SCOAX vs. MBOAX

Last updated Aug 1, 2026

SCOAX (SEI Institutional Investments Trust Core Fixed Income Fund) and MBOAX (Madison Core Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, SCOAX returned 1.61%/yr vs 1.36%/yr for MBOAX. Their correlation of 0.90 means they have usually moved in the same direction. SCOAX charges 0.36%/yr vs 0.85%/yr for MBOAX.

Performance

SCOAX vs. MBOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Core Fixed Income Fund (SCOAX) and Madison Core Bond Fund (MBOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCOAX achieves a -0.72% return, which is significantly lower than MBOAX's -0.68% return. Over the past 10 years, SCOAX has outperformed MBOAX with an annualized return of 1.61%, while MBOAX has yielded a comparatively lower 1.36% annualized return.

SCOAX

• 1D: 0.11%
• 1M: -1.25%
• 6M: -0.96%
• YTD: -0.72%
• 1Y: 1.84%
• 3Y*: 3.43%
• 5Y*: -0.86%
• 10Y*: 1.61%
• ALL TIME*: 1.10%

MBOAX

• 1D: -0.22%
• 1M: -0.99%
• 6M: -0.93%
• YTD: -0.68%
• 1Y: 1.88%
• 3Y*: 3.67%
• 5Y*: -0.47%
• 10Y*: 1.36%
• ALL TIME*: 3.00%

*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)
MBOAX Madison Core Bond Fund	$0.00	$0.00	$0.00
SCOAX SEI Institutional Investments Trust Core Fixed Income Fund	$0.00	$0.00	$0.00

SCOAX vs. MBOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCOAX SEI Institutional Investments Trust Core Fixed Income Fund	-0.72%	7.56%	0.82%	5.44%	-14.84%	-1.49%	9.49%	9.59%	0.11%	5.07%
MBOAX Madison Core Bond Fund	-0.68%	6.96%	1.14%	5.63%	-12.82%	-1.85%	9.22%	8.31%	-0.98%	3.02%

Correlation

The correlation between SCOAX and MBOAX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Dec 29, 1997	0.90

The correlation between SCOAX and MBOAX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

SCOAX vs. MBOAX — Risk / Return Rank

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

SCOAX

SCOAX Risk / Return Rank: 19
SCOAX Sharpe Ratio Rank: 21
SCOAX Sortino Ratio Rank: 20
SCOAX Omega Ratio Rank: 19
SCOAX Calmar Ratio Rank: 20
SCOAX Martin Ratio Rank: 17

MBOAX

MBOAX Risk / Return Rank: 18
MBOAX Sharpe Ratio Rank: 18
MBOAX Sortino Ratio Rank: 18
MBOAX Omega Ratio Rank: 17
MBOAX Calmar Ratio Rank: 18
MBOAX Martin Ratio Rank: 16

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.

SCOAX vs. MBOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Core Fixed Income Fund (SCOAX) and Madison Core Bond Fund (MBOAX). 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.

	SCOAX	MBOAX	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.71	+0.09
Sortino ratio: Return per unit of downside risk	1.20	1.06	+0.14
Omega ratio: Gain probability vs. loss probability	1.14	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	1.03	0.90	+0.13
Martin ratio: Return relative to average drawdown	2.52	2.25	+0.27

SCOAX vs. MBOAX - Sharpe Ratio Comparison

The current SCOAX Sharpe Ratio is 0.81, which is comparable to the MBOAX Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of SCOAX and MBOAX, 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

SCOAX vs. MBOAX - Drawdown Comparison

The maximum SCOAX drawdown since its inception was -20.12%, which is greater than MBOAX's maximum drawdown of -17.78%. Use the drawdown chart below to compare losses from any high point for SCOAX and MBOAX.

Drawdown Indicators

	SCOAX	MBOAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.12%	-17.78%	-2.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.93%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-5.07%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	-17.55%	-2.35%
Max Drawdown (10Y) Largest decline over 10 years	-20.12%	-17.78%	-2.34%
Current Drawdown Current decline from peak	-4.77%	-2.88%	-1.89%
Average Drawdown Average peak-to-trough decline	-5.45%	-2.36%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.17%	+0.08%

Volatility

SCOAX vs. MBOAX - Volatility Comparison

The current volatility for SEI Institutional Investments Trust Core Fixed Income Fund (SCOAX) is 0.93%, while Madison Core Bond Fund (MBOAX) has a volatility of 1.02%. This indicates that SCOAX experiences smaller price fluctuations and is considered to be less risky than MBOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCOAX	MBOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.02%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	2.92%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.71%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	5.62%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	4.66%	+0.57%

SCOAX vs. MBOAX - Expense Ratio Comparison

SCOAX has a 0.36% expense ratio, which is lower than MBOAX's 0.85% expense ratio.

Dividends

SCOAX vs. MBOAX - Dividend Comparison

SCOAX's dividend yield for the trailing twelve months is around 3.96%, more than MBOAX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBOAX Madison Core Bond Fund	3.26%	3.39%	3.27%	2.73%	1.88%	1.85%	3.77%	2.42%	2.48%	2.28%	2.72%	4.60%
SCOAX SEI Institutional Investments Trust Core Fixed Income Fund	3.96%	4.19%	3.57%	2.98%	2.11%	1.69%	6.04%	4.24%	3.16%	3.67%	3.79%	4.73%

Frequently Asked Questions

Can I hold both SCOAX and MBOAX in my portfolio?

SCOAX and MBOAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCOAX or MBOAX?

MBOAX has higher volatility (1.02%) compared to SCOAX (0.93%). In terms of maximum drawdown, SCOAX dropped -20.12% vs MBOAX's -17.78%.

Which has better risk-adjusted returns?

SCOAX currently has the higher Sharpe Ratio (0.81 vs 0.71), 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.