SBSIX vs. HLMSX

Last updated Jun 23, 2026

SBSIX (Segall Bryant & Hamill International Small Cap Fund) and HLMSX (Harding Loevner International Small Companies Portfolio) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, SBSIX returned 8.00%/yr vs 5.98%/yr for HLMSX. Their correlation of 0.84 suggests significant overlap in exposure. SBSIX charges 1.03%/yr vs 1.37%/yr for HLMSX.

Performance

SBSIX vs. HLMSX - Performance Comparison

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

Returns By Period

In the year-to-date period, SBSIX achieves a 4.56% return, which is significantly lower than HLMSX's 5.45% return. Over the past 10 years, SBSIX has outperformed HLMSX with an annualized return of 8.00%, while HLMSX has yielded a comparatively lower 5.98% annualized return.

SBSIX

• 1D: -0.13%
• 1M: -0.26%
• YTD: 4.56%
• 6M: 4.86%
• 1Y: 26.84%
• 3Y*: 21.60%
• 5Y*: 11.26%
• 10Y*: 8.00%

HLMSX

• 1D: 0.58%
• 1M: -1.03%
• YTD: 5.45%
• 6M: 5.75%
• 1Y: 6.39%
• 3Y*: 5.09%
• 5Y*: 0.12%
• 10Y*: 5.98%

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

SBSIX vs. HLMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBSIX Segall Bryant & Hamill International Small Cap Fund	4.56%	47.51%	7.80%	17.25%	-13.17%	13.16%	-5.35%	16.73%	-23.71%	28.83%
HLMSX Harding Loevner International Small Companies Portfolio	5.45%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%

Correlation

The correlation between SBSIX and HLMSX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.84

The correlation between SBSIX and HLMSX has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

SBSIX vs. HLMSX — Risk / Return Rank

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

SBSIX

SBSIX Risk / Return Rank: 43
SBSIX Sharpe Ratio Rank: 50
SBSIX Sortino Ratio Rank: 51
SBSIX Omega Ratio Rank: 49
SBSIX Calmar Ratio Rank: 34
SBSIX Martin Ratio Rank: 33

HLMSX

HLMSX Risk / Return Rank: 6
HLMSX Sharpe Ratio Rank: 6
HLMSX Sortino Ratio Rank: 6
HLMSX Omega Ratio Rank: 6
HLMSX Calmar Ratio Rank: 6
HLMSX Martin Ratio Rank: 6

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.

SBSIX vs. HLMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Segall Bryant & Hamill International Small Cap Fund (SBSIX) and Harding Loevner International Small Companies Portfolio (HLMSX). 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.

	SBSIX	HLMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	0.46	+1.47
Sortino ratio: Return per unit of downside risk	2.76	0.72	+2.04
Omega ratio: Gain probability vs. loss probability	1.35	1.09	+0.26
Calmar ratio: Return relative to maximum drawdown	2.08	0.53	+1.55
Martin ratio: Return relative to average drawdown	6.99	1.32	+5.68

SBSIX vs. HLMSX - Sharpe Ratio Comparison

The current SBSIX Sharpe Ratio is 1.93, which is higher than the HLMSX Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of SBSIX and HLMSX, 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

SBSIX vs. HLMSX - Drawdown Comparison

The maximum SBSIX drawdown since its inception was -52.51%, smaller than the maximum HLMSX drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for SBSIX and HLMSX.

Drawdown Indicators

	SBSIX	HLMSX	Difference
Max Drawdown Largest peak-to-trough decline	-52.51%	-60.77%	+8.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-10.59%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-12.51%	-16.57%	+4.06%
Max Drawdown (5Y) Largest decline over 5 years	-29.87%	-38.22%	+8.35%
Max Drawdown (10Y) Largest decline over 10 years	-52.51%	-38.22%	-14.29%
Current Drawdown Current decline from peak	-5.12%	-9.98%	+4.86%
Average Drawdown Average peak-to-trough decline	-11.11%	-13.21%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	4.25%	-0.54%

Volatility

SBSIX vs. HLMSX - Volatility Comparison

Segall Bryant & Hamill International Small Cap Fund (SBSIX) and Harding Loevner International Small Companies Portfolio (HLMSX) have volatilities of 3.91% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBSIX	HLMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	3.74%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	10.09%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	12.33%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	15.08%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	14.97%	+1.75%

SBSIX vs. HLMSX - Expense Ratio Comparison

SBSIX has a 1.03% expense ratio, which is lower than HLMSX's 1.37% expense ratio.

Dividends

SBSIX vs. HLMSX - Dividend Comparison

SBSIX's dividend yield for the trailing twelve months is around 4.91%, more than HLMSX's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLMSX Harding Loevner International Small Companies Portfolio	3.83%	4.04%	1.17%	1.00%	1.83%	2.82%	0.03%	0.52%	7.56%	1.13%	4.37%	1.54%
SBSIX Segall Bryant & Hamill International Small Cap Fund	4.91%	5.19%	8.44%	4.78%	4.85%	5.56%	1.61%	4.42%	2.75%	5.36%	1.84%	2.06%

Frequently Asked Questions

Can I hold both SBSIX and HLMSX in my portfolio?

SBSIX and HLMSX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBSIX or HLMSX?

SBSIX has higher volatility (3.91%) compared to HLMSX (3.74%). In terms of maximum drawdown, SBSIX dropped -52.51% vs HLMSX's -60.77%.

Which has better risk-adjusted returns?

SBSIX currently has the higher Sharpe Ratio (1.93 vs 0.46), 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.