EXHAX vs. EXBAX

Last updated Jun 24, 2026

EXHAX (Manning & Napier Pro-Blend Maximum Term Series) and EXBAX (Manning & Napier Pro-Blend Moderate Term Series) are both Diversified Portfolio funds from Manning & Napier. Over the past 10 years, EXHAX returned 10.31%/yr vs 5.66%/yr for EXBAX. Their correlation of 0.94 suggests significant overlap in exposure. EXHAX charges 1.10%/yr vs 1.07%/yr for EXBAX.

Performance

EXHAX vs. EXBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, EXHAX achieves a 1.35% return, which is significantly higher than EXBAX's 0.90% return. Over the past 10 years, EXHAX has outperformed EXBAX with an annualized return of 10.31%, while EXBAX has yielded a comparatively lower 5.66% annualized return.

EXHAX

• 1D: -0.58%
• 1M: 0.39%
• YTD: 1.35%
• 6M: 0.75%
• 1Y: 10.42%
• 3Y*: 10.91%
• 5Y*: 4.92%
• 10Y*: 10.31%

EXBAX

• 1D: -0.48%
• 1M: 0.55%
• YTD: 0.90%
• 6M: 0.62%
• 1Y: 6.61%
• 3Y*: 6.99%
• 5Y*: 2.54%
• 10Y*: 5.66%

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

EXHAX vs. EXBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXHAX Manning & Napier Pro-Blend Maximum Term Series	1.35%	12.05%	11.86%	19.08%	-20.33%	18.37%	22.11%	27.69%	-6.52%	24.27%
EXBAX Manning & Napier Pro-Blend Moderate Term Series	0.90%	9.29%	6.11%	11.13%	-14.52%	7.97%	14.96%	16.15%	-3.54%	11.59%

Correlation

The correlation between EXHAX and EXBAX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 31, 1995	0.94

The correlation between EXHAX and EXBAX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

EXHAX vs. EXBAX — Risk / Return Rank

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

EXHAX

EXHAX Risk / Return Rank: 12
EXHAX Sharpe Ratio Rank: 13
EXHAX Sortino Ratio Rank: 13
EXHAX Omega Ratio Rank: 12
EXHAX Calmar Ratio Rank: 9
EXHAX Martin Ratio Rank: 12

EXBAX

EXBAX Risk / Return Rank: 14
EXBAX Sharpe Ratio Rank: 15
EXBAX Sortino Ratio Rank: 15
EXBAX Omega Ratio Rank: 14
EXBAX Calmar Ratio Rank: 11
EXBAX Martin Ratio Rank: 15

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.

EXHAX vs. EXBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Pro-Blend Maximum Term Series (EXHAX) and Manning & Napier Pro-Blend Moderate Term Series (EXBAX). 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.

	EXHAX	EXBAX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.02	-0.10
Sortino ratio: Return per unit of downside risk	1.36	1.49	-0.13
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	0.87	0.99	-0.13
Martin ratio: Return relative to average drawdown	3.20	3.90	-0.70

EXHAX vs. EXBAX - Sharpe Ratio Comparison

The current EXHAX Sharpe Ratio is 0.92, which is comparable to the EXBAX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of EXHAX and EXBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EXHAX vs. EXBAX - Drawdown Comparison

The maximum EXHAX drawdown since its inception was -51.96%, which is greater than EXBAX's maximum drawdown of -29.86%. Use the drawdown chart below to compare losses from any high point for EXHAX and EXBAX.

Drawdown Indicators

	EXHAX	EXBAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.96%	-29.86%	-22.10%
Max Drawdown (1Y) Largest decline over 1 year	-13.33%	-7.37%	-5.96%
Max Drawdown (3Y) Largest decline over 3 years	-16.05%	-7.52%	-8.53%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-19.23%	-8.40%
Max Drawdown (10Y) Largest decline over 10 years	-29.53%	-19.23%	-10.30%
Current Drawdown Current decline from peak	-2.77%	-1.35%	-1.42%
Average Drawdown Average peak-to-trough decline	-8.84%	-5.05%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	1.87%	+1.74%

Volatility

EXHAX vs. EXBAX - Volatility Comparison

Manning & Napier Pro-Blend Maximum Term Series (EXHAX) has a higher volatility of 4.42% compared to Manning & Napier Pro-Blend Moderate Term Series (EXBAX) at 2.67%. This indicates that EXHAX's price experiences larger fluctuations and is considered to be riskier than EXBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXHAX	EXBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	2.67%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	6.05%	+4.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	7.21%	+5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.57%	7.65%	+6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	7.69%	+7.62%

EXHAX vs. EXBAX - Expense Ratio Comparison

EXHAX has a 1.10% expense ratio, which is higher than EXBAX's 1.07% expense ratio.

Dividends

EXHAX vs. EXBAX - Dividend Comparison

EXHAX's dividend yield for the trailing twelve months is around 10.48%, more than EXBAX's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXBAX Manning & Napier Pro-Blend Moderate Term Series	5.72%	5.77%	4.57%	2.27%	0.99%	6.67%	6.31%	4.83%	5.08%	6.09%	1.81%	0.58%
EXHAX Manning & Napier Pro-Blend Maximum Term Series	10.48%	10.62%	6.41%	2.13%	10.95%	6.01%	3.28%	5.21%	10.32%	7.83%	2.08%	1.27%

Frequently Asked Questions

Can I hold both EXHAX and EXBAX in my portfolio?

With a correlation of 0.97, EXHAX and EXBAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EXHAX or EXBAX?

EXHAX has higher volatility (4.42%) compared to EXBAX (2.67%). In terms of maximum drawdown, EXHAX dropped -51.96% vs EXBAX's -29.86%.

Which has better risk-adjusted returns?

EXBAX currently has the higher Sharpe Ratio (1.02 vs 0.92), 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.