ILBAX vs. MCDWX

Last updated Jun 4, 2026

ILBAX (Voya U.S. Bond Index Portfolio) and MCDWX (Manning & Napier Credit Series) are both Intermediate Core Bond funds. Over the past 5 years, ILBAX returned -0.60%/yr vs 1.63%/yr for MCDWX. Their correlation of 0.87 suggests significant overlap in exposure. ILBAX charges 0.36%/yr vs 0.10%/yr for MCDWX.

Performance

ILBAX vs. MCDWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya U.S. Bond Index Portfolio (ILBAX) 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, ILBAX achieves a 0.29% return, which is significantly lower than MCDWX's 0.56% return.

ILBAX

• 1D: 0.11%
• 1M: 0.56%
• YTD: 0.29%
• 6M: 0.19%
• 1Y: 4.24%
• 3Y*: 3.13%
• 5Y*: -0.60%
• 10Y*: 1.00%

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)

ILBAX vs. MCDWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ILBAX Voya U.S. Bond Index Portfolio	0.29%	5.62%	0.82%	4.40%	-13.59%	-2.28%	2.86%
MCDWX Manning & Napier Credit Series	0.56%	7.57%	4.13%	7.31%	-11.13%	0.01%	8.77%

Correlation

The correlation between ILBAX and MCDWX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 15, 2020	0.87

The correlation between ILBAX and MCDWX shifts across timeframes, from 0.77 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ILBAX vs. MCDWX — Risk / Return Rank

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

ILBAX

ILBAX Risk / Return Rank: 16
ILBAX Sharpe Ratio Rank: 16
ILBAX Sortino Ratio Rank: 16
ILBAX Omega Ratio Rank: 15
ILBAX Calmar Ratio Rank: 17
ILBAX Martin Ratio Rank: 15

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.

ILBAX vs. MCDWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya U.S. Bond Index Portfolio (ILBAX) 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.

	ILBAX	MCDWX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.91	-0.78
Sortino ratio: Return per unit of downside risk	1.67	2.77	-1.10
Omega ratio: Gain probability vs. loss probability	1.20	1.38	-0.18
Calmar ratio: Return relative to maximum drawdown	1.51	2.59	-1.08
Martin ratio: Return relative to average drawdown	4.25	8.42	-4.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ILBAX vs. MCDWX - Sharpe Ratio Comparison

The current ILBAX Sharpe Ratio is 1.12, which is lower than the MCDWX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of ILBAX 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

	ILBAX	MCDWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.91	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.35	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.59	-0.05

Drawdowns

ILBAX vs. MCDWX - Drawdown Comparison

The maximum ILBAX drawdown since its inception was -19.84%, which is greater than MCDWX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for ILBAX and MCDWX.

Drawdown Indicators

	ILBAX	MCDWX	Difference
Max Drawdown Largest peak-to-trough decline	-19.84%	-15.96%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-2.17%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-4.22%	-2.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.79%	-15.96%	-2.83%
Max Drawdown (10Y) Largest decline over 10 years	-19.84%	—	—
Current Drawdown Current decline from peak	-6.35%	-0.95%	-5.40%
Average Drawdown Average peak-to-trough decline	-3.72%	-4.15%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.66%	+0.50%

Volatility

ILBAX vs. MCDWX - Volatility Comparison

Voya U.S. Bond Index Portfolio (ILBAX) has a higher volatility of 1.54% compared to Manning & Napier Credit Series (MCDWX) at 1.06%. This indicates that ILBAX'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

	ILBAX	MCDWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.06%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.17%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	2.95%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.15%	4.63%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	4.38%	+0.63%

ILBAX vs. MCDWX - Expense Ratio Comparison

ILBAX has a 0.36% expense ratio, which is higher than MCDWX's 0.10% expense ratio.

Dividends

ILBAX vs. MCDWX - Dividend Comparison

ILBAX's dividend yield for the trailing twelve months is around 3.29%, less than MCDWX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILBAX Voya U.S. Bond Index Portfolio	3.29%	2.90%	4.06%	3.15%	1.81%	2.90%	3.20%	2.39%	2.36%	2.39%	2.27%	2.53%
MCDWX Manning & Napier Credit Series	4.47%	4.83%	4.41%	4.48%	3.25%	4.45%	2.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ILBAX and MCDWX in my portfolio?

ILBAX and MCDWX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILBAX or MCDWX?

ILBAX has higher volatility (1.54%) compared to MCDWX (1.06%). In terms of maximum drawdown, ILBAX dropped -19.84% vs MCDWX's -15.96%.

Which has better risk-adjusted returns?

MCDWX currently has the higher Sharpe Ratio (1.91 vs 1.12), 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.