EXDVX vs. FXIEX

Last updated Jun 4, 2026

EXDVX (Manning & Napier Divrs Tax Exempt Series Fund) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, EXDVX returned 1.49%/yr vs 2.91%/yr for FXIEX. A 0.63 correlation means they provide meaningful diversification when combined. EXDVX charges 0.63%/yr vs 0.07%/yr for FXIEX.

Performance

EXDVX vs. FXIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Divrs Tax Exempt Series Fund (EXDVX) and PIMCO Fixed Income SHares: Series TE (FXIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXDVX achieves a 0.52% return, which is significantly lower than FXIEX's 1.81% return. Over the past 10 years, EXDVX has underperformed FXIEX with an annualized return of 1.49%, while FXIEX has yielded a comparatively higher 2.91% annualized return.

EXDVX

• 1D: 0.10%
• 1M: 0.32%
• YTD: 0.52%
• 6M: 0.85%
• 1Y: 4.77%
• 3Y*: 2.84%
• 5Y*: 0.58%
• 10Y*: 1.49%

FXIEX

• 1D: 0.20%
• 1M: 0.91%
• YTD: 1.81%
• 6M: 2.24%
• 1Y: 6.90%
• 3Y*: 5.23%
• 5Y*: 1.67%
• 10Y*: 2.91%

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

EXDVX vs. FXIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXDVX Manning & Napier Divrs Tax Exempt Series Fund	0.52%	4.30%	0.41%	4.10%	-5.83%	0.16%	5.73%	5.10%	0.65%	2.37%
FXIEX PIMCO Fixed Income SHares: Series TE	1.81%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%

Correlation

The correlation between EXDVX and FXIEX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 26, 2012	0.63

The correlation between EXDVX and FXIEX shifts across timeframes, from 0.59 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EXDVX vs. FXIEX — Risk / Return Rank

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

EXDVX

EXDVX Risk / Return Rank: 63
EXDVX Sharpe Ratio Rank: 85
EXDVX Sortino Ratio Rank: 82
EXDVX Omega Ratio Rank: 94
EXDVX Calmar Ratio Rank: 27
EXDVX Martin Ratio Rank: 26

FXIEX

FXIEX Risk / Return Rank: 78
FXIEX Sharpe Ratio Rank: 73
FXIEX Sortino Ratio Rank: 90
FXIEX Omega Ratio Rank: 88
FXIEX Calmar Ratio Rank: 80
FXIEX Martin Ratio Rank: 60

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.

EXDVX vs. FXIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Divrs Tax Exempt Series Fund (EXDVX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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.

	EXDVX	FXIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.49	+0.26
Sortino ratio: Return per unit of downside risk	3.91	4.35	-0.44
Omega ratio: Gain probability vs. loss probability	1.75	1.61	+0.14
Calmar ratio: Return relative to maximum drawdown	1.92	3.61	-1.69
Martin ratio: Return relative to average drawdown	6.29	11.89	-5.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXDVX vs. FXIEX - Sharpe Ratio Comparison

The current EXDVX Sharpe Ratio is 2.75, which is comparable to the FXIEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of EXDVX and FXIEX, 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

	EXDVX	FXIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.49	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.40	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.73	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.60	-0.04

Drawdowns

EXDVX vs. FXIEX - Drawdown Comparison

The maximum EXDVX drawdown since its inception was -12.74%, smaller than the maximum FXIEX drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for EXDVX and FXIEX.

Drawdown Indicators

	EXDVX	FXIEX	Difference
Max Drawdown Largest peak-to-trough decline	-12.74%	-15.25%	+2.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-2.42%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.75%	-5.56%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-9.29%	-15.25%	+5.96%
Max Drawdown (10Y) Largest decline over 10 years	-9.29%	-15.25%	+5.96%
Current Drawdown Current decline from peak	-1.06%	0.00%	-1.06%
Average Drawdown Average peak-to-trough decline	-2.18%	-2.90%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.66%	-0.92%

Volatility

EXDVX vs. FXIEX - Volatility Comparison

The current volatility for Manning & Napier Divrs Tax Exempt Series Fund (EXDVX) is 0.60%, while PIMCO Fixed Income SHares: Series TE (FXIEX) has a volatility of 1.29%. This indicates that EXDVX experiences smaller price fluctuations and is considered to be less risky than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXDVX	FXIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	1.29%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	2.19%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	3.55%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	4.37%	-1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	4.10%	-1.13%

EXDVX vs. FXIEX - Expense Ratio Comparison

EXDVX has a 0.63% expense ratio, which is higher than FXIEX's 0.07% expense ratio.

Dividends

EXDVX vs. FXIEX - Dividend Comparison

EXDVX's dividend yield for the trailing twelve months is around 2.25%, less than FXIEX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXDVX Manning & Napier Divrs Tax Exempt Series Fund	2.25%	2.26%	1.87%	1.67%	0.61%	6.02%	1.69%	2.81%	1.38%	1.25%	1.10%	0.86%
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EXDVX and FXIEX in my portfolio?

EXDVX and FXIEX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXDVX or FXIEX?

FXIEX has higher volatility (1.29%) compared to EXDVX (0.60%). In terms of maximum drawdown, EXDVX dropped -12.74% vs FXIEX's -15.25%.

Which has better risk-adjusted returns?

EXDVX currently has the higher Sharpe Ratio (2.75 vs 2.49), 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.