PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
MNHYX vs. CARY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MNHYX vs. CARY

Last updated Jun 23, 2026

MNHYX (Manning & Napier High Yield Bond Series) and CARY (Angel Oak Income ETF) are both funds - MNHYX is a High Yield Bonds fund managed by Manning & Napier, while CARY is a Multisector Bonds fund actively managed by Angel Oak. Over the past 3 years, MNHYX returned 9.13%/yr vs 7.33%/yr for CARY. At a 0.35 correlation, their price movements are largely independent. MNHYX charges 0.90%/yr vs 0.80%/yr for CARY.

Performance

MNHYX vs. CARY - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MNHYX achieves a 2.79% return, which is significantly higher than CARY's 2.01% 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%

CARY

1D
-0.10%
1M
0.49%
YTD
2.01%
6M
2.08%
1Y
6.45%
3Y*
7.33%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MNHYX vs. CARY - Yearly Performance Comparison

2026 (YTD)2025202420232022
MNHYX
Manning & Napier High Yield Bond Series		2.79%6.65%9.63%13.19%2.29%
CARY
Angel Oak Income ETF		2.01%7.54%6.93%8.70%0.58%

Correlation

The correlation between MNHYX and CARY 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

0.38

Correlation (All Time)
Calculated using the full available price history since Nov 8, 2022

0.35

The correlation between MNHYX and CARY shifts across timeframes, from 0.35 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.

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 Series

Angel Oak Income ETF

Often compared with MNHYX:
MNHYX vs. ICMUXMNHYX vs. FDHYMNHYX vs. RCTIXMNHYX vs. CBLDXMNHYX vs. FAGIXMNHYX vs. HYGMNHYX vs. ANGL
Often compared with CARY:
CARY vs. OOSPCARY vs. JAAACARY vs. TUSICARY vs. CDXCARY vs. ICSHCARY vs. BNDCARY vs. IBHF

Return for Risk

MNHYX vs. CARY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MNHYX
MNHYX Risk / Return Rank: 8888
Overall Rank
MNHYX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
MNHYX Sortino Ratio Rank: 9494
Sortino Ratio Rank
MNHYX Omega Ratio Rank: 9393
Omega Ratio Rank
MNHYX Calmar Ratio Rank: 7676
Calmar Ratio Rank
MNHYX Martin Ratio Rank: 8484
Martin Ratio Rank
CARY
CARY Risk / Return Rank: 9494
Overall Rank
CARY Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CARY Sortino Ratio Rank: 9696
Sortino Ratio Rank
CARY Omega Ratio Rank: 9696
Omega Ratio Rank
CARY Calmar Ratio Rank: 8989
Calmar Ratio Rank
CARY Martin Ratio Rank: 9292
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.

MNHYX vs. CARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier High Yield Bond Series (MNHYX) and Angel Oak Income ETF (CARY). 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.

MNHYXCARYDifference
Sharpe ratioReturn per unit of total volatility
2.98
3.59

-0.61

Sortino ratioReturn per unit of downside risk
4.52
5.60

-1.08

Omega ratioGain probability vs. loss probability

1.69

1.79

-0.10

Calmar ratioReturn relative to maximum drawdown

3.29

5.07

-1.78

Martin ratioReturn relative to average drawdown

14.70

21.83

-7.12

MNHYX vs. CARY - Sharpe Ratio Comparison

The current MNHYX Sharpe Ratio is 2.98, which is comparable to the CARY Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of MNHYX and CARY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

MNHYX vs. CARY - Drawdown Comparison

The maximum MNHYX drawdown since its inception was -19.70%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for MNHYX and CARY.

Loading charts...

Drawdown Indicators

MNHYXCARYDifference

Max Drawdown

Largest peak-to-trough decline

-19.70%

-1.96%

-17.74%

Max Drawdown (1Y)

Largest decline over 1 year

-2.51%

-1.28%

-1.23%

Max Drawdown (3Y)

Largest decline over 3 years

-4.43%

-1.96%

-2.47%

Max Drawdown (5Y)

Largest decline over 5 years

-10.84%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-19.70%

—

—

Current Drawdown

Current decline from peak

-0.10%

-0.19%

+0.09%

Average Drawdown

Average peak-to-trough decline

-1.56%

-0.32%

-1.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.56%

0.30%

+0.26%

Volatility

MNHYX vs. CARY - Volatility Comparison

Manning & Napier High Yield Bond Series (MNHYX) has a higher volatility of 0.82% compared to Angel Oak Income ETF (CARY) at 0.62%. This indicates that MNHYX's price experiences larger fluctuations and is considered to be riskier than CARY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

MNHYXCARYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.82%

0.62%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

2.20%

1.40%

+0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

2.77%

1.81%

+0.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.71%

2.73%

+0.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.15%

2.73%

+1.42%

MNHYX vs. CARY - Expense Ratio Comparison

MNHYX has a 0.90% expense ratio, which is higher than CARY's 0.80% expense ratio.

Dividends

MNHYX vs. CARY - Dividend Comparison

MNHYX's dividend yield for the trailing twelve months is around 6.64%, more than CARY's 5.92% yield.

PositionTTM20252024202320222021202020192018201720162015
CARY
Angel Oak Income ETF		5.92%6.13%6.10%6.38%0.48%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

MNHYX and CARY 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.

MNHYX has higher volatility (0.82%) compared to CARY (0.62%). In terms of maximum drawdown, MNHYX dropped -19.70% vs CARY's -1.96%.

CARY currently has the higher Sharpe Ratio (3.59 vs 2.98), 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.

Portfolio Optimizer

Find the right allocation for MNHYX and CARY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer