AVIGX vs. MCDWX

Last updated Apr 1, 2026

Compare and contrast key facts about Avantis Core Fixed Income Fund (AVIGX) and Manning & Napier Credit Series (MCDWX).

AVIGX is managed by Avantis Investors. It was launched on Feb 23, 2021. MCDWX is managed by Manning & Napier. It was launched on Apr 15, 2020.

Performance

AVIGX vs. MCDWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Core Fixed Income Fund (AVIGX) and Manning & Napier Credit Series (MCDWX). The values are adjusted to include any dividend payments, if applicable.

AVIGX vs. MCDWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVIGX Avantis Core Fixed Income Fund	-0.93%	8.04%	2.07%	5.13%	-13.62%	0.99%
MCDWX Manning & Napier Credit Series	-0.35%	7.57%	4.13%	7.31%	-11.13%	2.13%

Returns By Period

In the year-to-date period, AVIGX achieves a -0.93% return, which is significantly lower than MCDWX's -0.35% return.

AVIGX

• 1D: 0.48%
• 1M: -2.56%
• YTD: -0.93%
• 6M: 0.28%
• 1Y: 4.18%
• 3Y*: 3.62%
• 5Y*: 0.16%
• 10Y*: —

MCDWX

• 1D: 0.33%
• 1M: -1.84%
• YTD: -0.35%
• 6M: 0.98%
• 1Y: 4.74%
• 3Y*: 5.19%
• 5Y*: 1.76%
• 10Y*: —

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

AVIGX vs. MCDWX - Expense Ratio Comparison

AVIGX has a 0.15% expense ratio, which is higher than MCDWX's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

AVIGX

Avantis Core Fixed Income Fund

MCDWX

Manning & Napier Credit Series

Return for Risk

AVIGX vs. MCDWX — Risk / Return Rank

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

AVIGX

AVIGX Risk / Return Rank: 56
AVIGX Sharpe Ratio Rank: 54
AVIGX Sortino Ratio Rank: 53
AVIGX Omega Ratio Rank: 39
AVIGX Calmar Ratio Rank: 75
AVIGX Martin Ratio Rank: 58

MCDWX

MCDWX Risk / Return Rank: 81
MCDWX Sharpe Ratio Rank: 78
MCDWX Sortino Ratio Rank: 79
MCDWX Omega Ratio Rank: 74
MCDWX Calmar Ratio Rank: 88
MCDWX Martin Ratio Rank: 84

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.

AVIGX vs. MCDWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Core Fixed Income Fund (AVIGX) and Manning & Napier Credit Series (MCDWX). 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.

	AVIGX	MCDWX	Difference
Sharpe ratio Return per unit of total volatility	1.04	1.44	-0.40
Sortino ratio Return per unit of downside risk	1.49	2.03	-0.54
Omega ratio Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio Return relative to maximum drawdown	1.76	2.37	-0.61
Martin ratio Return relative to average drawdown	5.61	8.65	-3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVIGX vs. MCDWX - Sharpe Ratio Comparison

The current AVIGX Sharpe Ratio is 1.04, which is comparable to the MCDWX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of AVIGX and MCDWX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AVIGX	MCDWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.44	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.38	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.57	-0.56

Correlation

The correlation between AVIGX and MCDWX is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AVIGX vs. MCDWX - Dividend Comparison

AVIGX's dividend yield for the trailing twelve months is around 4.13%, less than MCDWX's 4.44% yield.

	TTM	2025	2024	2023	2022	2021	2020
AVIGX Avantis Core Fixed Income Fund	4.13%	4.45%	4.97%	2.92%	3.01%	0.79%	0.00%
MCDWX Manning & Napier Credit Series	4.44%	4.83%	4.41%	4.48%	3.25%	4.45%	2.57%

Drawdowns

AVIGX vs. MCDWX - Drawdown Comparison

The maximum AVIGX drawdown since its inception was -19.39%, which is greater than MCDWX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for AVIGX and MCDWX.

Drawdown Indicators

	AVIGX	MCDWX	Difference
Max Drawdown Largest peak-to-trough decline	-19.39%	-15.96%	-3.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.20%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-19.39%	-15.96%	-3.43%
Current Drawdown Current decline from peak	-2.78%	-1.84%	-0.94%
Average Drawdown Average peak-to-trough decline	-8.56%	-4.24%	-4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.60%	+0.35%

Volatility

AVIGX vs. MCDWX - Volatility Comparison

Avantis Core Fixed Income Fund (AVIGX) has a higher volatility of 1.73% compared to Manning & Napier Credit Series (MCDWX) at 1.41%. This indicates that AVIGX's price experiences larger fluctuations and is considered to be riskier than MCDWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVIGX	MCDWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.41%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	1.99%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	4.56%	3.32%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.15%	4.62%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	4.41%	+1.72%