MGEMX vs. HLFMX
MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and HLFMX (Harding Loevner Frontier Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, MGEMX returned 2.22%/yr vs 4.34%/yr for HLFMX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. MGEMX charges 1.05%/yr vs 1.60%/yr for HLFMX.
Performance
MGEMX vs. HLFMX - Performance Comparison
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Returns By Period
In the year-to-date period, MGEMX achieves a 20.58% return, which is significantly higher than HLFMX's 6.49% return. Over the past 10 years, MGEMX has underperformed HLFMX with an annualized return of 2.22%, while HLFMX has yielded a comparatively higher 4.34% annualized return.
MGEMX
- 1D
- 4.70%
- 1M
- -4.89%
- 6M
- 11.31%
- YTD
- 20.58%
- 1Y
- -29.87%
- 3Y*
- -4.77%
- 5Y*
- -6.38%
- 10Y*
- 2.22%
- ALL TIME*
- 6.60%
HLFMX
- 1D
- 2.48%
- 1M
- 1.49%
- 6M
- -2.06%
- YTD
- 6.49%
- 1Y
- 12.21%
- 3Y*
- 10.91%
- 5Y*
- 5.18%
- 10Y*
- 4.34%
- ALL TIME*
- 1.14%
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 |
MGEMX vs. HLFMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio | 20.58% | -34.08% | 8.07% | 12.16% | -25.07% | 3.53% | 14.59% | 37.21% | -17.34% | 34.98% |
HLFMX Harding Loevner Frontier Emerging Markets Fund | 6.49% | 16.95% | 8.76% | 10.43% | -18.91% | 10.18% | 0.11% | 10.88% | -15.45% | 25.08% |
Correlation
The correlation between MGEMX and HLFMX is 0.54, 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. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 28, 2008 | 0.64 |
The correlation between MGEMX and HLFMX shifts across timeframes, from 0.54 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MGEMX vs. HLFMX — Risk / Return Rank
MGEMX
HLFMX
MGEMX vs. HLFMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) 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.
| MGEMX | HLFMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.19 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 1.07 | -1.67 |
| Martin ratioReturn relative to average drawdown | -0.94 | 2.64 | -3.58 |
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Drawdowns
MGEMX vs. HLFMX - Drawdown Comparison
The maximum MGEMX drawdown since its inception was -64.93%, roughly equal to the maximum HLFMX drawdown of -63.95%. Use the drawdown chart below to compare losses from any high point for MGEMX and HLFMX.
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Drawdown Indicators
| MGEMX | HLFMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.93% | -63.95% | -0.98% |
Max Drawdown (1Y)Largest decline over 1 year | -52.50% | -11.09% | -41.41% |
Max Drawdown (3Y)Largest decline over 3 years | -52.50% | -11.79% | -40.71% |
Max Drawdown (5Y)Largest decline over 5 years | -52.50% | -28.37% | -24.13% |
Max Drawdown (10Y)Largest decline over 10 years | -52.50% | -46.61% | -5.89% |
Current DrawdownCurrent decline from peak | -39.99% | -3.26% | -36.73% |
Average DrawdownAverage peak-to-trough decline | -19.89% | -19.13% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.18% | 4.49% | +28.69% |
Volatility
MGEMX vs. HLFMX - Volatility Comparison
Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 11.14% compared to Harding Loevner Frontier Emerging Markets Fund (HLFMX) at 3.50%. This indicates that MGEMX'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.
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Volatility by Period
| MGEMX | HLFMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.14% | 3.50% | +7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 23.76% | 11.02% | +12.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.26% | 12.39% | +44.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.83% | 10.67% | +19.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.16% | 11.95% | +13.21% |
MGEMX vs. HLFMX - Expense Ratio Comparison
MGEMX has a 1.05% expense ratio, which is lower than HLFMX's 1.60% expense ratio.
Dividends
MGEMX vs. HLFMX - Dividend Comparison
MGEMX has not paid dividends to shareholders, while HLFMX's dividend yield for the trailing twelve months is around 3.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLFMX Harding Loevner Frontier Emerging Markets Fund | 3.35% | 3.56% | 1.88% | 1.77% | 2.28% | 0.83% | 1.61% | 1.97% | 1.34% | 1.90% | 1.01% | 1.13% |
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio | 0.00% | 0.00% | 1.27% | 2.48% | 4.48% | 9.05% | 1.07% | 26.00% | 2.46% | 0.60% | 0.82% | 0.87% |
Frequently Asked Questions
MGEMX and HLFMX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGEMX has higher volatility (11.14%) compared to HLFMX (3.50%). In terms of maximum drawdown, MGEMX dropped -64.93% vs HLFMX's -63.95%.
HLFMX currently has the higher Sharpe Ratio (0.96 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.
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