AGEPX vs. MNHYX

Last updated Jun 9, 2026

AGEPX (American Beacon Frontier Markets Income Fund) and MNHYX (Manning & Napier High Yield Bond Series) are both mutual funds - AGEPX is a Emerging Markets Bonds fund managed by American Beacon, while MNHYX is a High Yield Bonds fund managed by Manning & Napier. Over the past 10 years, AGEPX returned 7.58%/yr vs 6.52%/yr for MNHYX. At a 0.48 correlation, their price movements are largely independent. AGEPX charges 1.38%/yr vs 0.90%/yr for MNHYX.

Performance

AGEPX vs. MNHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon Frontier Markets Income Fund (AGEPX) and Manning & Napier High Yield Bond Series (MNHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGEPX achieves a 6.62% return, which is significantly higher than MNHYX's 2.16% return. Over the past 10 years, AGEPX has outperformed MNHYX with an annualized return of 7.58%, while MNHYX has yielded a comparatively lower 6.52% annualized return.

AGEPX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 6.62%
• 6M: 8.21%
• 1Y: 20.00%
• 3Y*: 16.79%
• 5Y*: 7.84%
• 10Y*: 7.58%

MNHYX

• 1D: -0.31%
• 1M: 0.11%
• YTD: 2.16%
• 6M: 3.25%
• 1Y: 7.33%
• 3Y*: 9.22%
• 5Y*: 5.51%
• 10Y*: 6.52%

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

AGEPX vs. MNHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGEPX American Beacon Frontier Markets Income Fund	6.62%	18.76%	15.58%	12.83%	-12.84%	6.64%	2.25%	13.10%	-3.51%	14.90%
MNHYX Manning & Napier High Yield Bond Series	2.16%	6.65%	9.63%	13.19%	-7.59%	9.99%	6.26%	13.99%	-1.30%	8.49%

Correlation

The correlation between AGEPX and MNHYX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.48

The correlation between AGEPX and MNHYX has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

AGEPX vs. MNHYX — Risk / Return Rank

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

AGEPX

AGEPX Risk / Return Rank: 98
AGEPX Sharpe Ratio Rank: 100
AGEPX Sortino Ratio Rank: 99
AGEPX Omega Ratio Rank: 99
AGEPX Calmar Ratio Rank: 97
AGEPX Martin Ratio Rank: 98

MNHYX

MNHYX Risk / Return Rank: 81
MNHYX Sharpe Ratio Rank: 86
MNHYX Sortino Ratio Rank: 88
MNHYX Omega Ratio Rank: 89
MNHYX Calmar Ratio Rank: 66
MNHYX Martin Ratio Rank: 74

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.

AGEPX vs. MNHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon Frontier Markets Income Fund (AGEPX) and Manning & Napier High Yield Bond Series (MNHYX). 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.

	AGEPX	MNHYX	Difference
Sharpe ratio: Return per unit of total volatility	5.58	2.72	+2.87
Sortino ratio: Return per unit of downside risk	9.48	4.09	+5.39
Omega ratio: Gain probability vs. loss probability	2.50	1.62	+0.88
Calmar ratio: Return relative to maximum drawdown	6.44	2.98	+3.46
Martin ratio: Return relative to average drawdown	29.17	13.34	+15.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGEPX vs. MNHYX - Sharpe Ratio Comparison

The current AGEPX Sharpe Ratio is 5.58, which is higher than the MNHYX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of AGEPX and MNHYX, 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

	AGEPX	MNHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.58	2.72	+2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.53	1.50	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.53	1.57	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.83	-0.50

Drawdowns

AGEPX vs. MNHYX - Drawdown Comparison

The maximum AGEPX drawdown since its inception was -22.47%, which is greater than MNHYX's maximum drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for AGEPX and MNHYX.

Drawdown Indicators

	AGEPX	MNHYX	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-19.70%	-2.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-2.51%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-4.80%	-4.43%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-10.84%	-11.63%
Max Drawdown (10Y) Largest decline over 10 years	-22.47%	-19.70%	-2.77%
Current Drawdown Current decline from peak	-0.13%	-0.51%	+0.38%
Average Drawdown Average peak-to-trough decline	-3.64%	-1.56%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.56%	+0.14%

Volatility

AGEPX vs. MNHYX - Volatility Comparison

The current volatility for American Beacon Frontier Markets Income Fund (AGEPX) is 0.77%, while Manning & Napier High Yield Bond Series (MNHYX) has a volatility of 0.83%. This indicates that AGEPX experiences smaller price fluctuations and is considered to be less risky than MNHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGEPX	MNHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.83%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	2.16%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	2.75%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	3.70%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.97%	4.15%	+0.82%

AGEPX vs. MNHYX - Expense Ratio Comparison

AGEPX has a 1.38% expense ratio, which is higher than MNHYX's 0.90% expense ratio.

Dividends

AGEPX vs. MNHYX - Dividend Comparison

AGEPX's dividend yield for the trailing twelve months is around 9.59%, more than MNHYX's 6.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGEPX American Beacon Frontier Markets Income Fund	9.59%	9.79%	11.92%	9.40%	7.26%	7.65%	7.07%	8.38%	9.55%	7.09%	8.28%	6.80%
MNHYX Manning & Napier High Yield Bond Series	6.68%	6.95%	6.38%	6.66%	5.93%	7.93%	4.98%	6.63%	5.26%	5.16%	6.49%	5.60%

Frequently Asked Questions

Can I hold both AGEPX and MNHYX in my portfolio?

AGEPX and MNHYX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGEPX or MNHYX?

MNHYX has higher volatility (0.83%) compared to AGEPX (0.77%). In terms of maximum drawdown, AGEPX dropped -22.47% vs MNHYX's -19.70%.

Which has better risk-adjusted returns?

AGEPX currently has the higher Sharpe Ratio (5.58 vs 2.72), 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.