RAIIX vs. EXBAX

Last updated Jun 23, 2026

RAIIX (Manning & Napier Rainier International Discovery Series) and EXBAX (Manning & Napier Pro-Blend Moderate Term Series) are both mutual funds - RAIIX is a Foreign Small & Mid Cap Equities fund managed by Manning & Napier, while EXBAX is a Diversified Portfolio fund managed by Manning & Napier. Over the past 10 years, RAIIX returned 8.73%/yr vs 5.59%/yr for EXBAX. A 0.70 correlation means they provide meaningful diversification when combined. RAIIX charges 1.12%/yr vs 1.07%/yr for EXBAX.

Performance

RAIIX vs. EXBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Rainier International Discovery Series (RAIIX) and Manning & Napier Pro-Blend Moderate Term Series (EXBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAIIX achieves a 9.95% return, which is significantly higher than EXBAX's 1.38% return. Over the past 10 years, RAIIX has outperformed EXBAX with an annualized return of 8.73%, while EXBAX has yielded a comparatively lower 5.59% annualized return.

RAIIX

• 1D: 0.71%
• 1M: -1.36%
• YTD: 9.95%
• 6M: 9.88%
• 1Y: 18.51%
• 3Y*: 11.86%
• 5Y*: 2.12%
• 10Y*: 8.73%

EXBAX

• 1D: 0.55%
• 1M: 1.03%
• YTD: 1.38%
• 6M: 1.31%
• 1Y: 7.79%
• 3Y*: 7.00%
• 5Y*: 2.77%
• 10Y*: 5.59%

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

RAIIX vs. EXBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RAIIX Manning & Napier Rainier International Discovery Series	9.95%	27.00%	0.62%	6.55%	-30.41%	14.09%	41.45%	24.94%	-18.03%	42.04%
EXBAX Manning & Napier Pro-Blend Moderate Term Series	1.38%	9.29%	6.11%	11.13%	-14.52%	7.97%	14.96%	16.15%	-3.54%	11.59%

Correlation

The correlation between RAIIX and EXBAX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.70

The correlation between RAIIX and EXBAX has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

Return for Risk

RAIIX vs. EXBAX — Risk / Return Rank

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

RAIIX

RAIIX Risk / Return Rank: 22
RAIIX Sharpe Ratio Rank: 21
RAIIX Sortino Ratio Rank: 20
RAIIX Omega Ratio Rank: 21
RAIIX Calmar Ratio Rank: 20
RAIIX Martin Ratio Rank: 26

EXBAX

EXBAX Risk / Return Rank: 15
EXBAX Sharpe Ratio Rank: 16
EXBAX Sortino Ratio Rank: 16
EXBAX Omega Ratio Rank: 15
EXBAX Calmar Ratio Rank: 12
EXBAX Martin Ratio Rank: 16

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.

RAIIX vs. EXBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Rainier International Discovery Series (RAIIX) and Manning & Napier Pro-Blend Moderate Term Series (EXBAX). 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.

	RAIIX	EXBAX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.07	+0.15
Sortino ratio: Return per unit of downside risk	1.76	1.57	+0.20
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.03
Calmar ratio: Return relative to maximum drawdown	1.52	1.04	+0.48
Martin ratio: Return relative to average drawdown	5.68	4.10	+1.59

RAIIX vs. EXBAX - Sharpe Ratio Comparison

The current RAIIX Sharpe Ratio is 1.22, which is comparable to the EXBAX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of RAIIX and EXBAX, 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

RAIIX vs. EXBAX - Drawdown Comparison

The maximum RAIIX drawdown since its inception was -39.87%, which is greater than EXBAX's maximum drawdown of -29.86%. Use the drawdown chart below to compare losses from any high point for RAIIX and EXBAX.

Drawdown Indicators

	RAIIX	EXBAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-29.86%	-10.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-7.37%	-4.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-7.52%	-7.05%
Max Drawdown (5Y) Largest decline over 5 years	-39.87%	-19.23%	-20.64%
Max Drawdown (10Y) Largest decline over 10 years	-39.87%	-19.23%	-20.64%
Current Drawdown Current decline from peak	-2.87%	-0.88%	-1.99%
Average Drawdown Average peak-to-trough decline	-11.08%	-5.05%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	1.87%	+1.34%

Volatility

RAIIX vs. EXBAX - Volatility Comparison

Manning & Napier Rainier International Discovery Series (RAIIX) has a higher volatility of 5.53% compared to Manning & Napier Pro-Blend Moderate Term Series (EXBAX) at 2.72%. This indicates that RAIIX's price experiences larger fluctuations and is considered to be riskier than EXBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAIIX	EXBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	2.72%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	6.04%	+6.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	7.19%	+7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	7.65%	+9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	7.69%	+9.33%

RAIIX vs. EXBAX - Expense Ratio Comparison

RAIIX has a 1.12% expense ratio, which is higher than EXBAX's 1.07% expense ratio.

Dividends

RAIIX vs. EXBAX - Dividend Comparison

RAIIX's dividend yield for the trailing twelve months is around 2.57%, less than EXBAX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXBAX Manning & Napier Pro-Blend Moderate Term Series	5.69%	5.77%	4.57%	2.27%	0.99%	6.67%	6.31%	4.83%	5.08%	6.09%	1.81%	0.58%
RAIIX Manning & Napier Rainier International Discovery Series	2.57%	2.83%	0.14%	1.31%	0.00%	11.60%	1.67%	0.28%	0.38%	0.13%	0.00%	0.05%

Frequently Asked Questions

Can I hold both RAIIX and EXBAX in my portfolio?

RAIIX and EXBAX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAIIX or EXBAX?

RAIIX has higher volatility (5.53%) compared to EXBAX (2.72%). In terms of maximum drawdown, RAIIX dropped -39.87% vs EXBAX's -29.86%.

Which has better risk-adjusted returns?

RAIIX currently has the higher Sharpe Ratio (1.22 vs 1.07), 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.