HLMSX vs. HWTIX

Last updated Aug 4, 2026

HLMSX (Harding Loevner International Small Companies Portfolio) and HWTIX (Hotchkis & Wiley International Small Cap Diversified Value Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, HLMSX returned -0.29%/yr vs 11.92%/yr for HWTIX. Their correlation of 0.84 means they have usually moved in the same direction. HLMSX charges 1.37%/yr vs 0.99%/yr for HWTIX.

Performance

HLMSX vs. HWTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner International Small Companies Portfolio (HLMSX) and Hotchkis & Wiley International Small Cap Diversified Value Fund (HWTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLMSX achieves a 7.71% return, which is significantly lower than HWTIX's 15.58% 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%

HWTIX

• 1D: -1.02%
• 1M: 4.75%
• 6M: 9.80%
• YTD: 15.58%
• 1Y: 26.65%
• 3Y*: 19.00%
• 5Y*: 11.92%
• 10Y*: —
• ALL TIME*: 17.92%

*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)
HLMSX Harding Loevner International Small Companies Portfolio	$0.00	$0.00	$0.00
HWTIX Hotchkis & Wiley International Small Cap Diversified Value Fund	$0.00	$0.00	$0.00

HLMSX vs. HWTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HLMSX Harding Loevner International Small Companies Portfolio	7.71%	14.87%	-6.92%	11.78%	-24.50%	12.82%	29.80%
HWTIX Hotchkis & Wiley International Small Cap Diversified Value Fund	15.58%	30.96%	4.62%	20.79%	-8.67%	16.22%	34.26%

Correlation

The correlation between HLMSX and HWTIX is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Jun 30, 2020	0.84

The correlation between HLMSX and HWTIX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

HLMSX vs. HWTIX — 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

HWTIX

HWTIX Risk / Return Rank: 80
HWTIX Sharpe Ratio Rank: 86
HWTIX Sortino Ratio Rank: 84
HWTIX Omega Ratio Rank: 82
HWTIX Calmar Ratio Rank: 75
HWTIX Martin Ratio Rank: 70

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. HWTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Small Companies Portfolio (HLMSX) and Hotchkis & Wiley International Small Cap Diversified Value Fund (HWTIX). 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	HWTIX	Difference
Sharpe ratio: Return per unit of total volatility	0.55	2.15	-1.61
Sortino ratio: Return per unit of downside risk	0.84	3.01	-2.17
Omega ratio: Gain probability vs. loss probability	1.10	1.39	-0.29
Calmar ratio: Return relative to maximum drawdown	0.65	2.57	-1.93
Martin ratio: Return relative to average drawdown	1.65	9.31	-7.67

HLMSX vs. HWTIX - Sharpe Ratio Comparison

The current HLMSX Sharpe Ratio is 0.55, which is lower than the HWTIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HLMSX and HWTIX, 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. HWTIX - Drawdown Comparison

The maximum HLMSX drawdown since its inception was -60.77%, which is greater than HWTIX's maximum drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for HLMSX and HWTIX.

Drawdown Indicators

	HLMSX	HWTIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-29.57%	-31.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-10.75%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-29.57%	+13.00%
Max Drawdown (5Y) Largest decline over 5 years	-38.22%	-29.57%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	—	—
Current Drawdown Current decline from peak	-8.06%	-1.02%	-7.04%
Average Drawdown Average peak-to-trough decline	-13.19%	-6.20%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	2.97%	+1.19%

Volatility

HLMSX vs. HWTIX - Volatility Comparison

Harding Loevner International Small Companies Portfolio (HLMSX) has a higher volatility of 4.08% compared to Hotchkis & Wiley International Small Cap Diversified Value Fund (HWTIX) at 3.57%. This indicates that HLMSX's price experiences larger fluctuations and is considered to be riskier than HWTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMSX	HWTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	3.57%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	10.39%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	12.87%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	22.89%	-7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	21.78%	-6.96%

HLMSX vs. HWTIX - Expense Ratio Comparison

HLMSX has a 1.37% expense ratio, which is higher than HWTIX's 0.99% expense ratio.

Dividends

HLMSX vs. HWTIX - Dividend Comparison

HLMSX's dividend yield for the trailing twelve months is around 3.75%, less than HWTIX's 12.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HWTIX Hotchkis & Wiley International Small Cap Diversified Value Fund	12.11%	4.68%	31.95%	6.64%	5.32%	22.94%	4.15%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HLMSX and HWTIX in my portfolio?

HLMSX and HWTIX have a correlation of 0.87, 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 HWTIX?

HLMSX has higher volatility (4.08%) compared to HWTIX (3.57%). In terms of maximum drawdown, HLMSX dropped -60.77% vs HWTIX's -29.57%.

Which has better risk-adjusted returns?

HWTIX currently has the higher Sharpe Ratio (2.15 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.