SECAX vs. SBDAX

Last updated Jun 4, 2026

SECAX (SEI Institutional Investments Trust Small Cap II Fund) and SBDAX (SEI Tax Exempt Trust California Municipal Bond Fund) are both mutual funds - SECAX is a Small Cap Blend Equities fund managed by SEI, while SBDAX is a Municipal Bonds fund managed by SEI. Over the past 10 years, SECAX returned 11.33%/yr vs 1.23%/yr for SBDAX. At a correlation of -0.05, they often move in opposite directions. SECAX charges 0.72%/yr vs 0.60%/yr for SBDAX.

Performance

SECAX vs. SBDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Small Cap II Fund (SECAX) and SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SECAX achieves a 14.86% return, which is significantly higher than SBDAX's 0.18% return. Over the past 10 years, SECAX has outperformed SBDAX with an annualized return of 11.33%, while SBDAX has yielded a comparatively lower 1.23% annualized return.

SECAX

• 1D: 1.16%
• 1M: 2.43%
• YTD: 14.86%
• 6M: 15.49%
• 1Y: 36.23%
• 3Y*: 17.64%
• 5Y*: 7.43%
• 10Y*: 11.33%

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%

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

SECAX vs. SBDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SECAX SEI Institutional Investments Trust Small Cap II Fund	14.86%	12.95%	13.06%	14.56%	-15.40%	20.45%	19.84%	24.98%	-9.83%	11.94%
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%

Correlation

The correlation between SECAX and SBDAX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	-0.05

The correlation between SECAX and SBDAX shifts across timeframes, from -0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SECAX vs. SBDAX — Risk / Return Rank

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

SECAX

SECAX Risk / Return Rank: 61
SECAX Sharpe Ratio Rank: 54
SECAX Sortino Ratio Rank: 53
SECAX Omega Ratio Rank: 46
SECAX Calmar Ratio Rank: 82
SECAX Martin Ratio Rank: 72

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

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.

SECAX vs. SBDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Small Cap II Fund (SECAX) and SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX). 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.

	SECAX	SBDAX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.48	-0.32
Sortino ratio: Return per unit of downside risk	3.08	3.48	-0.40
Omega ratio: Gain probability vs. loss probability	1.37	1.62	-0.25
Calmar ratio: Return relative to maximum drawdown	3.81	1.68	+2.13
Martin ratio: Return relative to average drawdown	13.78	4.80	+8.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SECAX vs. SBDAX - Sharpe Ratio Comparison

The current SECAX Sharpe Ratio is 2.16, which is comparable to the SBDAX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of SECAX and SBDAX, 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

	SECAX	SBDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.48	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.11	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.35	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.98	-0.49

Drawdowns

SECAX vs. SBDAX - Drawdown Comparison

The maximum SECAX drawdown since its inception was -42.43%, which is greater than SBDAX's maximum drawdown of -11.86%. Use the drawdown chart below to compare losses from any high point for SECAX and SBDAX.

Drawdown Indicators

	SECAX	SBDAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.43%	-11.86%	-30.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-3.40%	-6.63%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-4.47%	-21.84%
Max Drawdown (5Y) Largest decline over 5 years	-37.58%	-11.86%	-25.72%
Max Drawdown (10Y) Largest decline over 10 years	-42.43%	-11.86%	-30.57%
Current Drawdown Current decline from peak	-0.15%	-1.88%	+1.73%
Average Drawdown Average peak-to-trough decline	-10.23%	-1.87%	-8.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	1.19%	+1.58%

Volatility

SECAX vs. SBDAX - Volatility Comparison

SEI Institutional Investments Trust Small Cap II Fund (SECAX) has a higher volatility of 4.96% compared to SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) at 0.82%. This indicates that SECAX's price experiences larger fluctuations and is considered to be riskier than SBDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SECAX	SBDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	0.82%	+4.14%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	1.87%	+10.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	2.30%	+15.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.68%	3.19%	+22.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.44%	3.56%	+20.88%

SECAX vs. SBDAX - Expense Ratio Comparison

SECAX has a 0.72% expense ratio, which is higher than SBDAX's 0.60% expense ratio.

Dividends

SECAX vs. SBDAX - Dividend Comparison

SECAX's dividend yield for the trailing twelve months is around 8.71%, more than SBDAX's 2.17% 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%
SECAX SEI Institutional Investments Trust Small Cap II Fund	8.71%	9.82%	9.95%	4.45%	4.16%	26.25%	0.79%	4.84%	24.96%	14.39%	0.72%	9.06%

Frequently Asked Questions

Can I hold both SECAX and SBDAX in my portfolio?

SECAX and SBDAX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SECAX or SBDAX?

SECAX has higher volatility (4.96%) compared to SBDAX (0.82%). In terms of maximum drawdown, SECAX dropped -42.43% vs SBDAX's -11.86%.

Which has better risk-adjusted returns?

SBDAX currently has the higher Sharpe Ratio (2.48 vs 2.16), 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.