MNHYX vs. VGHY

Last updated Jun 26, 2026

MNHYX (Manning & Napier High Yield Bond Series) and VGHY (Vanguard High-Yield Active ETF) are both High Yield Bonds funds. A 0.63 correlation means they provide meaningful diversification when combined. MNHYX charges 0.90%/yr vs 0.22%/yr for VGHY.

Performance

MNHYX vs. VGHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier High Yield Bond Series (MNHYX) and Vanguard High-Yield Active ETF (VGHY). 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 VGHY's 1.65% return.

MNHYX

• 1D: 0.00%
• 1M: 0.42%
• YTD: 2.79%
• 6M: 3.21%
• 1Y: 7.22%
• 3Y*: 9.32%
• 5Y*: 5.47%
• 10Y*: 6.63%

VGHY

• 1D: -0.03%
• 1M: 0.34%
• YTD: 1.65%
• 6M: 1.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNHYX vs. VGHY - Yearly Performance Comparison

	2026 (YTD)	2025
MNHYX Manning & Napier High Yield Bond Series	2.79%	1.16%
VGHY Vanguard High-Yield Active ETF	1.65%	1.77%

Correlation

The correlation between MNHYX and VGHY is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.63

Return for Risk

MNHYX vs. VGHY — Risk / Return Rank

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

MNHYX

MNHYX Risk / Return Rank: 87
MNHYX Sharpe Ratio Rank: 93
MNHYX Sortino Ratio Rank: 92
MNHYX Omega Ratio Rank: 92
MNHYX Calmar Ratio Rank: 76
MNHYX Martin Ratio Rank: 84

VGHY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VGHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier High Yield Bond Series (MNHYX) and Vanguard High-Yield Active ETF (VGHY). 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	VGHY	Difference
Sharpe ratio: Return per unit of total volatility	2.73	—	—
Sortino ratio: Return per unit of downside risk	4.11	—	—
Omega ratio: Gain probability vs. loss probability	1.63	—	—
Calmar ratio: Return relative to maximum drawdown	2.98	—	—
Martin ratio: Return relative to average drawdown	13.31	—	—

Drawdowns

MNHYX vs. VGHY - Drawdown Comparison

The maximum MNHYX drawdown since its inception was -19.70%, which is greater than VGHY's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for MNHYX and VGHY.

Drawdown Indicators

	MNHYX	VGHY	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-2.66%	-17.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.43%	—	—
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%	-0.15%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.56%	-0.43%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	—	—

Volatility

Volatility by Period

	MNHYX	VGHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	4.23%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	4.23%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	4.23%	-0.10%

MNHYX vs. VGHY - Expense Ratio Comparison

MNHYX has a 0.90% expense ratio, which is higher than VGHY's 0.22% expense ratio.

Dividends

MNHYX vs. VGHY - Dividend Comparison

MNHYX's dividend yield for the trailing twelve months is around 6.64%, more than VGHY's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VGHY Vanguard High-Yield Active ETF	3.97%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNHYX and VGHY in my portfolio?

MNHYX and VGHY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.