EXCRX vs. MNDFX

Last updated Jun 4, 2026

EXCRX (Manning & Napier Core Bond Series) and MNDFX (Manning & Napier Disciplined Value Series) are both mutual funds - EXCRX is a Intermediate Core Bond fund managed by Manning & Napier, while MNDFX is a Large Cap Value Equities fund managed by Manning & Napier. Over the past 10 years, EXCRX returned 1.50%/yr vs 5.24%/yr for MNDFX. At a correlation of -0.13, they often move in opposite directions. EXCRX charges 0.65%/yr vs 0.54%/yr for MNDFX.

Performance

EXCRX vs. MNDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Core Bond Series (EXCRX) and Manning & Napier Disciplined Value Series (MNDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXCRX achieves a 0.33% return, which is significantly lower than MNDFX's 12.15% return. Over the past 10 years, EXCRX has underperformed MNDFX with an annualized return of 1.50%, while MNDFX has yielded a comparatively higher 5.24% annualized return.

EXCRX

• 1D: 0.11%
• 1M: 0.57%
• YTD: 0.33%
• 6M: 0.16%
• 1Y: 4.95%
• 3Y*: 3.74%
• 5Y*: -0.10%
• 10Y*: 1.50%

MNDFX

• 1D: 0.63%
• 1M: 2.57%
• YTD: 12.15%
• 6M: 13.04%
• 1Y: 28.75%
• 3Y*: 16.19%
• 5Y*: 8.97%
• 10Y*: 5.24%

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

EXCRX vs. MNDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXCRX Manning & Napier Core Bond Series	0.33%	6.82%	1.05%	5.47%	-13.20%	-1.89%	8.66%	8.18%	-0.74%	2.91%
MNDFX Manning & Napier Disciplined Value Series	12.15%	15.76%	11.60%	5.64%	-4.22%	22.45%	2.44%	-28.95%	-4.30%	23.39%

Correlation

The correlation between EXCRX and MNDFX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Nov 12, 2008	-0.13

The correlation between EXCRX and MNDFX shifts across timeframes, from -0.13 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EXCRX vs. MNDFX — Risk / Return Rank

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

EXCRX

EXCRX Risk / Return Rank: 19
EXCRX Sharpe Ratio Rank: 18
EXCRX Sortino Ratio Rank: 19
EXCRX Omega Ratio Rank: 17
EXCRX Calmar Ratio Rank: 19
EXCRX Martin Ratio Rank: 18

MNDFX

MNDFX Risk / Return Rank: 82
MNDFX Sharpe Ratio Rank: 82
MNDFX Sortino Ratio Rank: 83
MNDFX Omega Ratio Rank: 72
MNDFX Calmar Ratio Rank: 89
MNDFX 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.

EXCRX vs. MNDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Core Bond Series (EXCRX) and Manning & Napier Disciplined Value Series (MNDFX). 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.

	EXCRX	MNDFX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.65	-1.42
Sortino ratio: Return per unit of downside risk	1.85	3.93	-2.08
Omega ratio: Gain probability vs. loss probability	1.22	1.48	-0.26
Calmar ratio: Return relative to maximum drawdown	1.60	4.48	-2.87
Martin ratio: Return relative to average drawdown	4.97	16.05	-11.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXCRX vs. MNDFX - Sharpe Ratio Comparison

The current EXCRX Sharpe Ratio is 1.23, which is lower than the MNDFX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of EXCRX and MNDFX, 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

	EXCRX	MNDFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.65	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.62	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.24	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.42	+0.30

Drawdowns

EXCRX vs. MNDFX - Drawdown Comparison

The maximum EXCRX drawdown since its inception was -18.70%, smaller than the maximum MNDFX drawdown of -62.03%. Use the drawdown chart below to compare losses from any high point for EXCRX and MNDFX.

Drawdown Indicators

	EXCRX	MNDFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.70%	-62.03%	+43.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-6.70%	+3.60%
Max Drawdown (3Y) Largest decline over 3 years	-6.03%	-16.04%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	-18.65%	-17.87%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-18.70%	-62.03%	+43.33%
Current Drawdown Current decline from peak	-2.73%	0.00%	-2.73%
Average Drawdown Average peak-to-trough decline	-2.87%	-12.01%	+9.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.87%	-0.87%

Volatility

EXCRX vs. MNDFX - Volatility Comparison

The current volatility for Manning & Napier Core Bond Series (EXCRX) is 1.44%, while Manning & Napier Disciplined Value Series (MNDFX) has a volatility of 2.55%. This indicates that EXCRX experiences smaller price fluctuations and is considered to be less risky than MNDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXCRX	MNDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	2.55%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	8.17%	-5.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	11.33%	-7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	14.49%	-8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	21.67%	-16.82%

EXCRX vs. MNDFX - Expense Ratio Comparison

EXCRX has a 0.65% expense ratio, which is higher than MNDFX's 0.54% expense ratio.

Dividends

EXCRX vs. MNDFX - Dividend Comparison

EXCRX's dividend yield for the trailing twelve months is around 4.23%, less than MNDFX's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXCRX Manning & Napier Core Bond Series	4.23%	4.18%	3.82%	3.64%	2.23%	2.28%	5.15%	2.01%	2.32%	1.94%	2.14%	2.45%
MNDFX Manning & Napier Disciplined Value Series	8.77%	9.64%	10.46%	7.81%	9.77%	7.31%	1.93%	5.18%	15.02%	24.95%	4.89%	15.83%

Frequently Asked Questions

Can I hold both EXCRX and MNDFX in my portfolio?

EXCRX and MNDFX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXCRX or MNDFX?

MNDFX has higher volatility (2.55%) compared to EXCRX (1.44%). In terms of maximum drawdown, EXCRX dropped -18.70% vs MNDFX's -62.03%.

Which has better risk-adjusted returns?

MNDFX currently has the higher Sharpe Ratio (2.65 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.