THDIX vs. HLFMX

Last updated Jun 25, 2026

THDIX (Thornburg Developing World Fund) and HLFMX (Harding Loevner Frontier Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, THDIX returned 9.38%/yr vs 4.24%/yr for HLFMX. A 0.60 correlation means they provide meaningful diversification when combined. THDIX charges 1.06%/yr vs 1.60%/yr for HLFMX.

Performance

THDIX vs. HLFMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Developing World Fund (THDIX) and Harding Loevner Frontier Emerging Markets Fund (HLFMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THDIX achieves a 25.67% return, which is significantly higher than HLFMX's 3.47% return. Over the past 10 years, THDIX has outperformed HLFMX with an annualized return of 9.38%, while HLFMX has yielded a comparatively lower 4.24% annualized return.

THDIX

• 1D: -3.02%
• 1M: 4.10%
• YTD: 25.67%
• 6M: 26.47%
• 1Y: 41.76%
• 3Y*: 20.01%
• 5Y*: 4.55%
• 10Y*: 9.38%

HLFMX

• 1D: -0.86%
• 1M: 1.43%
• YTD: 3.47%
• 6M: 3.24%
• 1Y: 13.68%
• 3Y*: 12.08%
• 5Y*: 4.25%
• 10Y*: 4.24%

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

THDIX vs. HLFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THDIX Thornburg Developing World Fund	25.67%	27.84%	5.80%	6.61%	-25.52%	-2.67%	22.98%	29.95%	-14.88%	35.86%
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.47%	16.95%	8.76%	10.43%	-18.91%	10.18%	0.11%	10.88%	-15.45%	25.08%

Correlation

The correlation between THDIX and HLFMX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.60

The correlation between THDIX and HLFMX shifts across timeframes, from 0.45 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

THDIX vs. HLFMX — Risk / Return Rank

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

THDIX

THDIX Risk / Return Rank: 81
THDIX Sharpe Ratio Rank: 84
THDIX Sortino Ratio Rank: 74
THDIX Omega Ratio Rank: 77
THDIX Calmar Ratio Rank: 87
THDIX Martin Ratio Rank: 85

HLFMX

HLFMX Risk / Return Rank: 24
HLFMX Sharpe Ratio Rank: 26
HLFMX Sortino Ratio Rank: 28
HLFMX Omega Ratio Rank: 29
HLFMX Calmar Ratio Rank: 20
HLFMX Martin Ratio Rank: 16

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.

THDIX vs. HLFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Developing World Fund (THDIX) 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.

	THDIX	HLFMX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.28	+1.14
Sortino ratio: Return per unit of downside risk	3.12	1.97	+1.15
Omega ratio: Gain probability vs. loss probability	1.44	1.25	+0.18
Calmar ratio: Return relative to maximum drawdown	3.85	1.41	+2.44
Martin ratio: Return relative to average drawdown	14.20	3.72	+10.48

THDIX vs. HLFMX - Sharpe Ratio Comparison

The current THDIX Sharpe Ratio is 2.42, which is higher than the HLFMX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of THDIX and HLFMX, 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

THDIX vs. HLFMX - Drawdown Comparison

The maximum THDIX drawdown since its inception was -44.31%, smaller than the maximum HLFMX drawdown of -63.95%. Use the drawdown chart below to compare losses from any high point for THDIX and HLFMX.

Drawdown Indicators

	THDIX	HLFMX	Difference
Max Drawdown Largest peak-to-trough decline	-44.31%	-63.95%	+19.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-11.09%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-11.79%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-40.70%	-28.37%	-12.33%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-46.61%	+2.30%
Current Drawdown Current decline from peak	-3.02%	-6.00%	+2.98%
Average Drawdown Average peak-to-trough decline	-13.40%	-19.21%	+5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.20%	-1.01%

Volatility

THDIX vs. HLFMX - Volatility Comparison

Thornburg Developing World Fund (THDIX) has a higher volatility of 9.82% compared to Harding Loevner Frontier Emerging Markets Fund (HLFMX) at 4.43%. This indicates that THDIX'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.

Volatility by Period

	THDIX	HLFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.82%	4.43%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	10.85%	+5.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	12.24%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	10.62%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	11.93%	+5.37%

THDIX vs. HLFMX - Expense Ratio Comparison

THDIX has a 1.06% expense ratio, which is lower than HLFMX's 1.60% expense ratio.

Dividends

THDIX vs. HLFMX - Dividend Comparison

THDIX's dividend yield for the trailing twelve months is around 2.80%, less than HLFMX's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLFMX Harding Loevner Frontier Emerging Markets Fund	3.44%	3.56%	1.88%	1.77%	2.28%	0.83%	1.61%	1.97%	1.34%	1.90%	1.01%	1.13%
THDIX Thornburg Developing World Fund	2.80%	3.52%	2.90%	2.05%	1.77%	0.00%	0.15%	1.52%	1.31%	0.74%	0.55%	0.69%

Frequently Asked Questions

Can I hold both THDIX and HLFMX in my portfolio?

THDIX and HLFMX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THDIX or HLFMX?

THDIX has higher volatility (9.82%) compared to HLFMX (4.43%). In terms of maximum drawdown, THDIX dropped -44.31% vs HLFMX's -63.95%.

Which has better risk-adjusted returns?

THDIX currently has the higher Sharpe Ratio (2.42 vs 1.28), 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.