HLMSX vs. IEGAX

Last updated Jun 4, 2026

HLMSX (Harding Loevner International Small Companies Portfolio) and IEGAX (Invesco EQV International Small Company Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, HLMSX returned 6.07%/yr vs 8.58%/yr for IEGAX. Their correlation of 0.82 suggests significant overlap in exposure. HLMSX charges 1.37%/yr vs 1.49%/yr for IEGAX.

Performance

HLMSX vs. IEGAX - Performance Comparison

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

Returns By Period

In the year-to-date period, HLMSX achieves a 7.05% return, which is significantly lower than IEGAX's 11.06% return. Over the past 10 years, HLMSX has underperformed IEGAX with an annualized return of 6.07%, while IEGAX has yielded a comparatively higher 8.58% annualized return.

HLMSX

• 1D: -0.26%
• 1M: 3.52%
• YTD: 7.05%
• 6M: 9.40%
• 1Y: 7.54%
• 3Y*: 6.66%
• 5Y*: 0.39%
• 10Y*: 6.07%

IEGAX

• 1D: -0.68%
• 1M: 2.00%
• YTD: 11.06%
• 6M: 13.35%
• 1Y: 17.06%
• 3Y*: 14.22%
• 5Y*: 7.09%
• 10Y*: 8.58%

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

HLMSX vs. IEGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMSX Harding Loevner International Small Companies Portfolio	7.05%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%
IEGAX Invesco EQV International Small Company Fund	11.06%	25.92%	-2.63%	14.10%	-11.28%	18.40%	10.18%	18.54%	-18.70%	33.43%

Correlation

The correlation between HLMSX and IEGAX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Mar 27, 2007	0.82

The correlation between HLMSX and IEGAX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

HLMSX vs. IEGAX — 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

IEGAX

IEGAX Risk / Return Rank: 16
IEGAX Sharpe Ratio Rank: 16
IEGAX Sortino Ratio Rank: 16
IEGAX Omega Ratio Rank: 16
IEGAX Calmar Ratio Rank: 15
IEGAX Martin Ratio Rank: 19

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. IEGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Small Companies Portfolio (HLMSX) and Invesco EQV International Small Company Fund (IEGAX). 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	IEGAX	Difference
Sharpe ratio: Return per unit of total volatility	0.58	1.11	-0.53
Sortino ratio: Return per unit of downside risk	0.89	1.67	-0.78
Omega ratio: Gain probability vs. loss probability	1.11	1.21	-0.10
Calmar ratio: Return relative to maximum drawdown	0.67	1.32	-0.65
Martin ratio: Return relative to average drawdown	1.66	5.02	-3.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLMSX vs. IEGAX - Sharpe Ratio Comparison

The current HLMSX Sharpe Ratio is 0.58, which is lower than the IEGAX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of HLMSX and IEGAX, 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

	HLMSX	IEGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	1.11	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.54	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.61	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.55	-0.19

Drawdowns

HLMSX vs. IEGAX - Drawdown Comparison

The maximum HLMSX drawdown since its inception was -60.77%, smaller than the maximum IEGAX drawdown of -65.36%. Use the drawdown chart below to compare losses from any high point for HLMSX and IEGAX.

Drawdown Indicators

	HLMSX	IEGAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-65.36%	+4.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-12.41%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-12.41%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-38.22%	-23.64%	-14.58%
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	-43.09%	+4.87%
Current Drawdown Current decline from peak	-8.62%	-1.47%	-7.15%
Average Drawdown Average peak-to-trough decline	-13.22%	-13.24%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	3.25%	+1.00%

Volatility

HLMSX vs. IEGAX - Volatility Comparison

The current volatility for Harding Loevner International Small Companies Portfolio (HLMSX) is 3.33%, while Invesco EQV International Small Company Fund (IEGAX) has a volatility of 4.18%. This indicates that HLMSX experiences smaller price fluctuations and is considered to be less risky than IEGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMSX	IEGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	4.18%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	12.10%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	14.81%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	13.34%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	14.12%	+0.85%

HLMSX vs. IEGAX - Expense Ratio Comparison

HLMSX has a 1.37% expense ratio, which is lower than IEGAX's 1.49% expense ratio.

Dividends

HLMSX vs. IEGAX - Dividend Comparison

HLMSX's dividend yield for the trailing twelve months is around 3.77%, less than IEGAX's 12.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMSX Harding Loevner International Small Companies Portfolio	3.77%	4.04%	1.17%	1.00%	1.83%	2.82%	0.03%	0.52%	7.56%	1.13%	4.37%	1.54%
IEGAX Invesco EQV International Small Company Fund	12.56%	13.95%	3.17%	2.26%	2.98%	4.22%	1.11%	4.55%	3.87%	6.32%	6.29%	8.20%

Frequently Asked Questions

Can I hold both HLMSX and IEGAX in my portfolio?

HLMSX and IEGAX have a correlation of 0.85, 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 IEGAX?

IEGAX has higher volatility (4.18%) compared to HLMSX (3.33%). In terms of maximum drawdown, HLMSX dropped -60.77% vs IEGAX's -65.36%.

Which has better risk-adjusted returns?

IEGAX currently has the higher Sharpe Ratio (1.11 vs 0.58), 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.