RAIIX vs. EXOSX

Last updated Jun 23, 2026

RAIIX (Manning & Napier Rainier International Discovery Series) and EXOSX (Manning & Napier Overseas Series) are both mutual funds - RAIIX is a Foreign Small & Mid Cap Equities fund managed by Manning & Napier, while EXOSX is a Foreign Large Cap Equities fund managed by Manning & Napier. Over the past 10 years, RAIIX returned 8.73%/yr vs 7.66%/yr for EXOSX. Their correlation of 0.81 suggests significant overlap in exposure. RAIIX charges 1.12%/yr vs 0.75%/yr for EXOSX.

Performance

RAIIX vs. EXOSX - 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 Overseas Series (EXOSX). 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 EXOSX's 3.12% return. Over the past 10 years, RAIIX has outperformed EXOSX with an annualized return of 8.73%, while EXOSX has yielded a comparatively lower 7.66% 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%

EXOSX

• 1D: 1.01%
• 1M: 2.04%
• YTD: 3.12%
• 6M: 3.51%
• 1Y: 8.66%
• 3Y*: 8.50%
• 5Y*: 2.19%
• 10Y*: 7.66%

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

RAIIX vs. EXOSX - 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%
EXOSX Manning & Napier Overseas Series	3.12%	16.21%	3.33%	19.89%	-24.26%	11.50%	27.07%	27.52%	-17.23%	23.92%

Correlation

The correlation between RAIIX and EXOSX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.81

The correlation between RAIIX and EXOSX shifts across timeframes, from 0.76 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RAIIX vs. EXOSX — 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

EXOSX

EXOSX Risk / Return Rank: 7
EXOSX Sharpe Ratio Rank: 7
EXOSX Sortino Ratio Rank: 7
EXOSX Omega Ratio Rank: 7
EXOSX Calmar Ratio Rank: 8
EXOSX Martin Ratio Rank: 9

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. EXOSX - 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 Overseas Series (EXOSX). 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	EXOSX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	0.56	+0.66
Sortino ratio: Return per unit of downside risk	1.76	0.88	+0.89
Omega ratio: Gain probability vs. loss probability	1.22	1.10	+0.12
Calmar ratio: Return relative to maximum drawdown	1.52	0.68	+0.84
Martin ratio: Return relative to average drawdown	5.68	2.35	+3.34

RAIIX vs. EXOSX - Sharpe Ratio Comparison

The current RAIIX Sharpe Ratio is 1.22, which is higher than the EXOSX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of RAIIX and EXOSX, 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. EXOSX - Drawdown Comparison

The maximum RAIIX drawdown since its inception was -39.87%, smaller than the maximum EXOSX drawdown of -55.50%. Use the drawdown chart below to compare losses from any high point for RAIIX and EXOSX.

Drawdown Indicators

	RAIIX	EXOSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-55.50%	+15.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-11.77%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-14.91%	+0.34%
Max Drawdown (5Y) Largest decline over 5 years	-39.87%	-37.71%	-2.16%
Max Drawdown (10Y) Largest decline over 10 years	-39.87%	-37.71%	-2.16%
Current Drawdown Current decline from peak	-2.87%	-1.68%	-1.19%
Average Drawdown Average peak-to-trough decline	-11.08%	-11.05%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.41%	-0.20%

Volatility

RAIIX vs. EXOSX - Volatility Comparison

Manning & Napier Rainier International Discovery Series (RAIIX) has a higher volatility of 5.53% compared to Manning & Napier Overseas Series (EXOSX) at 4.72%. This indicates that RAIIX's price experiences larger fluctuations and is considered to be riskier than EXOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAIIX	EXOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	4.72%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	11.93%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	14.46%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	16.76%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	16.70%	+0.32%

RAIIX vs. EXOSX - Expense Ratio Comparison

RAIIX has a 1.12% expense ratio, which is higher than EXOSX's 0.75% expense ratio.

Dividends

RAIIX vs. EXOSX - Dividend Comparison

RAIIX's dividend yield for the trailing twelve months is around 2.57%, more than EXOSX's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXOSX Manning & Napier Overseas Series	1.10%	1.13%	1.29%	1.27%	0.82%	1.85%	0.86%	1.72%	0.91%	1.79%	1.71%	1.84%
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 EXOSX in my portfolio?

RAIIX and EXOSX have a correlation of 0.76, 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 EXOSX?

RAIIX has higher volatility (5.53%) compared to EXOSX (4.72%). In terms of maximum drawdown, RAIIX dropped -39.87% vs EXOSX's -55.50%.

Which has better risk-adjusted returns?

RAIIX currently has the higher Sharpe Ratio (1.22 vs 0.56), 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.