VISAX vs. HLMSX
VISAX (Virtus KAR International Small-Mid Cap Fund Class A) and HLMSX (Harding Loevner International Small Companies Portfolio) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, VISAX returned 7.52%/yr vs 6.10%/yr for HLMSX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. VISAX charges 1.44%/yr vs 1.37%/yr for HLMSX.
Performance
VISAX vs. HLMSX - Performance Comparison
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Returns By Period
In the year-to-date period, VISAX achieves a 2.74% return, which is significantly lower than HLMSX's 7.71% return. Over the past 10 years, VISAX has outperformed HLMSX with an annualized return of 7.52%, while HLMSX has yielded a comparatively lower 6.10% annualized return.
VISAX
- 1D
- -0.76%
- 1M
- 0.62%
- 6M
- -1.36%
- YTD
- 2.74%
- 1Y
- -0.75%
- 3Y*
- 8.26%
- 5Y*
- -1.34%
- 10Y*
- 7.52%
- ALL TIME*
- 8.00%
HLMSX
- 1D
- -0.66%
- 1M
- 0.88%
- 6M
- 5.11%
- YTD
- 7.71%
- 1Y
- 6.78%
- 3Y*
- 5.55%
- 5Y*
- -0.29%
- 10Y*
- 6.10%
- ALL TIME*
- 5.59%
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 |
VISAX vs. HLMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VISAX Virtus KAR International Small-Mid Cap Fund Class A | 2.74% | 13.92% | 3.87% | 21.99% | -34.52% | 5.48% | 24.02% | 27.25% | -7.04% | 28.20% |
HLMSX Harding Loevner International Small Companies Portfolio | 7.71% | 14.87% | -6.92% | 11.78% | -24.50% | 12.82% | 18.51% | 29.45% | -17.65% | 34.42% |
Correlation
The correlation between VISAX and HLMSX is 0.79, 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. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.80 |
The correlation between VISAX and HLMSX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
VISAX vs. HLMSX — Risk / Return Rank
VISAX
HLMSX
VISAX vs. HLMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus KAR International Small-Mid Cap Fund Class A (VISAX) 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.
| VISAX | HLMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.10 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.65 | -0.73 |
| Martin ratioReturn relative to average drawdown | -0.20 | 1.65 | -1.85 |
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Drawdowns
VISAX vs. HLMSX - Drawdown Comparison
The maximum VISAX drawdown since its inception was -50.44%, smaller than the maximum HLMSX drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for VISAX and HLMSX.
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Drawdown Indicators
| VISAX | HLMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.44% | -60.77% | +10.33% |
Max Drawdown (1Y)Largest decline over 1 year | -13.58% | -10.59% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -16.57% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -50.44% | -38.22% | -12.22% |
Max Drawdown (10Y)Largest decline over 10 years | -50.44% | -38.22% | -12.22% |
Current DrawdownCurrent decline from peak | -10.57% | -8.06% | -2.51% |
Average DrawdownAverage peak-to-trough decline | -11.50% | -13.19% | +1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.66% | 4.16% | +1.50% |
Volatility
VISAX vs. HLMSX - Volatility Comparison
The current volatility for Virtus KAR International Small-Mid Cap Fund Class A (VISAX) is 3.84%, while Harding Loevner International Small Companies Portfolio (HLMSX) has a volatility of 4.08%. This indicates that VISAX experiences smaller price fluctuations and is considered to be less risky than HLMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VISAX | HLMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 4.08% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 10.90% | 10.56% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 12.62% | +0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.27% | 15.14% | +1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.40% | 14.82% | +0.58% |
VISAX vs. HLMSX - Expense Ratio Comparison
VISAX has a 1.44% expense ratio, which is higher than HLMSX's 1.37% expense ratio.
Dividends
VISAX vs. HLMSX - Dividend Comparison
VISAX's dividend yield for the trailing twelve months is around 3.21%, less than HLMSX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLMSX Harding Loevner International Small Companies Portfolio | 3.75% | 4.04% | 1.17% | 1.00% | 1.83% | 2.82% | 0.03% | 0.52% | 7.56% | 1.13% | 4.37% | 1.54% |
VISAX Virtus KAR International Small-Mid Cap Fund Class A | 3.21% | 3.30% | 1.78% | 0.00% | 0.00% | 8.03% | 0.90% | 1.75% | 1.12% | 1.68% | 2.54% | 3.17% |
Frequently Asked Questions
VISAX and HLMSX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HLMSX has higher volatility (4.08%) compared to VISAX (3.84%). In terms of maximum drawdown, VISAX dropped -50.44% vs HLMSX's -60.77%.
HLMSX currently has the higher Sharpe Ratio (0.55 vs -0.09), 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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