JOHIX vs. HLMIX

Last updated Jun 5, 2026

JOHIX (JOHCM International Select Fund) and HLMIX (Harding Loevner International Equity Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, JOHIX returned 7.79%/yr vs 9.68%/yr for HLMIX. Their correlation of 0.84 suggests significant overlap in exposure. JOHIX charges 0.98%/yr vs 0.79%/yr for HLMIX.

Performance

JOHIX vs. HLMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JOHCM International Select Fund (JOHIX) and Harding Loevner International Equity Portfolio (HLMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JOHIX achieves a 6.01% return, which is significantly lower than HLMIX's 14.54% return. Over the past 10 years, JOHIX has underperformed HLMIX with an annualized return of 7.79%, while HLMIX has yielded a comparatively higher 9.68% annualized return.

JOHIX

• 1D: -0.24%
• 1M: -0.37%
• YTD: 6.01%
• 6M: 7.80%
• 1Y: 16.34%
• 3Y*: 12.47%
• 5Y*: 2.63%
• 10Y*: 7.79%

HLMIX

• 1D: -0.99%
• 1M: 3.56%
• YTD: 14.54%
• 6M: 16.22%
• 1Y: 28.25%
• 3Y*: 15.92%
• 5Y*: 6.56%
• 10Y*: 9.68%

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

JOHIX vs. HLMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JOHIX JOHCM International Select Fund	6.01%	25.70%	0.11%	18.16%	-32.38%	12.38%	29.72%	19.04%	-8.28%	22.88%
HLMIX Harding Loevner International Equity Portfolio	14.54%	27.63%	1.18%	15.10%	-20.21%	8.49%	20.33%	25.22%	-13.96%	29.91%

Correlation

The correlation between JOHIX and HLMIX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 31, 2009	0.84

Over the past year, the correlation between JOHIX and HLMIX has dropped to 0.63 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

JOHIX vs. HLMIX — Risk / Return Rank

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

JOHIX

JOHIX Risk / Return Rank: 16
JOHIX Sharpe Ratio Rank: 15
JOHIX Sortino Ratio Rank: 15
JOHIX Omega Ratio Rank: 17
JOHIX Calmar Ratio Rank: 16
JOHIX Martin Ratio Rank: 19

HLMIX

HLMIX Risk / Return Rank: 48
HLMIX Sharpe Ratio Rank: 47
HLMIX Sortino Ratio Rank: 44
HLMIX Omega Ratio Rank: 43
HLMIX Calmar Ratio Rank: 53
HLMIX Martin Ratio Rank: 52

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.

JOHIX vs. HLMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JOHCM International Select Fund (JOHIX) and Harding Loevner International Equity Portfolio (HLMIX). 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.

	JOHIX	HLMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	2.01	-0.95
Sortino ratio: Return per unit of downside risk	1.56	2.78	-1.22
Omega ratio: Gain probability vs. loss probability	1.21	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.39	2.78	-1.40
Martin ratio: Return relative to average drawdown	4.91	10.63	-5.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JOHIX vs. HLMIX - Sharpe Ratio Comparison

The current JOHIX Sharpe Ratio is 1.06, which is lower than the HLMIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of JOHIX and HLMIX, 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

	JOHIX	HLMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	2.01	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.41	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.59	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.37	+0.13

Drawdowns

JOHIX vs. HLMIX - Drawdown Comparison

The maximum JOHIX drawdown since its inception was -41.60%, smaller than the maximum HLMIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for JOHIX and HLMIX.

Drawdown Indicators

	JOHIX	HLMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.60%	-58.03%	+16.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-10.44%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-13.98%	-5.72%
Max Drawdown (5Y) Largest decline over 5 years	-41.60%	-32.76%	-8.84%
Max Drawdown (10Y) Largest decline over 10 years	-41.60%	-32.76%	-8.84%
Current Drawdown Current decline from peak	-4.94%	-0.99%	-3.95%
Average Drawdown Average peak-to-trough decline	-9.26%	-12.70%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	2.73%	+1.10%

Volatility

JOHIX vs. HLMIX - Volatility Comparison

The current volatility for JOHCM International Select Fund (JOHIX) is 4.88%, while Harding Loevner International Equity Portfolio (HLMIX) has a volatility of 5.14%. This indicates that JOHIX experiences smaller price fluctuations and is considered to be less risky than HLMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JOHIX	HLMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.14%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	16.22%	12.09%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	14.50%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	15.94%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.49%	+0.55%

JOHIX vs. HLMIX - Expense Ratio Comparison

JOHIX has a 0.98% expense ratio, which is higher than HLMIX's 0.79% expense ratio.

Dividends

JOHIX vs. HLMIX - Dividend Comparison

JOHIX's dividend yield for the trailing twelve months is around 3.03%, less than HLMIX's 13.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMIX Harding Loevner International Equity Portfolio	13.04%	14.94%	7.14%	3.79%	2.51%	2.48%	0.75%	1.59%	1.50%	1.64%	0.98%	1.02%
JOHIX JOHCM International Select Fund	3.03%	3.21%	1.71%	1.90%	1.67%	12.27%	2.88%	0.95%	1.51%	1.18%	0.71%	0.37%

Frequently Asked Questions

Can I hold both JOHIX and HLMIX in my portfolio?

JOHIX and HLMIX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JOHIX or HLMIX?

HLMIX has higher volatility (5.14%) compared to JOHIX (4.88%). In terms of maximum drawdown, JOHIX dropped -41.60% vs HLMIX's -58.03%.

Which has better risk-adjusted returns?

HLMIX currently has the higher Sharpe Ratio (2.01 vs 1.06), 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.