MNDFX vs. TMMAX
MNDFX (Manning & Napier Disciplined Value Series) and TMMAX (SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund) are both mutual funds - MNDFX is a Large Cap Value Equities fund managed by Manning & Napier, while TMMAX is a Low Volatility fund managed by BlackRock. Over the past 10 years, MNDFX returned 5.22%/yr vs 10.01%/yr for TMMAX. Their correlation of 0.88 means they have usually moved in the same direction. MNDFX charges 0.54%/yr vs 1.00%/yr for TMMAX.
Performance
MNDFX vs. TMMAX - Performance Comparison
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Returns By Period
In the year-to-date period, MNDFX achieves a 16.94% return, which is significantly higher than TMMAX's 8.47% return. Over the past 10 years, MNDFX has underperformed TMMAX with an annualized return of 5.22%, while TMMAX has yielded a comparatively higher 10.01% annualized return.
MNDFX
- 1D
- -0.10%
- 1M
- 1.53%
- 6M
- 9.90%
- YTD
- 16.94%
- 1Y
- 30.93%
- 3Y*
- 15.12%
- 5Y*
- 10.06%
- 10Y*
- 5.22%
- ALL TIME*
- 8.31%
TMMAX
- 1D
- 0.12%
- 1M
- 2.13%
- 6M
- 5.05%
- YTD
- 8.47%
- 1Y
- 13.92%
- 3Y*
- 13.16%
- 5Y*
- 9.80%
- 10Y*
- 10.01%
- ALL TIME*
- 9.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MNDFX vs. TMMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNDFX Manning & Napier Disciplined Value Series | 16.94% | 15.76% | 11.60% | 5.64% | -4.22% | 22.45% | 2.44% | -28.95% | -4.30% | 23.39% |
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund | 8.47% | 11.03% | 17.07% | 7.32% | -3.11% | 24.10% | 1.32% | 24.00% | -2.84% | 15.19% |
Correlation
The correlation between MNDFX and TMMAX is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | 0.88 |
The correlation between MNDFX and TMMAX shifts across timeframes, from 0.74 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MNDFX vs. TMMAX — Risk / Return Rank
MNDFX
TMMAX
MNDFX vs. TMMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Disciplined Value Series (MNDFX) and SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX). 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 | TMMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.27 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.38 | 2.34 | +2.04 |
| Martin ratioReturn relative to average drawdown | 16.25 | 7.97 | +8.29 |
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Drawdowns
MNDFX vs. TMMAX - Drawdown Comparison
The maximum MNDFX drawdown since its inception was -62.03%, which is greater than TMMAX's maximum drawdown of -41.50%. Use the drawdown chart below to compare losses from any high point for MNDFX and TMMAX.
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Drawdown Indicators
| MNDFX | TMMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.03% | -41.50% | -20.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -5.78% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -16.04% | -23.00% | +6.96% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -23.00% | +5.13% |
Max Drawdown (10Y)Largest decline over 10 years | -62.03% | -33.41% | -28.62% |
Current DrawdownCurrent decline from peak | -1.58% | -3.26% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -11.90% | -5.57% | -6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 1.70% | +0.10% |
Volatility
MNDFX vs. TMMAX - Volatility Comparison
The current volatility for Manning & Napier Disciplined Value Series (MNDFX) is 3.30%, while SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) has a volatility of 3.95%. This indicates that MNDFX experiences smaller price fluctuations and is considered to be less risky than TMMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNDFX | TMMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 3.95% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 7.18% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.40% | 8.93% | +2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 19.12% | -4.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.64% | 17.83% | +3.81% |
MNDFX vs. TMMAX - Expense Ratio Comparison
MNDFX has a 0.54% expense ratio, which is lower than TMMAX's 1.00% expense ratio.
Dividends
MNDFX vs. TMMAX - Dividend Comparison
MNDFX's dividend yield for the trailing twelve months is around 8.46%, less than TMMAX's 23.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNDFX Manning & Napier Disciplined Value Series | 8.46% | 9.64% | 10.46% | 7.81% | 9.77% | 7.31% | 1.93% | 5.18% | 15.02% | 24.95% | 4.89% | 15.83% |
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund | 23.24% | 25.19% | 23.39% | 15.23% | 6.54% | 4.73% | 2.15% | 3.67% | 4.91% | 4.10% | 4.17% | 5.57% |
Frequently Asked Questions
MNDFX and TMMAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMMAX has higher volatility (3.95%) compared to MNDFX (3.30%). In terms of maximum drawdown, MNDFX dropped -62.03% vs TMMAX's -41.50%.
MNDFX currently has the higher Sharpe Ratio (2.59 vs 1.52), 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.
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