MNDFX vs. MNHAX

Last updated Jun 23, 2026

MNDFX (Manning & Napier Disciplined Value Series) and MNHAX (Manning & Napier High Yield Bond I) are both mutual funds - MNDFX is a Large Cap Value Equities fund managed by Manning & Napier, while MNHAX is a High Yield Bonds fund managed by Manning & Napier. Over the past 10 years, MNDFX returned 5.24%/yr vs 6.72%/yr for MNHAX. At a 0.34 correlation, their price movements are largely independent. MNDFX charges 0.54%/yr vs 0.66%/yr for MNHAX.

Performance

MNDFX vs. MNHAX - Performance Comparison

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

Returns By Period

In the year-to-date period, MNDFX achieves a 11.68% return, which is significantly higher than MNHAX's 2.27% return. Over the past 10 years, MNDFX has underperformed MNHAX with an annualized return of 5.24%, while MNHAX has yielded a comparatively higher 6.72% annualized return.

MNDFX

• 1D: -0.73%
• 1M: -0.42%
• YTD: 11.68%
• 6M: 10.78%
• 1Y: 26.97%
• 3Y*: 14.99%
• 5Y*: 9.96%
• 10Y*: 5.24%

MNHAX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 2.27%
• 6M: 2.69%
• 1Y: 7.45%
• 3Y*: 8.97%
• 5Y*: 5.57%
• 10Y*: 6.72%

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

MNDFX vs. MNHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNDFX Manning & Napier Disciplined Value Series	11.68%	15.76%	11.60%	5.64%	-4.22%	22.45%	2.44%	-28.95%	-4.30%	23.39%
MNHAX Manning & Napier High Yield Bond I	2.27%	6.90%	9.29%	13.49%	-7.38%	10.27%	6.58%	14.25%	-0.98%	8.68%

Correlation

The correlation between MNDFX and MNHAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 2, 2012	0.34

Return for Risk

MNDFX vs. MNHAX — Risk / Return Rank

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

MNDFX

MNDFX Risk / Return Rank: 80
MNDFX Sharpe Ratio Rank: 78
MNDFX Sortino Ratio Rank: 81
MNDFX Omega Ratio Rank: 70
MNDFX Calmar Ratio Rank: 88
MNDFX Martin Ratio Rank: 84

MNHAX

MNHAX Risk / Return Rank: 78
MNHAX Sharpe Ratio Rank: 89
MNHAX Sortino Ratio Rank: 87
MNHAX Omega Ratio Rank: 91
MNHAX Calmar Ratio Rank: 48
MNHAX Martin Ratio Rank: 74

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.

MNDFX vs. MNHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Disciplined Value Series (MNDFX) and Manning & Napier High Yield Bond I (MNHAX). 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	MNHAX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.73	-0.35
Sortino ratio: Return per unit of downside risk	3.53	3.87	-0.34
Omega ratio: Gain probability vs. loss probability	1.42	1.64	-0.21
Calmar ratio: Return relative to maximum drawdown	4.09	2.52	+1.56
Martin ratio: Return relative to average drawdown	14.58	13.16	+1.42

MNDFX vs. MNHAX - Sharpe Ratio Comparison

The current MNDFX Sharpe Ratio is 2.37, which is comparable to the MNHAX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of MNDFX and MNHAX, 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. MNHAX - Drawdown Comparison

The maximum MNDFX drawdown since its inception was -62.03%, which is greater than MNHAX's maximum drawdown of -20.13%. Use the drawdown chart below to compare losses from any high point for MNDFX and MNHAX.

Drawdown Indicators

	MNDFX	MNHAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.03%	-20.13%	-41.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-3.10%	-3.60%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-20.13%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-20.13%	+2.26%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-20.13%	-41.90%
Current Drawdown Current decline from peak	-2.55%	-10.61%	+8.06%
Average Drawdown Average peak-to-trough decline	-11.98%	-3.54%	-8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	0.59%	+1.29%

Volatility

MNDFX vs. MNHAX - Volatility Comparison

Manning & Napier Disciplined Value Series (MNDFX) has a higher volatility of 3.38% compared to Manning & Napier High Yield Bond I (MNHAX) at 0.67%. This indicates that MNDFX's price experiences larger fluctuations and is considered to be riskier than MNHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDFX	MNHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	0.67%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	2.34%	+5.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	2.87%	+8.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	14.42%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	10.68%	+11.00%

MNDFX vs. MNHAX - Expense Ratio Comparison

MNDFX has a 0.54% expense ratio, which is lower than MNHAX's 0.66% expense ratio.

Dividends

MNDFX vs. MNHAX - Dividend Comparison

MNDFX's dividend yield for the trailing twelve months is around 8.80%, more than MNHAX's 6.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNDFX Manning & Napier Disciplined Value Series	8.80%	9.64%	10.46%	7.81%	9.77%	7.31%	1.93%	5.18%	15.02%	24.95%	4.89%	15.83%
MNHAX Manning & Napier High Yield Bond I	6.35%	7.29%	7.02%	8.59%	7.61%	9.81%	6.26%	8.24%	6.38%	6.20%	7.68%	6.64%

Frequently Asked Questions

Can I hold both MNDFX and MNHAX in my portfolio?

MNDFX and MNHAX have a correlation of 0.36, 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 MNHAX?

MNDFX has higher volatility (3.38%) compared to MNHAX (0.67%). In terms of maximum drawdown, MNDFX dropped -62.03% vs MNHAX's -20.13%.

Which has better risk-adjusted returns?

MNHAX currently has the higher Sharpe Ratio (2.73 vs 2.37), 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.