SBDAX vs. SUMAX

Last updated Aug 4, 2026

SBDAX (SEI Tax Exempt Trust California Municipal Bond Fund) and SUMAX (SEI Tax Exempt Trust Short Duration Municipal Fund) are both Municipal Bonds funds from SEI. Over the past 10 years, SBDAX returned 1.00%/yr vs 1.40%/yr for SUMAX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. SBDAX charges 0.60%/yr vs 0.63%/yr for SUMAX.

Performance

SBDAX vs. SUMAX - 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 Short Duration Municipal Fund (SUMAX). 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 SUMAX's 0.83% return. Over the past 10 years, SBDAX has underperformed SUMAX with an annualized return of 1.00%, while SUMAX has yielded a comparatively higher 1.40% 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%

SUMAX

• 1D: 0.00%
• 1M: -0.40%
• 6M: 0.29%
• YTD: 0.83%
• 1Y: 2.11%
• 3Y*: 3.15%
• 5Y*: 1.67%
• 10Y*: 1.40%
• ALL TIME*: 1.54%

*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
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	$0.00	$0.00	$0.00

SBDAX vs. SUMAX - 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%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	0.83%	4.38%	2.49%	3.22%	-2.08%	-0.01%	1.77%	2.28%	1.09%	0.88%

Correlation

The correlation between SBDAX and SUMAX is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
Correlation (All Time) Calculated using the full available price history since Dec 16, 2003	0.52

The correlation between SBDAX and SUMAX shifts across timeframes, from 0.52 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SBDAX vs. SUMAX — 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

SUMAX

SUMAX Risk / Return Rank: 82
SUMAX Sharpe Ratio Rank: 76
SUMAX Sortino Ratio Rank: 92
SUMAX Omega Ratio Rank: 97
SUMAX Calmar Ratio Rank: 78
SUMAX Martin Ratio Rank: 66

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. SUMAX - 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 Short Duration Municipal Fund (SUMAX). 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	SUMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.86	-0.77
Sortino ratio: Return per unit of downside risk	1.46	3.57	-2.10
Omega ratio: Gain probability vs. loss probability	1.24	1.68	-0.44
Calmar ratio: Return relative to maximum drawdown	0.76	2.68	-1.92
Martin ratio: Return relative to average drawdown	1.74	8.95	-7.21

SBDAX vs. SUMAX - Sharpe Ratio Comparison

The current SBDAX Sharpe Ratio is 1.09, which is lower than the SUMAX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SBDAX and SUMAX, 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. SUMAX - Drawdown Comparison

The maximum SBDAX drawdown since its inception was -11.86%, which is greater than SUMAX's maximum drawdown of -3.70%. Use the drawdown chart below to compare losses from any high point for SBDAX and SUMAX.

Drawdown Indicators

	SBDAX	SUMAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.86%	-3.70%	-8.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.79%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-4.09%	-1.40%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-11.86%	-3.70%	-8.16%
Max Drawdown (10Y) Largest decline over 10 years	-11.86%	-3.70%	-8.16%
Current Drawdown Current decline from peak	-3.30%	-0.40%	-2.90%
Average Drawdown Average peak-to-trough decline	-1.87%	-0.26%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.24%	+1.24%

Volatility

SBDAX vs. SUMAX - Volatility Comparison

SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) has a higher volatility of 0.77% compared to SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX) at 0.30%. This indicates that SBDAX's price experiences larger fluctuations and is considered to be riskier than SUMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBDAX	SUMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.30%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	0.90%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	1.18%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	1.41%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	1.24%	+2.32%

SBDAX vs. SUMAX - Expense Ratio Comparison

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

Dividends

SBDAX vs. SUMAX - Dividend Comparison

SBDAX's dividend yield for the trailing twelve months is around 2.09%, less than SUMAX's 2.50% 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%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	2.50%	3.37%	2.36%	1.73%	0.71%	0.58%	1.06%	1.45%	1.08%	0.67%	0.39%	0.79%

Frequently Asked Questions

Can I hold both SBDAX and SUMAX in my portfolio?

SBDAX and SUMAX have a correlation of 0.65, 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 SUMAX?

SBDAX has higher volatility (0.77%) compared to SUMAX (0.30%). In terms of maximum drawdown, SBDAX dropped -11.86% vs SUMAX's -3.70%.

Which has better risk-adjusted returns?

SUMAX currently has the higher Sharpe Ratio (1.86 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.