HLMSX vs. HLEMX

Last updated Jun 5, 2026

HLMSX (Harding Loevner International Small Companies Portfolio) and HLEMX (Harding Loevner Emerging Markets Fund) are both mutual funds - HLMSX is a Foreign Small & Mid Cap Equities fund managed by Harding Loevner, while HLEMX is a Emerging Markets Diversified fund managed by Harding Loevner. A 0.75 correlation means they provide meaningful diversification when combined. HLMSX charges 1.37%/yr vs 1.19%/yr for HLEMX.

Performance

HLMSX vs. HLEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner International Small Companies Portfolio (HLMSX) and Harding Loevner Emerging Markets Fund (HLEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HLMSX

• 1D: -1.08%
• 1M: 1.69%
• YTD: 5.90%
• 6M: 7.93%
• 1Y: 4.93%
• 3Y*: 6.27%
• 5Y*: -0.04%
• 10Y*: 5.95%

HLEMX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HLMSX vs. HLEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMSX Harding Loevner International Small Companies Portfolio	5.90%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%
HLEMX Harding Loevner Emerging Markets Fund	0.00%	26.25%	1.96%	6.77%	-27.69%	-3.43%	13.47%	25.81%	-18.72%	35.22%

Correlation

The correlation between HLMSX and HLEMX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.62
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 Mar 27, 2007	0.75

Over the past year, the correlation between HLMSX and HLEMX has dropped to 0.40 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

HLMSX vs. HLEMX — Risk / Return Rank

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

HLMSX

HLMSX Risk / Return Rank: 7
HLMSX Sharpe Ratio Rank: 7
HLMSX Sortino Ratio Rank: 7
HLMSX Omega Ratio Rank: 7
HLMSX Calmar Ratio Rank: 7
HLMSX Martin Ratio Rank: 6

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.

HLMSX vs. HLEMX - Risk-Adjusted Trends Comparison

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

	HLMSX	HLEMX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	—	—
Sortino ratio: Return per unit of downside risk	0.81	—	—
Omega ratio: Gain probability vs. loss probability	1.10	—	—
Calmar ratio: Return relative to maximum drawdown	0.60	—	—
Martin ratio: Return relative to average drawdown	1.50	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HLMSX	HLEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	—	—

Drawdowns

Drawdown Indicators

	HLMSX	HLEMX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	—	—
Current Drawdown Current decline from peak	-9.61%	—	—
Average Drawdown Average peak-to-trough decline	-13.22%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	—	—

Volatility

Volatility by Period

	HLMSX	HLEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	—	—

HLMSX vs. HLEMX - Expense Ratio Comparison

HLMSX has a 1.37% expense ratio, which is higher than HLEMX's 1.19% expense ratio.

Dividends

HLMSX vs. HLEMX - Dividend Comparison

HLMSX's dividend yield for the trailing twelve months is around 3.81%, less than HLEMX's 93.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLEMX Harding Loevner Emerging Markets Fund	93.52%	93.52%	16.56%	3.13%	8.75%	8.53%	0.32%	1.40%	0.89%	0.73%	0.60%	0.56%
HLMSX Harding Loevner International Small Companies Portfolio	3.81%	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 HLEMX in my portfolio?

HLMSX and HLEMX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.