MNDFX vs. EXDVX

Last updated Aug 1, 2026

MNDFX (Manning & Napier Disciplined Value Series) and EXDVX (Manning & Napier Divrs Tax Exempt Series Fund) are both mutual funds - MNDFX is a Large Cap Value Equities fund managed by Manning & Napier, while EXDVX is a Municipal Bonds fund managed by Manning & Napier. Over the past 10 years, MNDFX returned 5.16%/yr vs 1.34%/yr for EXDVX. Their -0.09 correlation means they have often moved in opposite directions in the past. MNDFX charges 0.54%/yr vs 0.63%/yr for EXDVX.

Performance

MNDFX vs. EXDVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Disciplined Value Series (MNDFX) and Manning & Napier Divrs Tax Exempt Series Fund (EXDVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNDFX achieves a 17.06% return, which is significantly higher than EXDVX's -0.23% return. Over the past 10 years, MNDFX has outperformed EXDVX with an annualized return of 5.16%, while EXDVX has yielded a comparatively lower 1.34% annualized return.

MNDFX

• 1D: -0.60%
• 1M: 1.63%
• 6M: 10.62%
• YTD: 17.06%
• 1Y: 31.07%
• 3Y*: 15.15%
• 5Y*: 10.08%
• 10Y*: 5.16%
• ALL TIME*: 8.31%

EXDVX

• 1D: -0.10%
• 1M: -1.09%
• 6M: -0.94%
• YTD: -0.23%
• 1Y: 2.96%
• 3Y*: 2.38%
• 5Y*: 0.33%
• 10Y*: 1.34%
• ALL TIME*: 1.92%

*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)
EXDVX Manning & Napier Divrs Tax Exempt Series Fund	$0.00	$0.00	$0.00
MNDFX Manning & Napier Disciplined Value Series	$0.00	$0.00	$0.00

MNDFX vs. EXDVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNDFX Manning & Napier Disciplined Value Series	17.06%	15.76%	11.60%	5.64%	-4.22%	22.45%	2.44%	-28.95%	-4.30%	23.39%
EXDVX Manning & Napier Divrs Tax Exempt Series Fund	-0.23%	4.30%	0.41%	4.10%	-5.83%	0.16%	5.73%	5.10%	0.65%	2.37%

Correlation

The correlation between MNDFX and EXDVX is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (10Y) Provides a long-term view across more market conditions.	-0.02
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008	-0.09

The correlation between MNDFX and EXDVX shifts across timeframes, from -0.09 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MNDFX vs. EXDVX — Risk / Return Rank

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

MNDFX

MNDFX Risk / Return Rank: 93
MNDFX Sharpe Ratio Rank: 94
MNDFX Sortino Ratio Rank: 93
MNDFX Omega Ratio Rank: 87
MNDFX Calmar Ratio Rank: 95
MNDFX Martin Ratio Rank: 95

EXDVX

EXDVX Risk / Return Rank: 60
EXDVX Sharpe Ratio Rank: 79
EXDVX Sortino Ratio Rank: 75
EXDVX Omega Ratio Rank: 88
EXDVX Calmar Ratio Rank: 31
EXDVX Martin Ratio Rank: 27

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.

MNDFX vs. EXDVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Disciplined Value Series (MNDFX) and Manning & Napier Divrs Tax Exempt Series Fund (EXDVX). 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.

	MNDFX	EXDVX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.89	+0.59
Sortino ratio: Return per unit of downside risk	3.68	2.59	+1.10
Omega ratio: Gain probability vs. loss probability	1.44	1.47	-0.03
Calmar ratio: Return relative to maximum drawdown	4.22	1.38	+2.84
Martin ratio: Return relative to average drawdown	15.66	3.90	+11.75

MNDFX vs. EXDVX - Sharpe Ratio Comparison

The current MNDFX Sharpe Ratio is 2.48, which is higher than the EXDVX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of MNDFX and EXDVX, 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

MNDFX vs. EXDVX - Drawdown Comparison

The maximum MNDFX drawdown since its inception was -62.03%, which is greater than EXDVX's maximum drawdown of -12.74%. Use the drawdown chart below to compare losses from any high point for MNDFX and EXDVX.

Drawdown Indicators

	MNDFX	EXDVX	Difference
Max Drawdown Largest peak-to-trough decline	-62.03%	-12.74%	-49.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-2.44%	-4.26%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-3.74%	-12.30%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-9.29%	-8.58%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-9.29%	-52.74%
Current Drawdown Current decline from peak	-1.49%	-1.80%	+0.31%
Average Drawdown Average peak-to-trough decline	-11.90%	-2.18%	-9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.86%	+0.95%

Volatility

MNDFX vs. EXDVX - Volatility Comparison

Manning & Napier Disciplined Value Series (MNDFX) has a higher volatility of 3.30% compared to Manning & Napier Divrs Tax Exempt Series Fund (EXDVX) at 0.67%. This indicates that MNDFX's price experiences larger fluctuations and is considered to be riskier than EXDVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDFX	EXDVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	0.67%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	1.46%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	1.79%	+9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.50%	2.71%	+11.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	2.97%	+18.67%

MNDFX vs. EXDVX - Expense Ratio Comparison

MNDFX has a 0.54% expense ratio, which is lower than EXDVX's 0.63% expense ratio.

Dividends

MNDFX vs. EXDVX - Dividend Comparison

MNDFX's dividend yield for the trailing twelve months is around 8.45%, more than EXDVX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXDVX Manning & Napier Divrs Tax Exempt Series Fund	2.36%	2.26%	1.87%	1.67%	0.61%	6.02%	1.69%	2.81%	1.38%	1.25%	1.10%	0.86%
MNDFX Manning & Napier Disciplined Value Series	8.45%	9.64%	10.46%	7.81%	9.77%	7.31%	1.93%	5.18%	15.02%	24.95%	4.89%	15.83%

Frequently Asked Questions

Can I hold both MNDFX and EXDVX in my portfolio?

MNDFX and EXDVX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNDFX or EXDVX?

MNDFX has higher volatility (3.30%) compared to EXDVX (0.67%). In terms of maximum drawdown, MNDFX dropped -62.03% vs EXDVX's -12.74%.

Which has better risk-adjusted returns?

MNDFX currently has the higher Sharpe Ratio (2.48 vs 1.89), 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.