MCDWX vs. MNHYX

Last updated Aug 1, 2026

MCDWX (Manning & Napier Credit Series) and MNHYX (Manning & Napier High Yield Bond Series) are both mutual funds - MCDWX is a Intermediate Core Bond fund managed by Manning & Napier, while MNHYX is a High Yield Bonds fund managed by Manning & Napier. Over the past 5 years, MCDWX returned 1.26%/yr vs 5.34%/yr for MNHYX. Their 0.44 correlation means their historical movements had little consistent relationship. MCDWX charges 0.10%/yr vs 0.90%/yr for MNHYX.

Performance

MCDWX vs. MNHYX - Performance Comparison

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

Returns By Period

In the year-to-date period, MCDWX achieves a 0.57% return, which is significantly lower than MNHYX's 2.82% return.

MCDWX

• 1D: 0.11%
• 1M: -0.21%
• 6M: 0.17%
• YTD: 0.57%
• 1Y: 3.32%
• 3Y*: 5.45%
• 5Y*: 1.26%
• 10Y*: —
• ALL TIME*: 2.51%

MNHYX

• 1D: 0.21%
• 1M: -0.05%
• 6M: 2.20%
• YTD: 2.82%
• 1Y: 6.40%
• 3Y*: 8.59%
• 5Y*: 5.34%
• 10Y*: 6.29%
• ALL TIME*: 6.88%

*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)
MCDWX Manning & Napier Credit Series	$0.00	$0.00	$0.00
MNHYX Manning & Napier High Yield Bond Series	$0.00	$0.00	$0.00

MCDWX vs. MNHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MCDWX Manning & Napier Credit Series	0.57%	7.57%	4.13%	7.31%	-11.13%	0.01%	8.77%
MNHYX Manning & Napier High Yield Bond Series	2.82%	6.65%	9.63%	13.19%	-7.59%	9.99%	22.17%

Correlation

The correlation between MCDWX and MNHYX is 0.53, 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.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (All Time) Calculated using the full available price history since Apr 14, 2020	0.44

The correlation between MCDWX and MNHYX has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

Return for Risk

MCDWX vs. MNHYX — Risk / Return Rank

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

MCDWX

MCDWX Risk / Return Rank: 50
MCDWX Sharpe Ratio Rank: 53
MCDWX Sortino Ratio Rank: 53
MCDWX Omega Ratio Rank: 58
MCDWX Calmar Ratio Rank: 49
MCDWX Martin Ratio Rank: 36

MNHYX

MNHYX Risk / Return Rank: 87
MNHYX Sharpe Ratio Rank: 90
MNHYX Sortino Ratio Rank: 90
MNHYX Omega Ratio Rank: 91
MNHYX Calmar Ratio Rank: 77
MNHYX Martin Ratio Rank: 87

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.

MCDWX vs. MNHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Credit Series (MCDWX) 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.

	MCDWX	MNHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.25	-0.84
Sortino ratio: Return per unit of downside risk	2.02	3.34	-1.32
Omega ratio: Gain probability vs. loss probability	1.27	1.50	-0.23
Calmar ratio: Return relative to maximum drawdown	1.86	2.47	-0.62
Martin ratio: Return relative to average drawdown	5.41	10.98	-5.57

MCDWX vs. MNHYX - Sharpe Ratio Comparison

The current MCDWX Sharpe Ratio is 1.41, which is lower than the MNHYX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MCDWX 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

MCDWX vs. MNHYX - Drawdown Comparison

The maximum MCDWX drawdown since its inception was -15.96%, smaller than the maximum MNHYX drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for MCDWX and MNHYX.

Drawdown Indicators

	MCDWX	MNHYX	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-19.70%	+3.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-2.51%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-3.68%	-4.43%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-10.84%	-5.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.70%	—
Current Drawdown Current decline from peak	-0.94%	-0.35%	-0.59%
Average Drawdown Average peak-to-trough decline	-4.07%	-1.55%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.56%	+0.18%

Volatility

MCDWX vs. MNHYX - Volatility Comparison

The current volatility for Manning & Napier Credit Series (MCDWX) is 0.69%, while Manning & Napier High Yield Bond Series (MNHYX) has a volatility of 0.73%. This indicates that MCDWX experiences smaller price fluctuations and is considered to be less risky than MNHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCDWX	MNHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.73%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.28%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.86%	2.76%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	3.71%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.34%	4.11%	+0.23%

MCDWX vs. MNHYX - Expense Ratio Comparison

MCDWX has a 0.10% expense ratio, which is lower than MNHYX's 0.90% expense ratio.

Dividends

MCDWX vs. MNHYX - Dividend Comparison

MCDWX's dividend yield for the trailing twelve months is around 4.55%, less than MNHYX's 6.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCDWX Manning & Napier Credit Series	4.55%	4.83%	4.41%	4.48%	3.25%	4.45%	2.57%	0.00%	0.00%	0.00%	0.00%	0.00%
MNHYX Manning & Napier High Yield Bond Series	6.67%	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 MCDWX and MNHYX in my portfolio?

MCDWX and MNHYX have a correlation of 0.53, 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 MNHYX?

MNHYX has higher volatility (0.73%) compared to MCDWX (0.69%). In terms of maximum drawdown, MCDWX dropped -15.96% vs MNHYX's -19.70%.

Which has better risk-adjusted returns?

MNHYX currently has the higher Sharpe Ratio (2.25 vs 1.41), 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.