EXBAX vs. MNHAX

Last updated Jun 3, 2026

EXBAX (Manning & Napier Pro-Blend Moderate Term Series) and MNHAX (Manning & Napier High Yield Bond I) are both mutual funds - EXBAX is a Diversified Portfolio fund managed by Manning & Napier, while MNHAX is a High Yield Bonds fund managed by Manning & Napier. Over the past 10 years, EXBAX returned 5.57%/yr vs 6.79%/yr for MNHAX. At a 0.45 correlation, their price movements are largely independent. EXBAX charges 1.07%/yr vs 0.66%/yr for MNHAX.

Performance

EXBAX vs. MNHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Pro-Blend Moderate Term Series (EXBAX) and Manning & Napier High Yield Bond I (MNHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXBAX achieves a 1.80% return, which is significantly lower than MNHAX's 2.17% return. Over the past 10 years, EXBAX has underperformed MNHAX with an annualized return of 5.57%, while MNHAX has yielded a comparatively higher 6.79% annualized return.

EXBAX

• 1D: 0.27%
• 1M: 1.59%
• YTD: 1.80%
• 6M: 2.53%
• 1Y: 8.39%
• 3Y*: 7.42%
• 5Y*: 2.85%
• 10Y*: 5.57%

MNHAX

• 1D: 0.00%
• 1M: 0.86%
• YTD: 2.17%
• 6M: 3.09%
• 1Y: 8.24%
• 3Y*: 9.24%
• 5Y*: 5.64%
• 10Y*: 6.79%

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

EXBAX vs. MNHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXBAX Manning & Napier Pro-Blend Moderate Term Series	1.80%	9.29%	6.11%	11.13%	-14.52%	7.97%	14.96%	16.15%	-3.54%	11.59%
MNHAX Manning & Napier High Yield Bond I	2.17%	6.90%	9.29%	13.49%	-7.38%	10.27%	6.58%	14.25%	-0.98%	8.68%

Correlation

The correlation between EXBAX and MNHAX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.45

The correlation between EXBAX and MNHAX shifts across timeframes, from 0.45 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EXBAX vs. MNHAX — Risk / Return Rank

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

EXBAX

EXBAX Risk / Return Rank: 16
EXBAX Sharpe Ratio Rank: 18
EXBAX Sortino Ratio Rank: 18
EXBAX Omega Ratio Rank: 17
EXBAX Calmar Ratio Rank: 11
EXBAX Martin Ratio Rank: 16

MNHAX

MNHAX Risk / Return Rank: 77
MNHAX Sharpe Ratio Rank: 88
MNHAX Sortino Ratio Rank: 86
MNHAX Omega Ratio Rank: 91
MNHAX Calmar Ratio Rank: 48
MNHAX Martin Ratio Rank: 73

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.

EXBAX vs. MNHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Pro-Blend Moderate Term Series (EXBAX) and Manning & Napier High Yield Bond I (MNHAX). 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.

	EXBAX	MNHAX	Difference
Sharpe ratio Return per unit of total volatility	1.23	2.88	-1.65
Sortino ratio Return per unit of downside risk	1.80	4.07	-2.27
Omega ratio Gain probability vs. loss probability	1.22	1.68	-0.46
Calmar ratio Return relative to maximum drawdown	1.17	2.66	-1.49
Martin ratio Return relative to average drawdown	4.65	13.91	-9.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXBAX vs. MNHAX - Sharpe Ratio Comparison

The current EXBAX Sharpe Ratio is 1.23, which is lower than the MNHAX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of EXBAX and MNHAX, 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

	EXBAX	MNHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.88	-1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.39	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.64	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.68	-0.21

Drawdowns

EXBAX vs. MNHAX - Drawdown Comparison

The maximum EXBAX drawdown since its inception was -29.86%, which is greater than MNHAX's maximum drawdown of -20.13%. Use the drawdown chart below to compare losses from any high point for EXBAX and MNHAX.

Drawdown Indicators

	EXBAX	MNHAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.86%	-20.13%	-9.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-3.10%	-4.27%
Max Drawdown (3Y) Largest decline over 3 years	-7.52%	-20.13%	+12.61%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-20.13%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-19.23%	-20.13%	+0.90%
Current Drawdown Current decline from peak	-0.47%	-10.70%	+10.23%
Average Drawdown Average peak-to-trough decline	-5.06%	-3.51%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.59%	+1.26%

Volatility

EXBAX vs. MNHAX - Volatility Comparison

Manning & Napier Pro-Blend Moderate Term Series (EXBAX) has a higher volatility of 2.04% compared to Manning & Napier High Yield Bond I (MNHAX) at 0.75%. This indicates that EXBAX's price experiences larger fluctuations and is considered to be riskier than MNHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXBAX	MNHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	0.75%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	5.62%	2.31%	+3.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.89%	2.88%	+4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	14.42%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	10.69%	-3.03%

EXBAX vs. MNHAX - Expense Ratio Comparison

EXBAX has a 1.07% expense ratio, which is higher than MNHAX's 0.66% expense ratio.

Dividends

EXBAX vs. MNHAX - Dividend Comparison

EXBAX's dividend yield for the trailing twelve months is around 5.67%, less than MNHAX's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXBAX Manning & Napier Pro-Blend Moderate Term Series	5.67%	5.77%	4.57%	2.27%	0.99%	6.67%	6.31%	4.83%	5.08%	6.09%	1.81%	0.58%
MNHAX Manning & Napier High Yield Bond I	6.36%	7.29%	7.02%	8.59%	7.61%	9.81%	6.26%	8.24%	6.38%	6.20%	7.68%	6.64%

Frequently Asked Questions

Can I hold both EXBAX and MNHAX in my portfolio?

EXBAX and MNHAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXBAX or MNHAX?

EXBAX has higher volatility (2.04%) compared to MNHAX (0.75%). In terms of maximum drawdown, EXBAX dropped -29.86% vs MNHAX's -20.13%.

Which has better risk-adjusted returns?

MNHAX currently has the higher Sharpe Ratio (2.88 vs 1.23), 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.