SBDAX vs. SMOAX

Last updated Aug 4, 2026

SBDAX (SEI Tax Exempt Trust California Municipal Bond Fund) and SMOAX (SEI Asset Allocation Trust Moderate Strategy Fund) are both mutual funds - SBDAX is a Municipal Bonds fund managed by SEI, while SMOAX is a Diversified Portfolio fund managed by SEI. Over the past 10 years, SBDAX returned 1.00%/yr vs 4.75%/yr for SMOAX. Their 0.08 correlation means their historical movements had little consistent relationship. SBDAX charges 0.60%/yr vs 0.31%/yr for SMOAX.

Performance

SBDAX vs. SMOAX - 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 Moderate Strategy Fund (SMOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBDAX achieves a -1.28% return, which is significantly lower than SMOAX's 4.96% return. Over the past 10 years, SBDAX has underperformed SMOAX with an annualized return of 1.00%, while SMOAX has yielded a comparatively higher 4.75% annualized return.

SBDAX

• 1D: -0.10%
• 1M: -1.84%
• 6M: -2.32%
• YTD: -1.28%
• 1Y: 2.27%
• 3Y*: 2.37%
• 5Y*: -0.07%
• 10Y*: 1.00%
• ALL TIME*: 2.93%

SMOAX

• 1D: -0.08%
• 1M: 0.54%
• 6M: 2.88%
• YTD: 4.96%
• 1Y: 10.20%
• 3Y*: 8.32%
• 5Y*: 3.89%
• 10Y*: 4.75%
• ALL TIME*: 4.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	$0.00	$0.00	$0.00
SMOAX SEI Asset Allocation Trust Moderate Strategy Fund	$0.00	$0.00	$0.00

SBDAX vs. SMOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	-1.28%	5.70%	0.02%	4.02%	-7.30%	-0.55%	3.76%	5.90%	0.87%	3.74%
SMOAX SEI Asset Allocation Trust Moderate Strategy Fund	4.96%	11.44%	6.40%	6.34%	-9.68%	7.42%	3.66%	13.98%	-3.54%	8.45%

Correlation

The correlation between SBDAX and SMOAX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.23
Correlation (All Time) Calculated using the full available price history since Nov 18, 2003	0.08

Over the past year, SBDAX and SMOAX have become more correlated (0.40) than their long-term average of 0.08, meaning their price movements have been converging.

Return for Risk

SBDAX vs. SMOAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBDAX

SBDAX Risk / Return Rank: 24
SBDAX Sharpe Ratio Rank: 31
SBDAX Sortino Ratio Rank: 27
SBDAX Omega Ratio Rank: 38
SBDAX Calmar Ratio Rank: 14
SBDAX Martin Ratio Rank: 12

SMOAX

SMOAX Risk / Return Rank: 81
SMOAX Sharpe Ratio Rank: 90
SMOAX Sortino Ratio Rank: 87
SMOAX Omega Ratio Rank: 86
SMOAX Calmar Ratio Rank: 70
SMOAX Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBDAX vs. SMOAX - 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 Moderate Strategy Fund (SMOAX). 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.

	SBDAX	SMOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.27	-1.19
Sortino ratio: Return per unit of downside risk	1.46	3.19	-1.73
Omega ratio: Gain probability vs. loss probability	1.24	1.43	-0.19
Calmar ratio: Return relative to maximum drawdown	0.76	2.43	-1.67
Martin ratio: Return relative to average drawdown	1.74	9.74	-8.00

SBDAX vs. SMOAX - Sharpe Ratio Comparison

The current SBDAX Sharpe Ratio is 1.09, which is lower than the SMOAX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SBDAX and SMOAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SBDAX vs. SMOAX - Drawdown Comparison

The maximum SBDAX drawdown since its inception was -11.86%, smaller than the maximum SMOAX drawdown of -37.80%. Use the drawdown chart below to compare losses from any high point for SBDAX and SMOAX.

Drawdown Indicators

	SBDAX	SMOAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.86%	-37.80%	+25.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-4.26%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-4.09%	-4.87%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-11.86%	-16.63%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-11.86%	-16.94%	+5.08%
Current Drawdown Current decline from peak	-3.30%	-0.08%	-3.22%
Average Drawdown Average peak-to-trough decline	-1.87%	-4.34%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	1.06%	+0.42%

Volatility

SBDAX vs. SMOAX - Volatility Comparison

The current volatility for SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) is 0.77%, while SEI Asset Allocation Trust Moderate Strategy Fund (SMOAX) has a volatility of 1.06%. This indicates that SBDAX experiences smaller price fluctuations and is considered to be less risky than SMOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBDAX	SMOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	1.06%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	3.68%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	4.58%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	6.04%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	6.11%	-2.55%

SBDAX vs. SMOAX - Expense Ratio Comparison

SBDAX has a 0.60% expense ratio, which is higher than SMOAX's 0.31% expense ratio.

Dividends

SBDAX vs. SMOAX - Dividend Comparison

SBDAX's dividend yield for the trailing twelve months is around 2.09%, less than SMOAX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	2.09%	2.74%	1.78%	1.26%	1.38%	1.35%	1.87%	2.21%	1.98%	1.99%	2.23%	2.79%
SMOAX SEI Asset Allocation Trust Moderate Strategy Fund	3.13%	3.17%	3.49%	2.68%	9.53%	5.06%	2.69%	3.30%	2.38%	2.09%	2.58%	3.02%

Frequently Asked Questions

Can I hold both SBDAX and SMOAX in my portfolio?

SBDAX and SMOAX have a correlation of 0.40, 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 SMOAX?

SMOAX has higher volatility (1.06%) compared to SBDAX (0.77%). In terms of maximum drawdown, SBDAX dropped -11.86% vs SMOAX's -37.80%.

Which has better risk-adjusted returns?

SMOAX currently has the higher Sharpe Ratio (2.27 vs 1.09), 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.