VGHY vs. MNHYX

Last updated Jun 4, 2026

VGHY (Vanguard High-Yield Active ETF) and MNHYX (Manning & Napier High Yield Bond Series) are both High Yield Bonds funds. A 0.62 correlation means they provide meaningful diversification when combined. VGHY charges 0.22%/yr vs 0.90%/yr for MNHYX.

Performance

VGHY vs. MNHYX - Performance Comparison

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

Returns By Period

In the year-to-date period, VGHY achieves a 1.38% return, which is significantly lower than MNHYX's 2.68% return.

VGHY

• 1D: -0.24%
• 1M: 0.28%
• YTD: 1.38%
• 6M: 2.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNHYX

• 1D: 0.00%
• 1M: 0.83%
• YTD: 2.68%
• 6M: 3.57%
• 1Y: 8.44%
• 3Y*: 9.41%
• 5Y*: 5.64%
• 10Y*: 6.65%

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

VGHY vs. MNHYX - Yearly Performance Comparison

	2026 (YTD)	2025
VGHY Vanguard High-Yield Active ETF	1.38%	1.80%
MNHYX Manning & Napier High Yield Bond Series	2.68%	1.16%

Correlation

The correlation between VGHY and MNHYX is 0.62, 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 18, 2025	0.62

Return for Risk

VGHY vs. MNHYX — Risk / Return Rank

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

MNHYX

MNHYX Risk / Return Rank: 88
MNHYX Sharpe Ratio Rank: 93
MNHYX Sortino Ratio Rank: 94
MNHYX Omega Ratio Rank: 94
MNHYX Calmar Ratio Rank: 76
MNHYX Martin Ratio Rank: 83

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.

VGHY vs. MNHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) and Manning & Napier High Yield Bond Series (MNHYX). 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.

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

Sharpe Ratios by Period

	VGHY	MNHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.18	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.84	-0.77

Drawdowns

VGHY vs. MNHYX - Drawdown Comparison

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

Drawdown Indicators

	VGHY	MNHYX	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-19.70%	+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	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.45%	-1.56%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.56%	—

Volatility

Volatility by Period

	VGHY	MNHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	2.74%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	3.70%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.30%	4.15%	+0.15%

VGHY vs. MNHYX - Expense Ratio Comparison

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

Dividends

VGHY vs. MNHYX - Dividend Comparison

VGHY's dividend yield for the trailing twelve months is around 3.98%, less than MNHYX's 6.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNHYX Manning & Napier High Yield Bond Series	6.65%	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	3.98%	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 VGHY and MNHYX in my portfolio?

VGHY and MNHYX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.