FSMOX vs. MCDWX

Last updated Jun 4, 2026

FSMOX (Fidelity SAI Investment Grade Securitized Fund) and MCDWX (Manning & Napier Credit Series) are both Intermediate Core Bond funds. Over the past 3 years, FSMOX returned 4.20%/yr vs 5.54%/yr for MCDWX. Their correlation of 0.89 suggests significant overlap in exposure. FSMOX charges 0.33%/yr vs 0.10%/yr for MCDWX.

Performance

FSMOX vs. MCDWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Investment Grade Securitized Fund (FSMOX) and Manning & Napier Credit Series (MCDWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMOX achieves a 0.98% return, which is significantly higher than MCDWX's 0.56% return.

FSMOX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 0.98%
• 6M: 1.11%
• 1Y: 7.15%
• 3Y*: 4.20%
• 5Y*: —
• 10Y*: —

MCDWX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 0.56%
• 6M: 0.69%
• 1Y: 5.47%
• 3Y*: 5.54%
• 5Y*: 1.63%
• 10Y*: —

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

FSMOX vs. MCDWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMOX Fidelity SAI Investment Grade Securitized Fund	0.98%	8.52%	1.45%	1.16%
MCDWX Manning & Napier Credit Series	0.56%	7.57%	4.13%	4.14%

Correlation

The correlation between FSMOX and MCDWX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.89

The correlation between FSMOX and MCDWX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

FSMOX vs. MCDWX — Risk / Return Rank

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

FSMOX

FSMOX Risk / Return Rank: 40
FSMOX Sharpe Ratio Rank: 38
FSMOX Sortino Ratio Rank: 42
FSMOX Omega Ratio Rank: 37
FSMOX Calmar Ratio Rank: 45
FSMOX Martin Ratio Rank: 38

MCDWX

MCDWX Risk / Return Rank: 44
MCDWX Sharpe Ratio Rank: 42
MCDWX Sortino Ratio Rank: 44
MCDWX Omega Ratio Rank: 48
MCDWX Calmar Ratio Rank: 46
MCDWX Martin Ratio Rank: 39

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.

FSMOX vs. MCDWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Investment Grade Securitized Fund (FSMOX) and Manning & Napier Credit Series (MCDWX). 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.

	FSMOX	MCDWX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.91	-0.12
Sortino ratio: Return per unit of downside risk	2.72	2.77	-0.06
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	2.54	2.59	-0.05
Martin ratio: Return relative to average drawdown	8.25	8.42	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMOX vs. MCDWX - Sharpe Ratio Comparison

The current FSMOX Sharpe Ratio is 1.79, which is comparable to the MCDWX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FSMOX and MCDWX, 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

	FSMOX	MCDWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.91	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.59	+0.05

Drawdowns

FSMOX vs. MCDWX - Drawdown Comparison

The maximum FSMOX drawdown since its inception was -8.65%, smaller than the maximum MCDWX drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FSMOX and MCDWX.

Drawdown Indicators

	FSMOX	MCDWX	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	-15.96%	+7.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-2.17%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-8.47%	-4.22%	-4.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.96%	—
Current Drawdown Current decline from peak	-1.16%	-0.95%	-0.21%
Average Drawdown Average peak-to-trough decline	-1.76%	-4.15%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.66%	+0.21%

Volatility

FSMOX vs. MCDWX - Volatility Comparison

Fidelity SAI Investment Grade Securitized Fund (FSMOX) has a higher volatility of 1.48% compared to Manning & Napier Credit Series (MCDWX) at 1.06%. This indicates that FSMOX's price experiences larger fluctuations and is considered to be riskier than MCDWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMOX	MCDWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.06%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	2.17%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	2.95%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	4.63%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.21%	4.38%	+1.83%

FSMOX vs. MCDWX - Expense Ratio Comparison

FSMOX has a 0.33% expense ratio, which is higher than MCDWX's 0.10% expense ratio.

Dividends

FSMOX vs. MCDWX - Dividend Comparison

FSMOX's dividend yield for the trailing twelve months is around 4.46%, which matches MCDWX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FSMOX Fidelity SAI Investment Grade Securitized Fund	4.46%	4.44%	5.07%	1.21%	0.00%	0.00%	0.00%
MCDWX Manning & Napier Credit Series	4.47%	4.83%	4.41%	4.48%	3.25%	4.45%	2.57%

Frequently Asked Questions

Can I hold both FSMOX and MCDWX in my portfolio?

FSMOX and MCDWX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMOX or MCDWX?

FSMOX has higher volatility (1.48%) compared to MCDWX (1.06%). In terms of maximum drawdown, FSMOX dropped -8.65% vs MCDWX's -15.96%.

Which has better risk-adjusted returns?

MCDWX currently has the higher Sharpe Ratio (1.91 vs 1.79), 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.