EXDVX vs. EXCPX
EXDVX (Manning & Napier Divrs Tax Exempt Series Fund) and EXCPX (Manning & Napier Unconstrained Bond Series) are both mutual funds - EXDVX is a Municipal Bonds fund managed by Manning & Napier, while EXCPX is a Nontraditional Bonds fund managed by Manning & Napier. Over the past 10 years, EXDVX returned 1.33%/yr vs 2.83%/yr for EXCPX. Their 0.43 correlation means their historical movements had little consistent relationship. EXDVX charges 0.63%/yr vs 0.72%/yr for EXCPX.
Performance
EXDVX vs. EXCPX - Performance Comparison
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Returns By Period
In the year-to-date period, EXDVX achieves a -0.32% return, which is significantly lower than EXCPX's 0.59% return. Over the past 10 years, EXDVX has underperformed EXCPX with an annualized return of 1.33%, while EXCPX has yielded a comparatively higher 2.83% annualized return.
EXDVX
- 1D
- -0.10%
- 1M
- -1.18%
- 6M
- -1.04%
- YTD
- -0.32%
- 1Y
- 2.86%
- 3Y*
- 2.42%
- 5Y*
- 0.31%
- 10Y*
- 1.33%
- ALL TIME*
- 1.91%
EXCPX
- 1D
- -0.20%
- 1M
- -0.27%
- 6M
- -0.06%
- YTD
- 0.59%
- 1Y
- 2.69%
- 3Y*
- 4.87%
- 5Y*
- 1.92%
- 10Y*
- 2.83%
- ALL TIME*
- 3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
EXDVX vs. EXCPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EXDVX Manning & Napier Divrs Tax Exempt Series Fund | -0.32% | 4.30% | 0.41% | 4.10% | -5.83% | 0.16% | 5.73% | 5.10% | 0.65% | 2.37% |
EXCPX Manning & Napier Unconstrained Bond Series | 0.59% | 6.17% | 4.09% | 6.00% | -6.71% | 2.58% | 7.54% | 5.01% | 0.20% | 3.19% |
Correlation
The correlation between EXDVX and EXCPX is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2005 | 0.43 |
The correlation between EXDVX and EXCPX shifts across timeframes, from 0.37 (10 years) to 0.49 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EXDVX vs. EXCPX — Risk / Return Rank
EXDVX
EXCPX
EXDVX vs. EXCPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Divrs Tax Exempt Series Fund (EXDVX) and Manning & Napier Unconstrained Bond Series (EXCPX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EXDVX | EXCPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.31 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 2.24 | -0.94 |
| Martin ratioReturn relative to average drawdown | 3.64 | 7.61 | -3.97 |
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Drawdowns
EXDVX vs. EXCPX - Drawdown Comparison
The maximum EXDVX drawdown since its inception was -12.74%, which is greater than EXCPX's maximum drawdown of -9.65%. Use the drawdown chart below to compare losses from any high point for EXDVX and EXCPX.
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Drawdown Indicators
| EXDVX | EXCPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.74% | -9.65% | -3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -1.49% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -3.74% | -1.49% | -2.25% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -9.10% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -9.29% | -9.10% | -0.19% |
Current DrawdownCurrent decline from peak | -1.89% | -0.67% | -1.22% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -1.28% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.44% | +0.43% |
Volatility
EXDVX vs. EXCPX - Volatility Comparison
The current volatility for Manning & Napier Divrs Tax Exempt Series Fund (EXDVX) is 0.67%, while Manning & Napier Unconstrained Bond Series (EXCPX) has a volatility of 0.73%. This indicates that EXDVX experiences smaller price fluctuations and is considered to be less risky than EXCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXDVX | EXCPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.73% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.46% | 1.87% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.79% | 2.23% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.71% | 2.84% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.97% | 2.41% | +0.56% |
EXDVX vs. EXCPX - Expense Ratio Comparison
EXDVX has a 0.63% expense ratio, which is lower than EXCPX's 0.72% expense ratio.
Dividends
EXDVX vs. EXCPX - Dividend Comparison
EXDVX's dividend yield for the trailing twelve months is around 2.37%, less than EXCPX's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXCPX Manning & Napier Unconstrained Bond Series | 4.45% | 4.36% | 4.32% | 3.72% | 2.58% | 5.66% | 2.61% | 2.37% | 2.56% | 2.28% | 1.95% | 3.16% |
EXDVX Manning & Napier Divrs Tax Exempt Series Fund | 2.37% | 2.26% | 1.87% | 1.67% | 0.61% | 6.02% | 1.69% | 2.81% | 1.38% | 1.25% | 1.10% | 0.86% |
Frequently Asked Questions
EXDVX and EXCPX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EXCPX has higher volatility (0.73%) compared to EXDVX (0.67%). In terms of maximum drawdown, EXDVX dropped -12.74% vs EXCPX's -9.65%.
EXDVX currently has the higher Sharpe Ratio (1.78 vs 1.50), 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.
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