SEPAX vs. LDRAX
SEPAX (SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund) and LDRAX (SEI Institutional Investments Trust Long Duration Fund) are both mutual funds - SEPAX is a Municipal Bonds fund managed by SEI, while LDRAX is a Long-Term Bond fund managed by SEI. Over the past 10 years, SEPAX returned 1.32%/yr vs 0.66%/yr for LDRAX. Their 0.48 correlation means their historical movements had little consistent relationship. SEPAX charges 0.63%/yr vs 0.14%/yr for LDRAX.
Performance
SEPAX vs. LDRAX - Performance Comparison
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Returns By Period
In the year-to-date period, SEPAX achieves a -0.57% return, which is significantly higher than LDRAX's -3.15% return. Over the past 10 years, SEPAX has outperformed LDRAX with an annualized return of 1.32%, while LDRAX has yielded a comparatively lower 0.66% annualized return.
SEPAX
- 1D
- 0.10%
- 1M
- -1.33%
- 6M
- -1.51%
- YTD
- -0.57%
- 1Y
- 2.11%
- 3Y*
- 2.84%
- 5Y*
- 0.08%
- 10Y*
- 1.32%
- ALL TIME*
- 2.95%
LDRAX
- 1D
- 0.36%
- 1M
- -3.64%
- 6M
- -3.24%
- YTD
- -3.15%
- 1Y
- -1.10%
- 3Y*
- 1.96%
- 5Y*
- -5.27%
- 10Y*
- 0.66%
- ALL TIME*
- 1.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SEPAX vs. LDRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund | -0.57% | 5.63% | 0.31% | 3.67% | -7.33% | -0.13% | 4.65% | 6.79% | 0.83% | 3.99% |
LDRAX SEI Institutional Investments Trust Long Duration Fund | -3.15% | 6.81% | -3.28% | 7.16% | -27.73% | -2.19% | 18.23% | 21.19% | -5.16% | 11.74% |
Correlation
The correlation between SEPAX and LDRAX is 0.50, 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. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2004 | 0.48 |
The correlation between SEPAX and LDRAX has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
SEPAX vs. LDRAX — Risk / Return Rank
SEPAX
LDRAX
SEPAX vs. LDRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) and SEI Institutional Investments Trust Long Duration Fund (LDRAX). 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.
| SEPAX | LDRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.99 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | -0.16 | +1.00 |
| Martin ratioReturn relative to average drawdown | 2.14 | -0.37 | +2.51 |
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Drawdowns
SEPAX vs. LDRAX - Drawdown Comparison
The maximum SEPAX drawdown since its inception was -11.49%, smaller than the maximum LDRAX drawdown of -37.23%. Use the drawdown chart below to compare losses from any high point for SEPAX and LDRAX.
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Drawdown Indicators
| SEPAX | LDRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.49% | -37.23% | +25.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -6.04% | +3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -11.43% | +8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -11.34% | -36.35% | +25.01% |
Max Drawdown (10Y)Largest decline over 10 years | -11.49% | -37.23% | +25.74% |
Current DrawdownCurrent decline from peak | -2.22% | -25.26% | +23.04% |
Average DrawdownAverage peak-to-trough decline | -1.67% | -12.47% | +10.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 2.51% | -1.47% |
Volatility
SEPAX vs. LDRAX - Volatility Comparison
The current volatility for SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) is 0.72%, while SEI Institutional Investments Trust Long Duration Fund (LDRAX) has a volatility of 2.12%. This indicates that SEPAX experiences smaller price fluctuations and is considered to be less risky than LDRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEPAX | LDRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 2.12% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 5.94% | -4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.01% | 7.64% | -5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.84% | 12.47% | -9.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 11.37% | -7.91% |
SEPAX vs. LDRAX - Expense Ratio Comparison
SEPAX has a 0.63% expense ratio, which is higher than LDRAX's 0.14% expense ratio.
Dividends
SEPAX vs. LDRAX - Dividend Comparison
SEPAX's dividend yield for the trailing twelve months is around 2.12%, less than LDRAX's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LDRAX SEI Institutional Investments Trust Long Duration Fund | 4.93% | 5.04% | 4.62% | 3.42% | 3.23% | 4.30% | 12.32% | 8.60% | 4.80% | 4.46% | 6.21% | 9.23% |
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund | 2.12% | 2.83% | 1.86% | 1.45% | 1.20% | 1.66% | 2.04% | 2.22% | 1.93% | 1.84% | 1.96% | 1.87% |
Frequently Asked Questions
SEPAX and LDRAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LDRAX has higher volatility (2.12%) compared to SEPAX (0.72%). In terms of maximum drawdown, SEPAX dropped -11.49% vs LDRAX's -37.23%.
SEPAX currently has the higher Sharpe Ratio (1.11 vs -0.12), 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.
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