FDHY vs. MNHYX

Last updated Jul 31, 2026

FDHY (Fidelity Enhanced High Yield ETF) and MNHYX (Manning & Napier High Yield Bond Series) are both High Yield Bonds funds. Over the past 5 years, FDHY returned 3.73%/yr vs 5.30%/yr for MNHYX. Their 0.55 correlation means they have sometimes moved together and sometimes differently. FDHY charges 0.35%/yr vs 0.90%/yr for MNHYX.

Performance

FDHY vs. MNHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced High Yield ETF (FDHY) and Manning & Napier High Yield Bond Series (MNHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FDHY having a 2.55% return and MNHYX slightly higher at 2.61%.

FDHY

• 1D: 0.20%
• 1M: -0.09%
• 6M: 1.93%
• YTD: 2.55%
• 1Y: 6.83%
• 3Y*: 8.28%
• 5Y*: 3.73%
• 10Y*: —
• ALL TIME*: 5.67%

MNHYX

• 1D: -0.21%
• 1M: -0.25%
• 6M: 1.88%
• YTD: 2.61%
• 1Y: 5.96%
• 3Y*: 8.59%
• 5Y*: 5.30%
• 10Y*: 6.27%
• ALL TIME*: 6.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDHY Fidelity Enhanced High Yield ETF	$3.51M	$4.35M	$4.06M
MNHYX Manning & Napier High Yield Bond Series	$0.00	$0.00	$0.00

FDHY vs. MNHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FDHY Fidelity Enhanced High Yield ETF	2.55%	9.24%	7.53%	11.14%	-11.30%	4.33%	10.71%	16.87%	-2.35%
MNHYX Manning & Napier High Yield Bond Series	2.61%	6.65%	9.63%	13.19%	-7.59%	9.99%	6.26%	13.99%	-1.47%

Correlation

The correlation between FDHY and MNHYX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.55

The correlation between FDHY and MNHYX has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

FDHY vs. MNHYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDHY

FDHY Risk / Return Rank: 87
FDHY Sharpe Ratio Rank: 84
FDHY Sortino Ratio Rank: 88
FDHY Omega Ratio Rank: 87
FDHY Calmar Ratio Rank: 86
FDHY Martin Ratio Rank: 89

MNHYX

MNHYX Risk / Return Rank: 82
MNHYX Sharpe Ratio Rank: 85
MNHYX Sortino Ratio Rank: 86
MNHYX Omega Ratio Rank: 88
MNHYX Calmar Ratio Rank: 70
MNHYX Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDHY vs. MNHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced High Yield ETF (FDHY) and Manning & Napier High Yield Bond Series (MNHYX). 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.

	FDHY	MNHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.13	-0.22
Sortino ratio: Return per unit of downside risk	2.91	3.16	-0.26
Omega ratio: Gain probability vs. loss probability	1.38	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	3.23	2.34	+0.89
Martin ratio: Return relative to average drawdown	13.35	10.40	+2.96

FDHY vs. MNHYX - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 1.91, which is comparable to the MNHYX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of FDHY and MNHYX, 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

FDHY vs. MNHYX - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, roughly equal to the maximum MNHYX drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for FDHY and MNHYX.

Drawdown Indicators

	FDHY	MNHYX	Difference
Max Drawdown Largest peak-to-trough decline	-20.01%	-19.70%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-2.51%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	-4.43%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-16.38%	-10.84%	-5.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.70%	—
Current Drawdown Current decline from peak	-0.42%	-0.56%	+0.14%
Average Drawdown Average peak-to-trough decline	-2.83%	-1.55%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.56%	-0.05%

Volatility

FDHY vs. MNHYX - Volatility Comparison

Fidelity Enhanced High Yield ETF (FDHY) has a higher volatility of 0.81% compared to Manning & Napier High Yield Bond Series (MNHYX) at 0.70%. This indicates that FDHY's price experiences larger fluctuations and is considered to be riskier than MNHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDHY	MNHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.70%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.27%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	3.60%	2.76%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	3.71%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.98%	4.11%	+3.87%

FDHY vs. MNHYX - Expense Ratio Comparison

FDHY has a 0.35% expense ratio, which is lower than MNHYX's 0.90% expense ratio.

Dividends

FDHY vs. MNHYX - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.54%, less than MNHYX's 6.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDHY Fidelity Enhanced High Yield ETF	6.54%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%	0.00%	0.00%	0.00%
MNHYX Manning & Napier High Yield Bond Series	6.68%	6.95%	6.38%	6.66%	5.93%	7.93%	4.98%	6.63%	5.26%	5.16%	6.49%	5.60%

Frequently Asked Questions

Can I hold both FDHY and MNHYX in my portfolio?

FDHY and MNHYX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDHY or MNHYX?

FDHY has higher volatility (0.81%) compared to MNHYX (0.70%). In terms of maximum drawdown, FDHY dropped -20.01% vs MNHYX's -19.70%.

Which has better risk-adjusted returns?

MNHYX currently has the higher Sharpe Ratio (2.13 vs 1.91), 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.