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLMSX or ARTJX?

HLMSX has higher volatility (4.08%) compared to ARTJX (3.75%). In terms of maximum drawdown, HLMSX dropped -60.77% vs ARTJX's -64.43%.

Which has better risk-adjusted returns?

ARTJX currently has the higher Sharpe Ratio (0.97 vs 0.55), 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.