MNHYX vs. BND

Last updated Jun 23, 2026

MNHYX (Manning & Napier High Yield Bond Series) and BND (Vanguard Total Bond Market ETF) are both funds - MNHYX is a High Yield Bonds fund managed by Manning & Napier, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, MNHYX returned 6.57%/yr vs 1.55%/yr for BND. At a 0.12 correlation, their price movements are largely independent. MNHYX charges 0.90%/yr vs 0.03%/yr for BND.

Performance

MNHYX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier High Yield Bond Series (MNHYX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNHYX achieves a 2.79% return, which is significantly higher than BND's 0.38% return. Over the past 10 years, MNHYX has outperformed BND with an annualized return of 6.57%, while BND has yielded a comparatively lower 1.55% annualized return.

MNHYX

• 1D: 0.10%
• 1M: 0.73%
• YTD: 2.79%
• 6M: 3.32%
• 1Y: 7.88%
• 3Y*: 9.13%
• 5Y*: 5.57%
• 10Y*: 6.57%

BND

• 1D: -0.27%
• 1M: 0.53%
• YTD: 0.38%
• 6M: 0.45%
• 1Y: 4.37%
• 3Y*: 3.92%
• 5Y*: 0.04%
• 10Y*: 1.55%

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

MNHYX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNHYX Manning & Napier High Yield Bond Series	2.79%	6.65%	9.63%	13.19%	-7.59%	9.99%	6.26%	13.99%	-1.30%	8.49%
BND Vanguard Total Bond Market ETF	0.38%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between MNHYX and BND 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 (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 15, 2009	0.12

Over the past year, MNHYX and BND have become more correlated (0.46) than their long-term average of 0.12, meaning their price movements have been converging.

Return for Risk

MNHYX vs. BND — Risk / Return Rank

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

MNHYX

MNHYX Risk / Return Rank: 88
MNHYX Sharpe Ratio Rank: 94
MNHYX Sortino Ratio Rank: 94
MNHYX Omega Ratio Rank: 93
MNHYX Calmar Ratio Rank: 76
MNHYX Martin Ratio Rank: 84

BND

BND Risk / Return Rank: 33
BND Sharpe Ratio Rank: 33
BND Sortino Ratio Rank: 34
BND Omega Ratio Rank: 31
BND Calmar Ratio Rank: 33
BND Martin Ratio Rank: 33

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.

MNHYX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier High Yield Bond Series (MNHYX) and Vanguard Total Bond Market ETF (BND). 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.

	MNHYX	BND	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.18	+1.81
Sortino ratio: Return per unit of downside risk	4.52	1.76	+2.76
Omega ratio: Gain probability vs. loss probability	1.69	1.21	+0.48
Calmar ratio: Return relative to maximum drawdown	3.29	1.64	+1.65
Martin ratio: Return relative to average drawdown	14.70	4.69	+10.02

MNHYX vs. BND - Sharpe Ratio Comparison

The current MNHYX Sharpe Ratio is 2.98, which is higher than the BND Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of MNHYX and BND, 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

MNHYX vs. BND - Drawdown Comparison

The maximum MNHYX drawdown since its inception was -19.70%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for MNHYX and BND.

Drawdown Indicators

	MNHYX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-18.58%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-2.68%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.43%	-5.92%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	-17.91%	+7.07%
Max Drawdown (10Y) Largest decline over 10 years	-19.70%	-18.58%	-1.12%
Current Drawdown Current decline from peak	-0.10%	-2.26%	+2.16%
Average Drawdown Average peak-to-trough decline	-1.56%	-3.06%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.93%	-0.37%

Volatility

MNHYX vs. BND - Volatility Comparison

The current volatility for Manning & Napier High Yield Bond Series (MNHYX) is 0.82%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.08%. This indicates that MNHYX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNHYX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	1.08%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	2.77%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	3.74%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	6.03%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	5.54%	-1.39%

MNHYX vs. BND - Expense Ratio Comparison

MNHYX has a 0.90% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

MNHYX vs. BND - Dividend Comparison

MNHYX's dividend yield for the trailing twelve months is around 6.64%, more than BND's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.96%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
MNHYX Manning & Napier High Yield Bond Series	6.64%	6.95%	6.38%	6.66%	5.93%	7.93%	4.98%	6.63%	5.26%	5.16%	6.49%	5.60%

Frequently Asked Questions

Can I hold both MNHYX and BND in my portfolio?

MNHYX and BND 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.

Which is riskier, MNHYX or BND?

BND has higher volatility (1.08%) compared to MNHYX (0.82%). In terms of maximum drawdown, MNHYX dropped -19.70% vs BND's -18.58%.

Which has better risk-adjusted returns?

MNHYX currently has the higher Sharpe Ratio (2.98 vs 1.18), 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.