JPICX vs. TFCYX

Last updated Jul 18, 2026

JPICX (JPMorgan California Tax Free Bond Fund) and TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) are both Municipal Bonds funds. At a 0.10 correlation, their price movements are largely independent. JPICX charges 0.70%/yr vs 0.13%/yr for TFCYX.

Performance

JPICX vs. TFCYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan California Tax Free Bond Fund (JPICX) and SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JPICX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TFCYX

• 1D: 0.00%
• 1M: 0.19%
• 6M: 1.11%
• YTD: 1.11%
• 1Y: 2.33%
• 3Y*: 2.84%
• 5Y*: 2.11%
• 10Y*: —

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

JPICX vs. TFCYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPICX JPMorgan California Tax Free Bond Fund	0.79%	3.38%	1.51%	4.92%	-6.54%	-0.12%	4.10%	5.74%	1.19%	3.64%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	1.11%	2.71%	3.24%	2.77%	0.72%	0.10%	0.46%	1.40%	1.25%	0.69%

Correlation

The correlation between JPICX and TFCYX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.10

Return for Risk

JPICX vs. TFCYX — Risk / Return Rank

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

JPICX

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

TFCYX

TFCYX Risk / Return Rank: 99
TFCYX Sharpe Ratio Rank: 98
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 99

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.

JPICX vs. TFCYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan California Tax Free Bond Fund (JPICX) and SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX). 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.

	JPICX	TFCYX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.16	—
Sortino ratio: Return per unit of downside risk	—	10.35	—
Omega ratio: Gain probability vs. loss probability	—	5.62	—
Calmar ratio: Return relative to maximum drawdown	—	23.43	—
Martin ratio: Return relative to average drawdown	—	71.45	—

Drawdowns

Drawdown Indicators

	JPICX	TFCYX	Difference
Max Drawdown Largest peak-to-trough decline	—	-1.10%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.10%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.02%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	JPICX	TFCYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.74%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.22%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.91%	—

JPICX vs. TFCYX - Expense Ratio Comparison

JPICX has a 0.70% expense ratio, which is higher than TFCYX's 0.13% expense ratio.

Dividends

JPICX vs. TFCYX - Dividend Comparison

JPICX's dividend yield for the trailing twelve months is around 2.74%, more than TFCYX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPICX JPMorgan California Tax Free Bond Fund	2.74%	3.00%	3.01%	2.55%	2.03%	1.54%	1.70%	2.35%	2.80%	2.73%	2.66%	3.16%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	2.40%	2.68%	3.19%	2.63%	0.72%	0.00%	0.46%	1.39%	1.24%	0.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPICX and TFCYX in my portfolio?

JPICX and TFCYX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.