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MNHAX vs. FLXR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MNHAX vs. FLXR

Last updated Jun 4, 2026

MNHAX (Manning & Napier High Yield Bond I) and FLXR (TCW Flexible Income ETF) are both funds - MNHAX is a High Yield Bonds fund managed by Manning & Napier, while FLXR is a Multisector Bonds fund actively managed by TCW. Over the past year, MNHAX returned 8.01% vs 5.89% for FLXR. At a 0.37 correlation, their price movements are largely independent. MNHAX charges 0.66%/yr vs 0.40%/yr for FLXR.

Performance

MNHAX vs. FLXR - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MNHAX achieves a 2.17% return, which is significantly higher than FLXR's 1.09% return.

MNHAX

1D
0.00%
1M
0.86%
YTD
2.17%
6M
2.98%
1Y
8.01%
3Y*
9.24%
5Y*
5.67%
10Y*
6.79%

FLXR

1D
-0.18%
1M
0.36%
YTD
1.09%
6M
1.43%
1Y
5.89%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MNHAX vs. FLXR - Yearly Performance Comparison

2026 (YTD)20252024
MNHAX
Manning & Napier High Yield Bond I		2.17%6.90%5.20%
FLXR
TCW Flexible Income ETF		1.09%8.37%4.77%

Correlation

The correlation between MNHAX and FLXR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2024

0.37

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Manning & Napier High Yield Bond I

TCW Flexible Income ETF

Often compared with MNHAX:
MNHAX vs. USBLXMNHAX vs. MDHVXMNHAX vs. FRFZXMNHAX vs. SHYPXMNHAX vs. BGHSXMNHAX vs. PRPFXMNHAX vs. ICMUX
Often compared with FLXR:
FLXR vs. PYLDFLXR vs. BINCFLXR vs. NMLFLXR vs. FLTRFLXR vs. ICVTFLXR vs. AGGFLXR vs. FALN

Return for Risk

MNHAX vs. FLXR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MNHAX
MNHAX Risk / Return Rank: 7878
Overall Rank
MNHAX Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
MNHAX Sortino Ratio Rank: 8686
Sortino Ratio Rank
MNHAX Omega Ratio Rank: 9292
Omega Ratio Rank
MNHAX Calmar Ratio Rank: 4949
Calmar Ratio Rank
MNHAX Martin Ratio Rank: 7373
Martin Ratio Rank
FLXR
FLXR Risk / Return Rank: 8282
Overall Rank
FLXR Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
FLXR Sortino Ratio Rank: 8686
Sortino Ratio Rank
FLXR Omega Ratio Rank: 8383
Omega Ratio Rank
FLXR Calmar Ratio Rank: 7878
Calmar Ratio Rank
FLXR Martin Ratio Rank: 8484
Martin Ratio Rank
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.

MNHAX vs. FLXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier High Yield Bond I (MNHAX) and TCW Flexible Income ETF (FLXR). 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.

MNHAXFLXRDifference
Sharpe ratioReturn per unit of total volatility
2.88
2.61

+0.26

Sortino ratioReturn per unit of downside risk
4.07
3.94

+0.13

Omega ratioGain probability vs. loss probability

1.68

1.51

+0.17

Calmar ratioReturn relative to maximum drawdown

2.67

4.04

-1.37

Martin ratioReturn relative to average drawdown

13.94

17.36

-3.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNHAX vs. FLXR - Sharpe Ratio Comparison

The current MNHAX Sharpe Ratio is 2.88, which is comparable to the FLXR Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of MNHAX and FLXR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MNHAXFLXRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.88

2.61

+0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

2.65

-1.97

Drawdowns

MNHAX vs. FLXR - Drawdown Comparison

The maximum MNHAX drawdown since its inception was -20.13%, which is greater than FLXR's maximum drawdown of -1.94%. Use the drawdown chart below to compare losses from any high point for MNHAX and FLXR.

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Drawdown Indicators

MNHAXFLXRDifference

Max Drawdown

Largest peak-to-trough decline

-20.13%

-1.94%

-18.19%

Max Drawdown (1Y)

Largest decline over 1 year

-3.10%

-1.46%

-1.64%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-20.13%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-20.13%

—

—

Current Drawdown

Current decline from peak

-10.70%

-0.23%

-10.47%

Average Drawdown

Average peak-to-trough decline

-3.51%

-0.36%

-3.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

0.34%

+0.25%

Volatility

MNHAX vs. FLXR - Volatility Comparison

Manning & Napier High Yield Bond I (MNHAX) and TCW Flexible Income ETF (FLXR) have volatilities of 0.74% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MNHAXFLXRDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.74%

0.76%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

2.31%

1.65%

+0.66%

Volatility (1Y)

Calculated over the trailing 1-year period

2.87%

2.26%

+0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.42%

2.79%

+11.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.69%

2.79%

+7.90%

MNHAX vs. FLXR - Expense Ratio Comparison

MNHAX has a 0.66% expense ratio, which is higher than FLXR's 0.40% expense ratio.

Dividends

MNHAX vs. FLXR - Dividend Comparison

MNHAX's dividend yield for the trailing twelve months is around 6.36%, more than FLXR's 5.82% yield.

PositionTTM20252024202320222021202020192018201720162015
FLXR
TCW Flexible Income ETF		5.82%5.66%3.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MNHAX
Manning & Napier High Yield Bond I		6.36%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

MNHAX and FLXR have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLXR has higher volatility (0.76%) compared to MNHAX (0.74%). In terms of maximum drawdown, MNHAX dropped -20.13% vs FLXR's -1.94%.

MNHAX currently has the higher Sharpe Ratio (2.88 vs 2.61), 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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