LCIAX vs. SMSAX
LCIAX (SEI Institutional Investments Trust Large Cap Index Fund) and SMSAX (SEI Institutional Managed Trust Multi-Strategy Alternative Fund) are both mutual funds - LCIAX is a Large Cap Blend Equities fund managed by SEI, while SMSAX is a Multistrategy fund managed by SEI. Over the past 10 years, LCIAX returned 14.76%/yr vs 4.60%/yr for SMSAX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. LCIAX charges 0.13%/yr vs 1.35%/yr for SMSAX.
Performance
LCIAX vs. SMSAX - Performance Comparison
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Returns By Period
In the year-to-date period, LCIAX achieves a 9.98% return, which is significantly higher than SMSAX's 6.12% return. Over the past 10 years, LCIAX has outperformed SMSAX with an annualized return of 14.76%, while SMSAX has yielded a comparatively lower 4.60% annualized return.
LCIAX
- 1D
- 0.62%
- 1M
- -0.10%
- 6M
- 7.90%
- YTD
- 9.98%
- 1Y
- 21.05%
- 3Y*
- 18.91%
- 5Y*
- 11.95%
- 10Y*
- 14.76%
- ALL TIME*
- 10.17%
SMSAX
- 1D
- 0.09%
- 1M
- -1.03%
- 6M
- 4.04%
- YTD
- 6.12%
- 1Y
- 12.51%
- 3Y*
- 9.12%
- 5Y*
- 5.07%
- 10Y*
- 4.60%
- ALL TIME*
- 3.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LCIAX vs. SMSAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LCIAX SEI Institutional Investments Trust Large Cap Index Fund | 9.98% | 17.33% | 23.90% | 26.51% | -19.27% | 26.29% | 20.85% | 31.37% | -5.10% | 21.59% |
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | 6.12% | 10.62% | 6.42% | 7.21% | -4.95% | 1.47% | 12.06% | 4.85% | -3.68% | 5.26% |
Correlation
The correlation between LCIAX and SMSAX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2010 | 0.72 |
The correlation between LCIAX and SMSAX has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.
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Return for Risk
LCIAX vs. SMSAX — Risk / Return Rank
LCIAX
SMSAX
LCIAX vs. SMSAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Large Cap Index Fund (LCIAX) and SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX). 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.
| LCIAX | SMSAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 3.34 | -1.16 |
| Martin ratioReturn relative to average drawdown | 9.41 | 13.64 | -4.24 |
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Drawdowns
LCIAX vs. SMSAX - Drawdown Comparison
The maximum LCIAX drawdown since its inception was -57.93%, which is greater than SMSAX's maximum drawdown of -10.98%. Use the drawdown chart below to compare losses from any high point for LCIAX and SMSAX.
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Drawdown Indicators
| LCIAX | SMSAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.93% | -10.98% | -46.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -3.66% | -5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -26.32% | -5.93% | -20.39% |
Max Drawdown (5Y)Largest decline over 5 years | -26.32% | -8.79% | -17.53% |
Max Drawdown (10Y)Largest decline over 10 years | -34.54% | -10.98% | -23.56% |
Current DrawdownCurrent decline from peak | -1.27% | -1.40% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -2.09% | -7.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.89% | +1.15% |
Volatility
LCIAX vs. SMSAX - Volatility Comparison
SEI Institutional Investments Trust Large Cap Index Fund (LCIAX) has a higher volatility of 3.44% compared to SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) at 1.26%. This indicates that LCIAX's price experiences larger fluctuations and is considered to be riskier than SMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LCIAX | SMSAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 1.26% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 10.06% | 4.61% | +5.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.91% | 5.69% | +7.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.24% | 4.74% | +15.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 4.65% | +15.12% |
LCIAX vs. SMSAX - Expense Ratio Comparison
LCIAX has a 0.13% expense ratio, which is lower than SMSAX's 1.35% expense ratio.
Dividends
LCIAX vs. SMSAX - Dividend Comparison
LCIAX's dividend yield for the trailing twelve months is around 14.15%, more than SMSAX's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LCIAX SEI Institutional Investments Trust Large Cap Index Fund | 14.15% | 15.51% | 14.83% | 13.13% | 16.71% | 9.30% | 2.67% | 18.94% | 19.92% | 4.15% | 3.17% | 5.35% |
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | 4.79% | 5.08% | 5.54% | 4.35% | 2.13% | 7.61% | 2.79% | 1.01% | 4.94% | 2.20% | 0.07% | 2.66% |
Frequently Asked Questions
LCIAX and SMSAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LCIAX has higher volatility (3.44%) compared to SMSAX (1.26%). In terms of maximum drawdown, LCIAX dropped -57.93% vs SMSAX's -10.98%.
SMSAX currently has the higher Sharpe Ratio (2.16 vs 1.49), 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.
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