MNHAX vs. FRFZX

Last updated Jun 3, 2026

MNHAX (Manning & Napier High Yield Bond I) and FRFZX (PGIM Floating Rate Income Fund) are both mutual funds - MNHAX is a High Yield Bonds fund managed by Manning & Napier, while FRFZX is a Bank Loan fund managed by PGIM. Over the past 10 years, MNHAX returned 6.79%/yr vs 5.36%/yr for FRFZX. At a 0.42 correlation, their price movements are largely independent. MNHAX charges 0.66%/yr vs 0.70%/yr for FRFZX.

Performance

MNHAX vs. FRFZX - Performance Comparison

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

Returns By Period

In the year-to-date period, MNHAX achieves a 2.17% return, which is significantly lower than FRFZX's 2.29% return. Over the past 10 years, MNHAX has outperformed FRFZX with an annualized return of 6.79%, while FRFZX has yielded a comparatively lower 5.36% annualized return.

MNHAX

• 1D: 0.00%
• 1M: 0.86%
• YTD: 2.17%
• 6M: 3.09%
• 1Y: 8.24%
• 3Y*: 9.24%
• 5Y*: 5.64%
• 10Y*: 6.79%

FRFZX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 2.29%
• 6M: 3.07%
• 1Y: 6.22%
• 3Y*: 8.74%
• 5Y*: 5.83%
• 10Y*: 5.36%

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

MNHAX vs. FRFZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNHAX Manning & Napier High Yield Bond I	2.17%	6.90%	9.29%	13.49%	-7.38%	10.27%	6.58%	14.25%	-0.98%	8.68%
FRFZX PGIM Floating Rate Income Fund	2.29%	5.66%	9.45%	14.11%	-3.56%	5.46%	4.62%	7.47%	-0.13%	4.48%

Correlation

The correlation between MNHAX and FRFZX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.42

Return for Risk

MNHAX vs. FRFZX — Risk / Return Rank

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

MNHAX

MNHAX Risk / Return Rank: 77
MNHAX Sharpe Ratio Rank: 88
MNHAX Sortino Ratio Rank: 86
MNHAX Omega Ratio Rank: 91
MNHAX Calmar Ratio Rank: 48
MNHAX Martin Ratio Rank: 73

FRFZX

FRFZX Risk / Return Rank: 94
FRFZX Sharpe Ratio Rank: 83
FRFZX Sortino Ratio Rank: 98
FRFZX Omega Ratio Rank: 97
FRFZX Calmar Ratio Rank: 98
FRFZX Martin Ratio Rank: 96

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. FRFZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier High Yield Bond I (MNHAX) and PGIM Floating Rate Income Fund (FRFZX). 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.

	MNHAX	FRFZX	Difference
Sharpe ratio Return per unit of total volatility	2.88	2.69	+0.19
Sortino ratio Return per unit of downside risk	4.07	6.64	-2.57
Omega ratio Gain probability vs. loss probability	1.68	2.02	-0.34
Calmar ratio Return relative to maximum drawdown	2.66	7.99	-5.33
Martin ratio Return relative to average drawdown	13.91	24.98	-11.07
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. FRFZX - Sharpe Ratio Comparison

The current MNHAX Sharpe Ratio is 2.88, which is comparable to the FRFZX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of MNHAX and FRFZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MNHAX	FRFZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.69	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	1.89	-1.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	1.36	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.41	-0.73

Drawdowns

MNHAX vs. FRFZX - Drawdown Comparison

The maximum MNHAX drawdown since its inception was -20.13%, smaller than the maximum FRFZX drawdown of -21.95%. Use the drawdown chart below to compare losses from any high point for MNHAX and FRFZX.

Drawdown Indicators

	MNHAX	FRFZX	Difference
Max Drawdown Largest peak-to-trough decline	-20.13%	-21.95%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-0.85%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-3.12%	-17.01%
Max Drawdown (5Y) Largest decline over 5 years	-20.13%	-7.85%	-12.28%
Max Drawdown (10Y) Largest decline over 10 years	-20.13%	-21.95%	+1.82%
Current Drawdown Current decline from peak	-10.70%	0.00%	-10.70%
Average Drawdown Average peak-to-trough decline	-3.51%	-0.91%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.27%	+0.32%

Volatility

MNHAX vs. FRFZX - Volatility Comparison

Manning & Napier High Yield Bond I (MNHAX) has a higher volatility of 0.75% compared to PGIM Floating Rate Income Fund (FRFZX) at 0.59%. This indicates that MNHAX's price experiences larger fluctuations and is considered to be riskier than FRFZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNHAX	FRFZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.59%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	1.72%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	2.33%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	3.09%	+11.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.69%	3.97%	+6.72%

MNHAX vs. FRFZX - Expense Ratio Comparison

MNHAX has a 0.66% expense ratio, which is lower than FRFZX's 0.70% expense ratio.

Dividends

MNHAX vs. FRFZX - Dividend Comparison

MNHAX's dividend yield for the trailing twelve months is around 6.36%, less than FRFZX's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRFZX PGIM Floating Rate Income Fund	7.40%	7.65%	8.76%	8.87%	6.41%	3.33%	5.35%	5.42%	5.06%	4.90%	4.34%	3.97%
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

Can I hold both MNHAX and FRFZX in my portfolio?

MNHAX and FRFZX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNHAX or FRFZX?

MNHAX has higher volatility (0.75%) compared to FRFZX (0.59%). In terms of maximum drawdown, MNHAX dropped -20.13% vs FRFZX's -21.95%.

Which has better risk-adjusted returns?

MNHAX currently has the higher Sharpe Ratio (2.88 vs 2.69), 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.