MCDWX vs. FMBPX

Last updated Jun 23, 2026

MCDWX (Manning & Napier Credit Series) and FMBPX (Federated Hermes Mortgage Strategy Portfolio) are both Intermediate Core Bond funds. Over the past 5 years, MCDWX returned 1.49%/yr vs 0.34%/yr for FMBPX. A 0.74 correlation means they provide meaningful diversification when combined. MCDWX charges 0.10%/yr vs 0.02%/yr for FMBPX.

Performance

MCDWX vs. FMBPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Credit Series (MCDWX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCDWX achieves a 0.78% return, which is significantly higher than FMBPX's 0.69% return.

MCDWX

• 1D: 0.22%
• 1M: 0.72%
• YTD: 0.78%
• 6M: 1.00%
• 1Y: 5.11%
• 3Y*: 5.62%
• 5Y*: 1.49%
• 10Y*: —

FMBPX

• 1D: 0.24%
• 1M: 1.02%
• YTD: 0.69%
• 6M: 1.33%
• 1Y: 6.77%
• 3Y*: 4.44%
• 5Y*: 0.34%
• 10Y*: 1.44%

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

MCDWX vs. FMBPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MCDWX Manning & Napier Credit Series	0.78%	7.57%	4.13%	7.31%	-11.13%	0.01%	8.77%
FMBPX Federated Hermes Mortgage Strategy Portfolio	0.69%	9.03%	1.04%	4.44%	-12.21%	-1.35%	1.75%

Correlation

The correlation between MCDWX and FMBPX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 14, 2020	0.74

Over the past year, the correlation between MCDWX and FMBPX has dropped to 0.39 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

MCDWX vs. FMBPX — Risk / Return Rank

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

MCDWX

MCDWX Risk / Return Rank: 44
MCDWX Sharpe Ratio Rank: 45
MCDWX Sortino Ratio Rank: 46
MCDWX Omega Ratio Rank: 51
MCDWX Calmar Ratio Rank: 44
MCDWX Martin Ratio Rank: 36

FMBPX

FMBPX Risk / Return Rank: 35
FMBPX Sharpe Ratio Rank: 31
FMBPX Sortino Ratio Rank: 37
FMBPX Omega Ratio Rank: 36
FMBPX Calmar Ratio Rank: 36
FMBPX Martin Ratio Rank: 33

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.

MCDWX vs. FMBPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Credit Series (MCDWX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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.

	MCDWX	FMBPX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.49	+0.33
Sortino ratio: Return per unit of downside risk	2.65	2.36	+0.29
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	2.42	2.16	+0.27
Martin ratio: Return relative to average drawdown	7.54	6.95	+0.59

MCDWX vs. FMBPX - Sharpe Ratio Comparison

The current MCDWX Sharpe Ratio is 1.82, which is comparable to the FMBPX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MCDWX and FMBPX, 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

MCDWX vs. FMBPX - Drawdown Comparison

The maximum MCDWX drawdown since its inception was -15.96%, smaller than the maximum FMBPX drawdown of -18.34%. Use the drawdown chart below to compare losses from any high point for MCDWX and FMBPX.

Drawdown Indicators

	MCDWX	FMBPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-18.34%	+2.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-3.15%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-4.22%	-7.69%	+3.47%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-18.02%	+2.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.34%	—
Current Drawdown Current decline from peak	-0.73%	-1.35%	+0.62%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.26%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.98%	-0.29%

Volatility

MCDWX vs. FMBPX - Volatility Comparison

The current volatility for Manning & Napier Credit Series (MCDWX) is 0.95%, while Federated Hermes Mortgage Strategy Portfolio (FMBPX) has a volatility of 1.44%. This indicates that MCDWX experiences smaller price fluctuations and is considered to be less risky than FMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCDWX	FMBPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	1.44%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	3.29%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	4.59%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	6.79%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	5.12%	-0.75%

MCDWX vs. FMBPX - Expense Ratio Comparison

MCDWX has a 0.10% expense ratio, which is higher than FMBPX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MCDWX vs. FMBPX - Dividend Comparison

MCDWX's dividend yield for the trailing twelve months is around 4.46%, less than FMBPX's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMBPX Federated Hermes Mortgage Strategy Portfolio	5.03%	4.87%	4.29%	3.46%	2.29%	1.96%	2.68%	3.23%	3.14%	2.83%	2.72%	2.65%
MCDWX Manning & Napier Credit Series	4.46%	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 MCDWX and FMBPX in my portfolio?

MCDWX and FMBPX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCDWX or FMBPX?

FMBPX has higher volatility (1.44%) compared to MCDWX (0.95%). In terms of maximum drawdown, MCDWX dropped -15.96% vs FMBPX's -18.34%.

Which has better risk-adjusted returns?

MCDWX currently has the higher Sharpe Ratio (1.82 vs 1.49), 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.