FSUVX vs. TMMAX

Last updated Aug 1, 2026

FSUVX (Fidelity SAI U.S. Low Volatility Index Fund) and TMMAX (SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund) are both Low Volatility funds. Over the past 10 years, FSUVX returned 11.13%/yr vs 9.93%/yr for TMMAX. Their correlation of 0.94 means they have usually moved in the same direction. FSUVX charges 0.11%/yr vs 1.00%/yr for TMMAX.

Performance

FSUVX vs. TMMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) and SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FSUVX having a 8.73% return and TMMAX slightly lower at 8.33%. Over the past 10 years, FSUVX has outperformed TMMAX with an annualized return of 11.13%, while TMMAX has yielded a comparatively lower 9.93% annualized return.

FSUVX

• 1D: 0.00%
• 1M: 1.14%
• 6M: 6.39%
• YTD: 8.73%
• 1Y: 14.88%
• 3Y*: 14.07%
• 5Y*: 9.11%
• 10Y*: 11.13%
• ALL TIME*: 11.56%

TMMAX

• 1D: -1.22%
• 1M: 2.01%
• 6M: 5.67%
• YTD: 8.33%
• 1Y: 13.78%
• 3Y*: 13.06%
• 5Y*: 9.78%
• 10Y*: 9.93%
• ALL TIME*: 9.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSUVX Fidelity SAI U.S. Low Volatility Index Fund	$0.00	$0.00	$0.00
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	$0.00	$0.00	$0.00

FSUVX vs. TMMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSUVX Fidelity SAI U.S. Low Volatility Index Fund	8.73%	11.03%	17.40%	14.80%	-10.93%	21.51%	9.86%	27.73%	1.35%	17.68%
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	8.33%	11.03%	17.07%	7.32%	-3.11%	24.10%	1.32%	24.00%	-2.84%	15.19%

Correlation

The correlation between FSUVX and TMMAX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	0.94

The correlation between FSUVX and TMMAX has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

Return for Risk

FSUVX vs. TMMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSUVX

FSUVX Risk / Return Rank: 61
FSUVX Sharpe Ratio Rank: 65
FSUVX Sortino Ratio Rank: 65
FSUVX Omega Ratio Rank: 61
FSUVX Calmar Ratio Rank: 53
FSUVX Martin Ratio Rank: 61

TMMAX

TMMAX Risk / Return Rank: 60
TMMAX Sharpe Ratio Rank: 57
TMMAX Sortino Ratio Rank: 63
TMMAX Omega Ratio Rank: 55
TMMAX Calmar Ratio Rank: 68
TMMAX Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSUVX vs. TMMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) and SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX). 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.

	FSUVX	TMMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.44	+0.08
Sortino ratio: Return per unit of downside risk	2.21	2.18	+0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	1.87	2.22	-0.35
Martin ratio: Return relative to average drawdown	7.68	7.56	+0.12

FSUVX vs. TMMAX - Sharpe Ratio Comparison

The current FSUVX Sharpe Ratio is 1.52, which is comparable to the TMMAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FSUVX and TMMAX, 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

FSUVX vs. TMMAX - Drawdown Comparison

The maximum FSUVX drawdown since its inception was -32.41%, smaller than the maximum TMMAX drawdown of -41.50%. Use the drawdown chart below to compare losses from any high point for FSUVX and TMMAX.

Drawdown Indicators

	FSUVX	TMMAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.41%	-41.50%	+9.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-5.78%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-11.55%	-23.00%	+11.45%
Max Drawdown (5Y) Largest decline over 5 years	-19.48%	-23.00%	+3.52%
Max Drawdown (10Y) Largest decline over 10 years	-32.41%	-33.41%	+1.00%
Current Drawdown Current decline from peak	-0.68%	-3.38%	+2.70%
Average Drawdown Average peak-to-trough decline	-3.25%	-5.57%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.69%	+0.08%

Volatility

FSUVX vs. TMMAX - Volatility Comparison

The current volatility for Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) is 3.36%, while SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) has a volatility of 3.98%. This indicates that FSUVX experiences smaller price fluctuations and is considered to be less risky than TMMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSUVX	TMMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.98%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	7.10%	7.18%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.00%	8.95%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.00%	19.13%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	17.83%	-2.64%

FSUVX vs. TMMAX - Expense Ratio Comparison

FSUVX has a 0.11% expense ratio, which is lower than TMMAX's 1.00% expense ratio.

Dividends

FSUVX vs. TMMAX - Dividend Comparison

FSUVX's dividend yield for the trailing twelve months is around 4.09%, less than TMMAX's 23.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSUVX Fidelity SAI U.S. Low Volatility Index Fund	4.09%	4.45%	2.25%	1.74%	4.12%	3.52%	1.31%	3.80%	2.63%	2.94%	2.23%	1.17%
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	23.27%	25.19%	23.39%	15.23%	6.54%	4.73%	2.15%	3.67%	4.91%	4.10%	4.17%	5.57%

Frequently Asked Questions

Can I hold both FSUVX and TMMAX in my portfolio?

FSUVX and TMMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSUVX or TMMAX?

TMMAX has higher volatility (3.98%) compared to FSUVX (3.36%). In terms of maximum drawdown, FSUVX dropped -32.41% vs TMMAX's -41.50%.

Which has better risk-adjusted returns?

FSUVX currently has the higher Sharpe Ratio (1.52 vs 1.44), 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.