CAVAX vs. SUMAX

Last updated Jun 4, 2026

CAVAX (SEI Catholic Values Trust Catholic Values Equity Fund) and SUMAX (SEI Tax Exempt Trust Short Duration Municipal Fund) are both mutual funds - CAVAX is a Large Cap Blend Equities fund managed by SEI, while SUMAX is a Municipal Bonds fund managed by SEI. Over the past 10 years, CAVAX returned 12.15%/yr vs 1.43%/yr for SUMAX. At a 0.06 correlation, their price movements are largely independent. CAVAX charges 0.86%/yr vs 0.63%/yr for SUMAX.

Performance

CAVAX vs. SUMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Catholic Values Trust Catholic Values Equity Fund (CAVAX) and SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAVAX achieves a 9.85% return, which is significantly higher than SUMAX's 0.90% return. Over the past 10 years, CAVAX has outperformed SUMAX with an annualized return of 12.15%, while SUMAX has yielded a comparatively lower 1.43% annualized return.

CAVAX

• 1D: 0.49%
• 1M: 4.43%
• YTD: 9.85%
• 6M: 10.48%
• 1Y: 22.45%
• 3Y*: 18.11%
• 5Y*: 9.18%
• 10Y*: 12.15%

SUMAX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.90%
• 6M: 1.23%
• 1Y: 3.17%
• 3Y*: 3.33%
• 5Y*: 1.72%
• 10Y*: 1.43%

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

CAVAX vs. SUMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAVAX SEI Catholic Values Trust Catholic Values Equity Fund	9.85%	15.45%	16.72%	21.33%	-18.51%	20.57%	17.33%	26.63%	-10.24%	23.69%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	0.90%	4.38%	2.49%	3.22%	-2.08%	-0.01%	1.77%	2.28%	1.09%	0.88%

Correlation

The correlation between CAVAX and SUMAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.06

The correlation between CAVAX and SUMAX shifts across timeframes, from 0.06 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CAVAX vs. SUMAX — Risk / Return Rank

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

CAVAX

CAVAX Risk / Return Rank: 48
CAVAX Sharpe Ratio Rank: 45
CAVAX Sortino Ratio Rank: 43
CAVAX Omega Ratio Rank: 43
CAVAX Calmar Ratio Rank: 52
CAVAX Martin Ratio Rank: 58

SUMAX

SUMAX Risk / Return Rank: 88
SUMAX Sharpe Ratio Rank: 86
SUMAX Sortino Ratio Rank: 97
SUMAX Omega Ratio Rank: 98
SUMAX Calmar Ratio Rank: 84
SUMAX Martin Ratio Rank: 76

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.

CAVAX vs. SUMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Catholic Values Trust Catholic Values Equity Fund (CAVAX) and SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX). 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.

	CAVAX	SUMAX	Difference
Sharpe ratio Return per unit of total volatility	1.97	2.82	-0.85
Sortino ratio Return per unit of downside risk	2.76	6.05	-3.28
Omega ratio Gain probability vs. loss probability	1.35	2.25	-0.90
Calmar ratio Return relative to maximum drawdown	2.74	4.01	-1.27
Martin ratio Return relative to average drawdown	11.65	14.29	-2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAVAX vs. SUMAX - Sharpe Ratio Comparison

The current CAVAX Sharpe Ratio is 1.97, which is lower than the SUMAX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of CAVAX and SUMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CAVAX	SUMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.82	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	1.24	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	1.17	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.55	-0.86

Drawdowns

CAVAX vs. SUMAX - Drawdown Comparison

The maximum CAVAX drawdown since its inception was -36.55%, which is greater than SUMAX's maximum drawdown of -3.70%. Use the drawdown chart below to compare losses from any high point for CAVAX and SUMAX.

Drawdown Indicators

	CAVAX	SUMAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.55%	-3.70%	-32.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-0.79%	-7.70%
Max Drawdown (3Y) Largest decline over 3 years	-17.95%	-1.40%	-16.55%
Max Drawdown (5Y) Largest decline over 5 years	-26.51%	-3.70%	-22.81%
Max Drawdown (10Y) Largest decline over 10 years	-36.55%	-3.70%	-32.85%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-5.06%	-0.26%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.22%	+1.77%

Volatility

CAVAX vs. SUMAX - Volatility Comparison

SEI Catholic Values Trust Catholic Values Equity Fund (CAVAX) has a higher volatility of 2.91% compared to SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX) at 0.34%. This indicates that CAVAX's price experiences larger fluctuations and is considered to be riskier than SUMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAVAX	SUMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	0.34%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	0.84%	+8.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	1.13%	+10.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	1.39%	+14.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	1.23%	+16.16%

CAVAX vs. SUMAX - Expense Ratio Comparison

CAVAX has a 0.86% expense ratio, which is higher than SUMAX's 0.63% expense ratio.

Dividends

CAVAX vs. SUMAX - Dividend Comparison

CAVAX's dividend yield for the trailing twelve months is around 6.13%, more than SUMAX's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAVAX SEI Catholic Values Trust Catholic Values Equity Fund	6.13%	6.73%	7.01%	1.29%	3.67%	16.58%	2.98%	2.80%	5.66%	0.71%	0.99%	0.00%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	2.72%	3.37%	2.36%	1.73%	0.71%	0.58%	1.06%	1.45%	1.08%	0.67%	0.39%	0.79%

Frequently Asked Questions

Can I hold both CAVAX and SUMAX in my portfolio?

CAVAX and SUMAX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAVAX or SUMAX?

CAVAX has higher volatility (2.91%) compared to SUMAX (0.34%). In terms of maximum drawdown, CAVAX dropped -36.55% vs SUMAX's -3.70%.

Which has better risk-adjusted returns?

SUMAX currently has the higher Sharpe Ratio (2.82 vs 1.97), 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.