SAUPX vs. PTEAX

Last updated Jun 4, 2026

SAUPX (Principal SAM Flexible Income Portfolio) and PTEAX (Principal Tax-Exempt Bond Fund) are both mutual funds - SAUPX is a Diversified Portfolio fund managed by Principal, while PTEAX is a Municipal Bonds fund managed by Principal. Over the past 10 years, SAUPX returned 4.62%/yr vs 2.01%/yr for PTEAX. At a 0.15 correlation, their price movements are largely independent. SAUPX charges 0.60%/yr vs 0.73%/yr for PTEAX.

Performance

SAUPX vs. PTEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal SAM Flexible Income Portfolio (SAUPX) and Principal Tax-Exempt Bond Fund (PTEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAUPX achieves a 3.55% return, which is significantly higher than PTEAX's 1.38% return. Over the past 10 years, SAUPX has outperformed PTEAX with an annualized return of 4.62%, while PTEAX has yielded a comparatively lower 2.01% annualized return.

SAUPX

• 1D: 0.23%
• 1M: 1.57%
• YTD: 3.55%
• 6M: 3.59%
• 1Y: 10.69%
• 3Y*: 8.39%
• 5Y*: 3.16%
• 10Y*: 4.62%

PTEAX

• 1D: 0.15%
• 1M: 0.77%
• YTD: 1.38%
• 6M: 1.71%
• 1Y: 6.98%
• 3Y*: 3.94%
• 5Y*: 0.36%
• 10Y*: 2.01%

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

SAUPX vs. PTEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAUPX Principal SAM Flexible Income Portfolio	3.55%	9.54%	6.39%	9.06%	-13.47%	6.43%	6.69%	12.88%	-2.49%	7.81%
PTEAX Principal Tax-Exempt Bond Fund	1.38%	4.68%	2.10%	6.35%	-12.18%	2.71%	4.80%	9.05%	0.44%	6.44%

Correlation

The correlation between SAUPX and PTEAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 3, 1997	0.15

Over the past year, SAUPX and PTEAX have become more correlated (0.36) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

SAUPX vs. PTEAX — Risk / Return Rank

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

SAUPX

SAUPX Risk / Return Rank: 65
SAUPX Sharpe Ratio Rank: 67
SAUPX Sortino Ratio Rank: 70
SAUPX Omega Ratio Rank: 74
SAUPX Calmar Ratio Rank: 52
SAUPX Martin Ratio Rank: 61

PTEAX

PTEAX Risk / Return Rank: 59
PTEAX Sharpe Ratio Rank: 63
PTEAX Sortino Ratio Rank: 80
PTEAX Omega Ratio Rank: 87
PTEAX Calmar Ratio Rank: 34
PTEAX Martin Ratio Rank: 33

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.

SAUPX vs. PTEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal SAM Flexible Income Portfolio (SAUPX) and Principal Tax-Exempt Bond Fund (PTEAX). 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.

	SAUPX	PTEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.33	+0.07
Sortino ratio: Return per unit of downside risk	3.50	3.79	-0.29
Omega ratio: Gain probability vs. loss probability	1.49	1.60	-0.11
Calmar ratio: Return relative to maximum drawdown	2.76	2.21	+0.55
Martin ratio: Return relative to average drawdown	12.05	7.44	+4.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAUPX vs. PTEAX - Sharpe Ratio Comparison

The current SAUPX Sharpe Ratio is 2.40, which is comparable to the PTEAX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SAUPX and PTEAX, 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

	SAUPX	PTEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.33	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.09	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.46	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.32	+0.55

Drawdowns

SAUPX vs. PTEAX - Drawdown Comparison

The maximum SAUPX drawdown since its inception was -22.31%, smaller than the maximum PTEAX drawdown of -38.72%. Use the drawdown chart below to compare losses from any high point for SAUPX and PTEAX.

Drawdown Indicators

	SAUPX	PTEAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.31%	-38.72%	+16.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-3.10%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-6.01%	-5.31%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-17.86%	-17.37%	-0.49%
Max Drawdown (10Y) Largest decline over 10 years	-17.86%	-17.37%	-0.49%
Current Drawdown Current decline from peak	0.00%	-0.55%	+0.55%
Average Drawdown Average peak-to-trough decline	-2.24%	-5.93%	+3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.92%	-0.02%

Volatility

SAUPX vs. PTEAX - Volatility Comparison

Principal SAM Flexible Income Portfolio (SAUPX) has a higher volatility of 1.66% compared to Principal Tax-Exempt Bond Fund (PTEAX) at 1.03%. This indicates that SAUPX's price experiences larger fluctuations and is considered to be riskier than PTEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAUPX	PTEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.03%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	2.10%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.51%	2.95%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	4.00%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	4.40%	+1.29%

SAUPX vs. PTEAX - Expense Ratio Comparison

SAUPX has a 0.60% expense ratio, which is lower than PTEAX's 0.73% expense ratio.

Dividends

SAUPX vs. PTEAX - Dividend Comparison

SAUPX's dividend yield for the trailing twelve months is around 3.59%, less than PTEAX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTEAX Principal Tax-Exempt Bond Fund	3.82%	4.66%	3.73%	2.81%	2.27%	2.15%	2.23%	3.09%	3.68%	3.69%	3.91%	3.75%
SAUPX Principal SAM Flexible Income Portfolio	3.59%	3.51%	2.81%	2.60%	2.58%	6.03%	2.93%	2.92%	7.07%	3.17%	3.02%	5.18%

Frequently Asked Questions

Can I hold both SAUPX and PTEAX in my portfolio?

SAUPX and PTEAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAUPX or PTEAX?

SAUPX has higher volatility (1.66%) compared to PTEAX (1.03%). In terms of maximum drawdown, SAUPX dropped -22.31% vs PTEAX's -38.72%.

Which has better risk-adjusted returns?

SAUPX currently has the higher Sharpe Ratio (2.40 vs 2.33), 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.