BFFAX vs. MCDWX

Last updated Jun 5, 2026

BFFAX (American Funds The Bond Fund of America Class F-3) and MCDWX (Manning & Napier Credit Series) are both Intermediate Core Bond funds. Over the past 5 years, BFFAX returned -0.03%/yr vs 1.55%/yr for MCDWX. Their correlation of 0.92 suggests significant overlap in exposure. BFFAX charges 0.20%/yr vs 0.10%/yr for MCDWX.

Performance

BFFAX vs. MCDWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds The Bond Fund of America Class F-3 (BFFAX) and Manning & Napier Credit Series (MCDWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFFAX achieves a -0.02% return, which is significantly lower than MCDWX's 0.45% return.

BFFAX

• 1D: -0.27%
• 1M: 0.02%
• YTD: -0.02%
• 6M: 0.18%
• 1Y: 4.47%
• 3Y*: 3.95%
• 5Y*: -0.03%
• 10Y*: —

MCDWX

• 1D: -0.11%
• 1M: 0.17%
• YTD: 0.45%
• 6M: 0.69%
• 1Y: 4.88%
• 3Y*: 5.50%
• 5Y*: 1.55%
• 10Y*: —

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

BFFAX vs. MCDWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BFFAX American Funds The Bond Fund of America Class F-3	-0.02%	7.54%	1.54%	4.39%	-13.00%	-0.97%	5.19%
MCDWX Manning & Napier Credit Series	0.45%	7.57%	4.13%	7.31%	-11.13%	0.01%	8.77%

Correlation

The correlation between BFFAX and MCDWX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 15, 2020	0.92

The correlation between BFFAX and MCDWX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

BFFAX vs. MCDWX — Risk / Return Rank

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

BFFAX

BFFAX Risk / Return Rank: 20
BFFAX Sharpe Ratio Rank: 21
BFFAX Sortino Ratio Rank: 22
BFFAX Omega Ratio Rank: 19
BFFAX Calmar Ratio Rank: 21
BFFAX Martin Ratio Rank: 19

MCDWX

MCDWX Risk / Return Rank: 42
MCDWX Sharpe Ratio Rank: 41
MCDWX Sortino Ratio Rank: 42
MCDWX Omega Ratio Rank: 46
MCDWX Calmar Ratio Rank: 44
MCDWX Martin Ratio Rank: 38

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.

BFFAX vs. MCDWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds The Bond Fund of America Class F-3 (BFFAX) 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.

	BFFAX	MCDWX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.83	-0.53
Sortino ratio: Return per unit of downside risk	1.97	2.66	-0.69
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.67	2.48	-0.81
Martin ratio: Return relative to average drawdown	4.97	8.03	-3.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BFFAX vs. MCDWX - Sharpe Ratio Comparison

The current BFFAX Sharpe Ratio is 1.30, which is comparable to the MCDWX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of BFFAX and MCDWX, 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

	BFFAX	MCDWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.83	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.34	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.59	-0.15

Drawdowns

BFFAX vs. MCDWX - Drawdown Comparison

The maximum BFFAX drawdown since its inception was -17.74%, which is greater than MCDWX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for BFFAX and MCDWX.

Drawdown Indicators

	BFFAX	MCDWX	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-15.96%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-2.17%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-4.22%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-17.74%	-15.96%	-1.78%
Current Drawdown Current decline from peak	-1.83%	-1.06%	-0.77%
Average Drawdown Average peak-to-trough decline	-4.69%	-4.15%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.67%	+0.36%

Volatility

BFFAX vs. MCDWX - Volatility Comparison

American Funds The Bond Fund of America Class F-3 (BFFAX) has a higher volatility of 1.38% compared to Manning & Napier Credit Series (MCDWX) at 1.04%. This indicates that BFFAX'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

	BFFAX	MCDWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	1.04%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	2.16%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	2.94%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.96%	4.63%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	4.38%	+0.61%

BFFAX vs. MCDWX - Expense Ratio Comparison

BFFAX has a 0.20% 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%.

Dividends

BFFAX vs. MCDWX - Dividend Comparison

BFFAX's dividend yield for the trailing twelve months is around 4.51%, which matches MCDWX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFFAX American Funds The Bond Fund of America Class F-3	4.51%	4.48%	4.67%	3.28%	2.46%	1.98%	5.38%	3.80%	2.72%	2.01%
MCDWX Manning & Napier Credit Series	4.47%	4.83%	4.41%	4.48%	3.25%	4.45%	2.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BFFAX and MCDWX in my portfolio?

BFFAX and MCDWX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFFAX or MCDWX?

BFFAX has higher volatility (1.38%) compared to MCDWX (1.04%). In terms of maximum drawdown, BFFAX dropped -17.74% vs MCDWX's -15.96%.

Which has better risk-adjusted returns?

MCDWX currently has the higher Sharpe Ratio (1.83 vs 1.30), 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.