JOEMX vs. HLFMX
JOEMX (JOHCM Emerging Markets Opportunities Fund) and HLFMX (Harding Loevner Frontier Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, JOEMX returned 8.73%/yr vs 4.32%/yr for HLFMX. Their 0.55 correlation means they have sometimes moved together and sometimes differently. JOEMX charges 1.02%/yr vs 1.60%/yr for HLFMX.
Performance
JOEMX vs. HLFMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JOEMX achieves a 16.97% return, which is significantly higher than HLFMX's 5.94% return. Over the past 10 years, JOEMX has outperformed HLFMX with an annualized return of 8.73%, while HLFMX has yielded a comparatively lower 4.32% annualized return.
JOEMX
- 1D
- 0.98%
- 1M
- -0.29%
- 6M
- 7.85%
- YTD
- 16.97%
- 1Y
- 36.29%
- 3Y*
- 17.75%
- 5Y*
- 8.40%
- 10Y*
- 8.73%
- ALL TIME*
- 5.86%
HLFMX
- 1D
- -0.53%
- 1M
- 0.96%
- 6M
- -2.77%
- YTD
- 5.94%
- 1Y
- 11.62%
- 3Y*
- 10.61%
- 5Y*
- 5.07%
- 10Y*
- 4.32%
- ALL TIME*
- 1.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
JOEMX vs. HLFMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JOEMX JOHCM Emerging Markets Opportunities Fund | 16.97% | 36.38% | 6.03% | 7.18% | -15.74% | 1.29% | 16.46% | 14.86% | -14.73% | 34.68% |
HLFMX Harding Loevner Frontier Emerging Markets Fund | 5.94% | 16.95% | 8.76% | 10.43% | -18.91% | 10.18% | 0.11% | 10.88% | -15.45% | 25.08% |
Correlation
The correlation between JOEMX and HLFMX is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2012 | 0.55 |
The correlation between JOEMX and HLFMX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JOEMX vs. HLFMX — Risk / Return Rank
JOEMX
HLFMX
JOEMX vs. HLFMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JOHCM Emerging Markets Opportunities Fund (JOEMX) and Harding Loevner Frontier Emerging Markets Fund (HLFMX). 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.
| JOEMX | HLFMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.19 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.09 | +1.23 |
| Martin ratioReturn relative to average drawdown | 7.80 | 2.68 | +5.13 |
Loading charts...
Drawdowns
JOEMX vs. HLFMX - Drawdown Comparison
The maximum JOEMX drawdown since its inception was -38.23%, smaller than the maximum HLFMX drawdown of -63.95%. Use the drawdown chart below to compare losses from any high point for JOEMX and HLFMX.
Loading charts...
Drawdown Indicators
| JOEMX | HLFMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.23% | -63.95% | +25.72% |
Max Drawdown (1Y)Largest decline over 1 year | -15.66% | -11.09% | -4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -11.79% | -3.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.46% | -28.37% | +1.91% |
Max Drawdown (10Y)Largest decline over 10 years | -38.23% | -46.61% | +8.38% |
Current DrawdownCurrent decline from peak | -5.63% | -3.76% | -1.87% |
Average DrawdownAverage peak-to-trough decline | -11.48% | -19.13% | +7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 4.49% | +0.12% |
Volatility
JOEMX vs. HLFMX - Volatility Comparison
JOHCM Emerging Markets Opportunities Fund (JOEMX) has a higher volatility of 6.99% compared to Harding Loevner Frontier Emerging Markets Fund (HLFMX) at 3.55%. This indicates that JOEMX's price experiences larger fluctuations and is considered to be riskier than HLFMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JOEMX | HLFMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 3.55% | +3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 18.24% | 11.02% | +7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.82% | 12.40% | +8.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 10.67% | +6.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.34% | 11.95% | +5.39% |
JOEMX vs. HLFMX - Expense Ratio Comparison
JOEMX has a 1.02% expense ratio, which is lower than HLFMX's 1.60% expense ratio.
Dividends
JOEMX vs. HLFMX - Dividend Comparison
JOEMX's dividend yield for the trailing twelve months is around 3.44%, more than HLFMX's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLFMX Harding Loevner Frontier Emerging Markets Fund | 3.36% | 3.56% | 1.88% | 1.77% | 2.28% | 0.83% | 1.61% | 1.97% | 1.34% | 1.90% | 1.01% | 1.13% |
JOEMX JOHCM Emerging Markets Opportunities Fund | 3.44% | 4.03% | 1.22% | 1.76% | 2.08% | 3.67% | 1.13% | 3.85% | 4.55% | 0.63% | 0.86% | 0.00% |
Frequently Asked Questions
JOEMX and HLFMX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JOEMX has higher volatility (6.99%) compared to HLFMX (3.55%). In terms of maximum drawdown, JOEMX dropped -38.23% vs HLFMX's -63.95%.
JOEMX currently has the higher Sharpe Ratio (1.75 vs 0.97), 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.
Find the right allocation for JOEMX and HLFMX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer