SBDAX vs. SEIMX

Last updated Jun 4, 2026

SBDAX (SEI Tax Exempt Trust California Municipal Bond Fund) and SEIMX (SEI Tax Exempt Trust Intermediate-Term Municipal Fund) are both Municipal Bonds funds from SEI. Over the past 10 years, SBDAX returned 1.23%/yr vs 1.92%/yr for SEIMX. Their correlation of 0.87 suggests significant overlap in exposure. SBDAX charges 0.60%/yr vs 0.63%/yr for SEIMX.

Performance

SBDAX vs. SEIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) and SEI Tax Exempt Trust Intermediate-Term Municipal Fund (SEIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBDAX achieves a 0.18% return, which is significantly lower than SEIMX's 1.27% return. Over the past 10 years, SBDAX has underperformed SEIMX with an annualized return of 1.23%, while SEIMX has yielded a comparatively higher 1.92% annualized return.

SBDAX

• 1D: 0.10%
• 1M: 0.49%
• YTD: 0.18%
• 6M: 0.46%
• 1Y: 5.68%
• 3Y*: 3.04%
• 5Y*: 0.36%
• 10Y*: 1.23%

SEIMX

• 1D: 0.09%
• 1M: 0.54%
• YTD: 1.27%
• 6M: 1.63%
• 1Y: 6.13%
• 3Y*: 3.69%
• 5Y*: 0.75%
• 10Y*: 1.92%

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

SBDAX vs. SEIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	0.18%	5.70%	0.02%	4.02%	-7.30%	-0.55%	3.76%	5.90%	0.87%	3.74%
SEIMX SEI Tax Exempt Trust Intermediate-Term Municipal Fund	1.27%	5.10%	1.52%	5.02%	-8.87%	1.39%	4.87%	7.17%	0.70%	4.62%

Correlation

The correlation between SBDAX and SEIMX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.87

The correlation between SBDAX and SEIMX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

SBDAX vs. SEIMX — Risk / Return Rank

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

SBDAX

SBDAX Risk / Return Rank: 54
SBDAX Sharpe Ratio Rank: 73
SBDAX Sortino Ratio Rank: 70
SBDAX Omega Ratio Rank: 88
SBDAX Calmar Ratio Rank: 21
SBDAX Martin Ratio Rank: 18

SEIMX

SEIMX Risk / Return Rank: 67
SEIMX Sharpe Ratio Rank: 85
SEIMX Sortino Ratio Rank: 89
SEIMX Omega Ratio Rank: 94
SEIMX Calmar Ratio Rank: 33
SEIMX Martin Ratio Rank: 32

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.

SBDAX vs. SEIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) and SEI Tax Exempt Trust Intermediate-Term Municipal Fund (SEIMX). 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.

	SBDAX	SEIMX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.76	-0.28
Sortino ratio: Return per unit of downside risk	3.48	4.30	-0.82
Omega ratio: Gain probability vs. loss probability	1.62	1.75	-0.13
Calmar ratio: Return relative to maximum drawdown	1.68	2.18	-0.51
Martin ratio: Return relative to average drawdown	4.80	7.31	-2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBDAX vs. SEIMX - Sharpe Ratio Comparison

The current SBDAX Sharpe Ratio is 2.48, which is comparable to the SEIMX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SBDAX and SEIMX, 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

	SBDAX	SEIMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.76	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.23	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.53	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.40	-0.41

Drawdowns

SBDAX vs. SEIMX - Drawdown Comparison

The maximum SBDAX drawdown since its inception was -11.86%, smaller than the maximum SEIMX drawdown of -13.27%. Use the drawdown chart below to compare losses from any high point for SBDAX and SEIMX.

Drawdown Indicators

	SBDAX	SEIMX	Difference
Max Drawdown Largest peak-to-trough decline	-11.86%	-13.27%	+1.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-2.82%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	-4.75%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-11.86%	-13.27%	+1.41%
Max Drawdown (10Y) Largest decline over 10 years	-11.86%	-13.27%	+1.41%
Current Drawdown Current decline from peak	-1.88%	-0.80%	-1.08%
Average Drawdown Average peak-to-trough decline	-1.87%	-1.49%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.84%	+0.35%

Volatility

SBDAX vs. SEIMX - Volatility Comparison

SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) and SEI Tax Exempt Trust Intermediate-Term Municipal Fund (SEIMX) have volatilities of 0.82% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBDAX	SEIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.85%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	1.76%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	2.24%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	3.26%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	3.64%	-0.08%

SBDAX vs. SEIMX - Expense Ratio Comparison

SBDAX has a 0.60% expense ratio, which is lower than SEIMX's 0.63% expense ratio.

Dividends

SBDAX vs. SEIMX - Dividend Comparison

SBDAX's dividend yield for the trailing twelve months is around 2.17%, less than SEIMX's 3.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	2.17%	2.74%	1.78%	1.26%	1.38%	1.35%	1.87%	2.21%	1.98%	1.99%	2.23%	2.79%
SEIMX SEI Tax Exempt Trust Intermediate-Term Municipal Fund	3.02%	3.93%	2.60%	2.13%	1.79%	2.13%	2.39%	2.71%	2.60%	2.43%	2.49%	2.51%

Frequently Asked Questions

Can I hold both SBDAX and SEIMX in my portfolio?

SBDAX and SEIMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBDAX or SEIMX?

SEIMX has higher volatility (0.85%) compared to SBDAX (0.82%). In terms of maximum drawdown, SBDAX dropped -11.86% vs SEIMX's -13.27%.

Which has better risk-adjusted returns?

SEIMX currently has the higher Sharpe Ratio (2.76 vs 2.48), 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.