SBDAX vs. SMGAX

Last updated Jun 4, 2026

SBDAX (SEI Tax Exempt Trust California Municipal Bond Fund) and SMGAX (SEI Asset Allocation Trust Conservative Strategy Allocation Fund) are both mutual funds - SBDAX is a Municipal Bonds fund managed by SEI, while SMGAX is a Diversified Portfolio fund managed by SEI. Over the past 10 years, SBDAX returned 1.23%/yr vs 6.54%/yr for SMGAX. At a correlation of -0.01, they often move in opposite directions. SBDAX charges 0.60%/yr vs 0.35%/yr for SMGAX.

Performance

SBDAX vs. SMGAX - 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 Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX). 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 SMGAX's 3.67% return. Over the past 10 years, SBDAX has underperformed SMGAX with an annualized return of 1.23%, while SMGAX has yielded a comparatively higher 6.54% 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%

SMGAX

• 1D: 0.08%
• 1M: 0.84%
• YTD: 3.67%
• 6M: 4.01%
• 1Y: 7.36%
• 3Y*: 8.96%
• 5Y*: 5.69%
• 10Y*: 6.54%

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

SBDAX vs. SMGAX - 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%
SMGAX SEI Asset Allocation Trust Conservative Strategy Allocation Fund	3.67%	6.81%	10.51%	7.22%	-8.22%	20.32%	-4.36%	20.63%	-3.37%	9.89%

Correlation

The correlation between SBDAX and SMGAX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 5, 2004	-0.01

The correlation between SBDAX and SMGAX shifts across timeframes, from -0.01 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SBDAX vs. SMGAX — 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

SMGAX

SMGAX Risk / Return Rank: 33
SMGAX Sharpe Ratio Rank: 31
SMGAX Sortino Ratio Rank: 31
SMGAX Omega Ratio Rank: 30
SMGAX Calmar Ratio Rank: 33
SMGAX Martin Ratio Rank: 41

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. SMGAX - 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 Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX). 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	SMGAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.60	+0.88
Sortino ratio: Return per unit of downside risk	3.48	2.34	+1.14
Omega ratio: Gain probability vs. loss probability	1.62	1.29	+0.33
Calmar ratio: Return relative to maximum drawdown	1.68	2.13	-0.45
Martin ratio: Return relative to average drawdown	4.80	8.72	-3.92
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. SMGAX - Sharpe Ratio Comparison

The current SBDAX Sharpe Ratio is 2.48, which is higher than the SMGAX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of SBDAX and SMGAX, 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	SMGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.60	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.72	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.66	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.32	+0.66

Drawdowns

SBDAX vs. SMGAX - Drawdown Comparison

The maximum SBDAX drawdown since its inception was -11.86%, smaller than the maximum SMGAX drawdown of -56.10%. Use the drawdown chart below to compare losses from any high point for SBDAX and SMGAX.

Drawdown Indicators

	SBDAX	SMGAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.86%	-56.10%	+44.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-3.56%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.47%	-7.61%	+3.14%
Max Drawdown (5Y) Largest decline over 5 years	-11.86%	-14.82%	+2.96%
Max Drawdown (10Y) Largest decline over 10 years	-11.86%	-30.04%	+18.18%
Current Drawdown Current decline from peak	-1.88%	-0.33%	-1.55%
Average Drawdown Average peak-to-trough decline	-1.87%	-9.20%	+7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.87%	+0.32%

Volatility

SBDAX vs. SMGAX - Volatility Comparison

The current volatility for SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) is 0.82%, while SEI Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX) has a volatility of 1.14%. This indicates that SBDAX experiences smaller price fluctuations and is considered to be less risky than SMGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBDAX	SMGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	1.14%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	3.35%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	4.74%	-2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	7.92%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	9.96%	-6.40%

SBDAX vs. SMGAX - Expense Ratio Comparison

SBDAX has a 0.60% expense ratio, which is higher than SMGAX's 0.35% expense ratio.

Dividends

SBDAX vs. SMGAX - Dividend Comparison

SBDAX's dividend yield for the trailing twelve months is around 2.17%, less than SMGAX's 8.89% 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%
SMGAX SEI Asset Allocation Trust Conservative Strategy Allocation Fund	8.89%	8.66%	8.00%	7.56%	5.88%	7.93%	3.32%	9.06%	9.83%	7.09%	13.59%	6.71%

Frequently Asked Questions

Can I hold both SBDAX and SMGAX in my portfolio?

SBDAX and SMGAX have a correlation of 0.28, 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 SMGAX?

SMGAX has higher volatility (1.14%) compared to SBDAX (0.82%). In terms of maximum drawdown, SBDAX dropped -11.86% vs SMGAX's -56.10%.

Which has better risk-adjusted returns?

SBDAX currently has the higher Sharpe Ratio (2.48 vs 1.60), 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.