PNIIX vs. MCDWX
PNIIX (Principal Bond Market Index Fund) and MCDWX (Manning & Napier Credit Series) are both Intermediate Core Bond funds. Over the past 5 years, PNIIX returned -0.07%/yr vs 1.49%/yr for MCDWX. Their correlation of 0.90 suggests significant overlap in exposure. PNIIX charges 0.15%/yr vs 0.10%/yr for MCDWX.
Performance
PNIIX vs. MCDWX - Performance Comparison
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Returns By Period
In the year-to-date period, PNIIX achieves a 0.35% return, which is significantly lower than MCDWX's 0.56% return.
PNIIX
- 1D
- -0.23%
- 1M
- 0.59%
- YTD
- 0.35%
- 6M
- 0.35%
- 1Y
- 4.13%
- 3Y*
- 3.77%
- 5Y*
- -0.07%
- 10Y*
- 1.38%
MCDWX
- 1D
- -0.22%
- 1M
- 0.50%
- YTD
- 0.56%
- 6M
- 0.78%
- 1Y
- 4.54%
- 3Y*
- 5.50%
- 5Y*
- 1.49%
- 10Y*
- —
PNIIX vs. MCDWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PNIIX Principal Bond Market Index Fund | 0.35% | 7.01% | 1.17% | 5.55% | -13.26% | -1.68% | 2.90% |
MCDWX Manning & Napier Credit Series | 0.56% | 7.57% | 4.13% | 7.31% | -11.13% | 0.01% | 8.77% |
Correlation
The correlation between PNIIX and MCDWX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2020 | 0.90 |
The correlation between PNIIX and MCDWX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
PNIIX vs. MCDWX — Risk / Return Rank
PNIIX
MCDWX
PNIIX vs. MCDWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Bond Market Index Fund (PNIIX) and Manning & Napier Credit Series (MCDWX). 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.
| PNIIX | MCDWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.33 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 2.26 | -0.67 |
| Martin ratioReturn relative to average drawdown | 4.56 | 7.01 | -2.45 |
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Drawdowns
PNIIX vs. MCDWX - Drawdown Comparison
The maximum PNIIX drawdown since its inception was -18.76%, which is greater than MCDWX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for PNIIX and MCDWX.
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Drawdown Indicators
| PNIIX | MCDWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -15.96% | -2.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.17% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -6.25% | -4.22% | -2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -15.96% | -2.18% |
Max Drawdown (10Y)Largest decline over 10 years | -18.76% | — | — |
Current DrawdownCurrent decline from peak | -2.76% | -0.95% | -1.81% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -4.12% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.70% | +0.26% |
Volatility
PNIIX vs. MCDWX - Volatility Comparison
Principal Bond Market Index Fund (PNIIX) has a higher volatility of 1.15% compared to Manning & Napier Credit Series (MCDWX) at 0.89%. This indicates that PNIIX's price experiences larger fluctuations and is considered to be riskier than MCDWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNIIX | MCDWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 0.89% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 2.25% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 2.90% | +0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 4.63% | +1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 4.37% | +0.72% |
PNIIX vs. MCDWX - Expense Ratio Comparison
PNIIX has a 0.15% expense ratio, which is higher than MCDWX's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PNIIX vs. MCDWX - Dividend Comparison
PNIIX's dividend yield for the trailing twelve months is around 4.00%, less than MCDWX's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCDWX Manning & Napier Credit Series | 4.47% | 4.83% | 4.41% | 4.48% | 3.25% | 4.45% | 2.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PNIIX Principal Bond Market Index Fund | 4.00% | 4.01% | 3.60% | 4.18% | 1.66% | 2.03% | 18.60% | 2.40% | 2.51% | 2.35% | 1.78% | 2.10% |
Frequently Asked Questions
PNIIX and MCDWX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNIIX has higher volatility (1.15%) compared to MCDWX (0.89%). In terms of maximum drawdown, PNIIX dropped -18.76% vs MCDWX's -15.96%.
MCDWX currently has the higher Sharpe Ratio (1.69 vs 1.15), 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.
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