HLMSX vs. TISVX

Last updated Aug 1, 2026

HLMSX (Harding Loevner International Small Companies Portfolio) and TISVX (Transamerica International Small Cap Value) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, HLMSX returned 6.13%/yr vs 9.55%/yr for TISVX. Their correlation of 0.84 means they have usually moved in the same direction. HLMSX charges 1.37%/yr vs 1.01%/yr for TISVX.

Performance

HLMSX vs. TISVX - Performance Comparison

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

Returns By Period

In the year-to-date period, HLMSX achieves a 8.43% return, which is significantly lower than TISVX's 11.23% return. Over the past 10 years, HLMSX has underperformed TISVX with an annualized return of 6.13%, while TISVX has yielded a comparatively higher 9.55% annualized return.

HLMSX

• 1D: 1.44%
• 1M: 1.55%
• 6M: 5.58%
• YTD: 8.43%
• 1Y: 7.49%
• 3Y*: 5.51%
• 5Y*: -0.16%
• 10Y*: 6.13%
• ALL TIME*: 5.63%

TISVX

• 1D: 2.68%
• 1M: 0.15%
• 6M: 5.34%
• YTD: 11.23%
• 1Y: 17.08%
• 3Y*: 15.87%
• 5Y*: 8.19%
• 10Y*: 9.55%
• ALL TIME*: 7.64%

*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
TISVX Transamerica International Small Cap Value	$0.00	$0.00	$0.00

HLMSX vs. TISVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLMSX Harding Loevner International Small Companies Portfolio	8.43%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%
TISVX Transamerica International Small Cap Value	11.23%	30.68%	5.53%	17.39%	-17.32%	12.40%	8.91%	25.49%	-16.32%	30.46%

Correlation

The correlation between HLMSX and TISVX 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.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.84

The correlation between HLMSX and TISVX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

HLMSX vs. TISVX — Risk / Return Rank

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

HLMSX

HLMSX Risk / Return Rank: 13
HLMSX Sharpe Ratio Rank: 14
HLMSX Sortino Ratio Rank: 13
HLMSX Omega Ratio Rank: 13
HLMSX Calmar Ratio Rank: 13
HLMSX Martin Ratio Rank: 12

TISVX

TISVX Risk / Return Rank: 35
TISVX Sharpe Ratio Rank: 35
TISVX Sortino Ratio Rank: 38
TISVX Omega Ratio Rank: 34
TISVX Calmar Ratio Rank: 36
TISVX Martin Ratio Rank: 34

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. TISVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner International Small Companies Portfolio (HLMSX) and Transamerica International Small Cap Value (TISVX). 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	TISVX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.08	-0.54
Sortino ratio: Return per unit of downside risk	0.84	1.66	-0.82
Omega ratio: Gain probability vs. loss probability	1.10	1.20	-0.10
Calmar ratio: Return relative to maximum drawdown	0.65	1.49	-0.85
Martin ratio: Return relative to average drawdown	1.64	4.88	-3.23

HLMSX vs. TISVX - Sharpe Ratio Comparison

The current HLMSX Sharpe Ratio is 0.54, which is lower than the TISVX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of HLMSX and TISVX, 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. TISVX - Drawdown Comparison

The maximum HLMSX drawdown since its inception was -60.77%, which is greater than TISVX's maximum drawdown of -38.08%. Use the drawdown chart below to compare losses from any high point for HLMSX and TISVX.

Drawdown Indicators

	HLMSX	TISVX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-38.08%	-22.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-10.94%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-13.49%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-38.22%	-36.52%	-1.70%
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	-38.08%	-0.14%
Current Drawdown Current decline from peak	-7.45%	-1.06%	-6.39%
Average Drawdown Average peak-to-trough decline	-13.20%	-8.21%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.35%	+0.81%

Volatility

HLMSX vs. TISVX - Volatility Comparison

The current volatility for Harding Loevner International Small Companies Portfolio (HLMSX) is 4.00%, while Transamerica International Small Cap Value (TISVX) has a volatility of 5.06%. This indicates that HLMSX experiences smaller price fluctuations and is considered to be less risky than TISVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLMSX	TISVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	5.06%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	12.59%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	15.13%	-2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	16.98%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	16.67%	-1.85%

HLMSX vs. TISVX - Expense Ratio Comparison

HLMSX has a 1.37% expense ratio, which is higher than TISVX's 1.01% expense ratio.

Dividends

HLMSX vs. TISVX - Dividend Comparison

HLMSX's dividend yield for the trailing twelve months is around 3.73%, less than TISVX's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMSX Harding Loevner International Small Companies Portfolio	3.73%	4.04%	1.17%	1.00%	1.83%	2.82%	0.03%	0.52%	7.56%	1.13%	4.37%	1.54%
TISVX Transamerica International Small Cap Value	4.02%	4.47%	6.04%	3.00%	3.62%	3.78%	1.01%	2.11%	8.34%	3.01%	2.86%	6.15%

Frequently Asked Questions

Can I hold both HLMSX and TISVX in my portfolio?

HLMSX and TISVX 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 TISVX?

TISVX has higher volatility (5.06%) compared to HLMSX (4.00%). In terms of maximum drawdown, HLMSX dropped -60.77% vs TISVX's -38.08%.

Which has better risk-adjusted returns?

TISVX currently has the higher Sharpe Ratio (1.08 vs 0.54), 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.