MNDFX vs. TOWFX

Last updated Apr 1, 2026

Compare and contrast key facts about Manning & Napier Disciplined Value Series (MNDFX) and Towpath Focus Fund (TOWFX).

MNDFX is managed by Manning & Napier. It was launched on Nov 7, 2008. TOWFX is managed by Oelschlager Investments. It was launched on Dec 31, 2019.

Performance

MNDFX vs. TOWFX - Performance Comparison

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

MNDFX vs. TOWFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MNDFX Manning & Napier Disciplined Value Series	5.01%	15.76%	11.60%	5.64%	-4.22%	22.45%	2.44%
TOWFX Towpath Focus Fund	2.10%	23.51%	13.22%	12.33%	-2.06%	26.52%	19.46%

Returns By Period

In the year-to-date period, MNDFX achieves a 5.01% return, which is significantly higher than TOWFX's 2.10% return.

MNDFX

• 1D: -0.33%
• 1M: -4.75%
• YTD: 5.01%
• 6M: 9.90%
• 1Y: 17.82%
• 3Y*: 12.93%
• 5Y*: 8.77%
• 10Y*: 4.78%

TOWFX

• 1D: 0.15%
• 1M: -4.47%
• YTD: 2.10%
• 6M: 9.07%
• 1Y: 20.28%
• 3Y*: 17.02%
• 5Y*: 11.64%
• 10Y*: —

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

MNDFX vs. TOWFX - Expense Ratio Comparison

MNDFX has a 0.54% expense ratio, which is lower than TOWFX's 1.11% expense ratio.

TOWFX

Towpath Focus Fund

MNDFX

Manning & Napier Disciplined Value Series

Return for Risk

MNDFX vs. TOWFX — Risk / Return Rank

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

MNDFX

MNDFX Risk / Return Rank: 63
MNDFX Sharpe Ratio Rank: 65
MNDFX Sortino Ratio Rank: 65
MNDFX Omega Ratio Rank: 65
MNDFX Calmar Ratio Rank: 61
MNDFX Martin Ratio Rank: 58

TOWFX

TOWFX Risk / Return Rank: 87
TOWFX Sharpe Ratio Rank: 88
TOWFX Sortino Ratio Rank: 88
TOWFX Omega Ratio Rank: 85
TOWFX Calmar Ratio Rank: 84
TOWFX Martin Ratio Rank: 91

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. TOWFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Disciplined Value Series (MNDFX) and Towpath Focus Fund (TOWFX). 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.

	MNDFX	TOWFX	Difference
Sharpe ratio Return per unit of total volatility	1.15	1.76	-0.60
Sortino ratio Return per unit of downside risk	1.65	2.42	-0.77
Omega ratio Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio Return relative to maximum drawdown	1.41	2.07	-0.66
Martin ratio Return relative to average drawdown	5.63	10.75	-5.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNDFX vs. TOWFX - Sharpe Ratio Comparison

The current MNDFX Sharpe Ratio is 1.15, which is lower than the TOWFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MNDFX and TOWFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MNDFX	TOWFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.76	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.01	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.02	+0.38

Correlation

The correlation between MNDFX and TOWFX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MNDFX vs. TOWFX - Dividend Comparison

MNDFX's dividend yield for the trailing twelve months is around 9.36%, more than TOWFX's 1.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNDFX Manning & Napier Disciplined Value Series	9.36%	9.64%	10.46%	7.81%	9.77%	7.31%	1.93%	5.18%	15.02%	24.95%	4.89%	15.83%
TOWFX Towpath Focus Fund	1.79%	1.82%	1.49%	2.81%	2.05%	5.69%	5.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MNDFX vs. TOWFX - Drawdown Comparison

The maximum MNDFX drawdown since its inception was -62.03%, smaller than the maximum TOWFX drawdown of -96.18%. Use the drawdown chart below to compare losses from any high point for MNDFX and TOWFX.

Drawdown Indicators

	MNDFX	TOWFX	Difference
Max Drawdown Largest peak-to-trough decline	-62.03%	-96.18%	+34.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-9.39%	-3.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-96.18%	+78.31%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	—	—
Current Drawdown Current decline from peak	-5.55%	-94.95%	+89.40%
Average Drawdown Average peak-to-trough decline	-12.11%	-21.04%	+8.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.81%	+1.33%

Volatility

MNDFX vs. TOWFX - Volatility Comparison

Manning & Napier Disciplined Value Series (MNDFX) has a higher volatility of 3.14% compared to Towpath Focus Fund (TOWFX) at 2.60%. This indicates that MNDFX's price experiences larger fluctuations and is considered to be riskier than TOWFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDFX	TOWFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	2.60%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	8.66%	6.60%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	11.95%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	1,084.26%	-1,069.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	971.53%	-949.86%