MNHAX vs. PSHNX

Last updated Jun 25, 2026

MNHAX (Manning & Napier High Yield Bond I) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, MNHAX returned 5.50%/yr vs 4.79%/yr for PSHNX. A 0.71 correlation means they provide meaningful diversification when combined. MNHAX charges 0.66%/yr vs 1.01%/yr for PSHNX.

Performance

MNHAX vs. PSHNX - Performance Comparison

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

Returns By Period

In the year-to-date period, MNHAX achieves a 2.27% return, which is significantly higher than PSHNX's 1.84% return.

MNHAX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 2.27%
• 6M: 2.69%
• 1Y: 7.01%
• 3Y*: 9.16%
• 5Y*: 5.50%
• 10Y*: 6.78%

PSHNX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 5.78%
• 3Y*: 7.32%
• 5Y*: 4.79%
• 10Y*: —

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

MNHAX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	2.23%
PSHNX Penn Capital Short Duration High Income Fund	1.84%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between MNHAX and PSHNX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.71

The correlation between MNHAX and PSHNX has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

MNHAX vs. PSHNX — Risk / Return Rank

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

MNHAX

MNHAX Risk / Return Rank: 74
MNHAX Sharpe Ratio Rank: 86
MNHAX Sortino Ratio Rank: 84
MNHAX Omega Ratio Rank: 89
MNHAX Calmar Ratio Rank: 43
MNHAX Martin Ratio Rank: 69

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 97
PSHNX Sortino Ratio Rank: 97
PSHNX Omega Ratio Rank: 95
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 98

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. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier High Yield Bond I (MNHAX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

	MNHAX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.15	-0.60
Sortino ratio: Return per unit of downside risk	3.60	5.11	-1.51
Omega ratio: Gain probability vs. loss probability	1.59	1.75	-0.15
Calmar ratio: Return relative to maximum drawdown	2.34	5.17	-2.82
Martin ratio: Return relative to average drawdown	12.22	26.23	-14.01

MNHAX vs. PSHNX - Sharpe Ratio Comparison

The current MNHAX Sharpe Ratio is 2.55, which is comparable to the PSHNX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of MNHAX and PSHNX, 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

MNHAX vs. PSHNX - Drawdown Comparison

The maximum MNHAX drawdown since its inception was -20.13%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for MNHAX and PSHNX.

Drawdown Indicators

	MNHAX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-20.13%	-14.53%	-5.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-1.14%	-1.96%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-2.83%	-17.30%
Max Drawdown (5Y) Largest decline over 5 years	-20.13%	-6.02%	-14.11%
Max Drawdown (10Y) Largest decline over 10 years	-20.13%	—	—
Current Drawdown Current decline from peak	-10.61%	0.00%	-10.61%
Average Drawdown Average peak-to-trough decline	-3.54%	-0.88%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.23%	+0.36%

Volatility

MNHAX vs. PSHNX - Volatility Comparison

Manning & Napier High Yield Bond I (MNHAX) has a higher volatility of 0.62% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.43%. This indicates that MNHAX's price experiences larger fluctuations and is considered to be riskier than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNHAX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	0.43%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	1.47%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	1.89%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	2.65%	+11.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.69%	3.15%	+7.54%

MNHAX vs. PSHNX - Expense Ratio Comparison

MNHAX has a 0.66% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

MNHAX vs. PSHNX - Dividend Comparison

MNHAX's dividend yield for the trailing twelve months is around 6.35%, more than PSHNX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PSHNX Penn Capital Short Duration High Income Fund	6.06%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNHAX and PSHNX in my portfolio?

MNHAX and PSHNX have a correlation of 0.81, 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 PSHNX?

MNHAX has higher volatility (0.62%) compared to PSHNX (0.43%). In terms of maximum drawdown, MNHAX dropped -20.13% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.15 vs 2.55), 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.