SEPAX vs. SEIMX

Last updated Aug 4, 2026

SEPAX (SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund) and SEIMX (SEI Tax Exempt Trust Intermediate-Term Municipal Fund) are both Municipal Bonds funds from SEI. Over the past 10 years, SEPAX returned 1.32%/yr vs 1.67%/yr for SEIMX. Their correlation of 0.87 means they have usually moved in the same direction. Both charge a 0.63% expense ratio.

Performance

SEPAX vs. SEIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) and SEI Tax Exempt Trust Intermediate-Term Municipal Fund (SEIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPAX achieves a -0.66% return, which is significantly lower than SEIMX's -0.10% return. Over the past 10 years, SEPAX has underperformed SEIMX with an annualized return of 1.32%, while SEIMX has yielded a comparatively higher 1.67% annualized return.

SEPAX

• 1D: -0.10%
• 1M: -1.43%
• 6M: -1.52%
• YTD: -0.66%
• 1Y: 2.11%
• 3Y*: 2.60%
• 5Y*: 0.06%
• 10Y*: 1.32%
• ALL TIME*: 2.94%

SEIMX

• 1D: -0.09%
• 1M: -1.79%
• 6M: -1.15%
• YTD: -0.10%
• 1Y: 3.69%
• 3Y*: 3.10%
• 5Y*: 0.29%
• 10Y*: 1.67%
• ALL TIME*: 4.01%

*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)
SEIMX SEI Tax Exempt Trust Intermediate-Term Municipal Fund	$0.00	$0.00	$0.00
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund	$0.00	$0.00	$0.00

SEPAX vs. SEIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund	-0.66%	5.63%	0.31%	3.67%	-7.33%	-0.13%	4.65%	6.79%	0.83%	3.99%
SEIMX SEI Tax Exempt Trust Intermediate-Term Municipal Fund	-0.10%	5.10%	1.52%	5.02%	-8.87%	1.39%	4.87%	7.17%	0.70%	4.62%

Correlation

The correlation between SEPAX and SEIMX is 0.82, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.87

The correlation between SEPAX and SEIMX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

SEPAX vs. SEIMX — Risk / Return Rank

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

SEPAX

SEPAX Risk / Return Rank: 30
SEPAX Sharpe Ratio Rank: 35
SEPAX Sortino Ratio Rank: 31
SEPAX Omega Ratio Rank: 50
SEPAX Calmar Ratio Rank: 18
SEPAX Martin Ratio Rank: 16

SEIMX

SEIMX Risk / Return Rank: 56
SEIMX Sharpe Ratio Rank: 69
SEIMX Sortino Ratio Rank: 70
SEIMX Omega Ratio Rank: 84
SEIMX Calmar Ratio Rank: 29
SEIMX Martin Ratio Rank: 27

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.

SEPAX vs. SEIMX - 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 Tax Exempt Trust Intermediate-Term Municipal Fund (SEIMX). 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	SEIMX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.71	-0.52
Sortino ratio: Return per unit of downside risk	1.64	2.49	-0.86
Omega ratio: Gain probability vs. loss probability	1.27	1.42	-0.14
Calmar ratio: Return relative to maximum drawdown	0.92	1.41	-0.49
Martin ratio: Return relative to average drawdown	2.35	4.21	-1.86

SEPAX vs. SEIMX - Sharpe Ratio Comparison

The current SEPAX Sharpe Ratio is 1.20, which is lower than the SEIMX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SEPAX and SEIMX, 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

SEPAX vs. SEIMX - Drawdown Comparison

The maximum SEPAX drawdown since its inception was -11.49%, smaller than the maximum SEIMX drawdown of -13.27%. Use the drawdown chart below to compare losses from any high point for SEPAX and SEIMX.

Drawdown Indicators

	SEPAX	SEIMX	Difference
Max Drawdown Largest peak-to-trough decline	-11.49%	-13.27%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-2.82%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-3.33%	-4.16%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-11.49%	-13.27%	+1.78%
Max Drawdown (10Y) Largest decline over 10 years	-11.49%	-13.27%	+1.78%
Current Drawdown Current decline from peak	-2.32%	-2.15%	-0.17%
Average Drawdown Average peak-to-trough decline	-1.67%	-1.49%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.95%	+0.08%

Volatility

SEPAX vs. SEIMX - Volatility Comparison

The current volatility for SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) is 0.70%, while SEI Tax Exempt Trust Intermediate-Term Municipal Fund (SEIMX) has a volatility of 0.82%. This indicates that SEPAX experiences smaller price fluctuations and is considered to be less risky than SEIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPAX	SEIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.82%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	1.96%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	2.36%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	3.29%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.46%	3.64%	-0.18%

SEPAX vs. SEIMX - Expense Ratio Comparison

Both SEPAX and SEIMX have an expense ratio of 0.63%.

Dividends

SEPAX vs. SEIMX - Dividend Comparison

SEPAX's dividend yield for the trailing twelve months is around 2.12%, less than SEIMX's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEIMX SEI Tax Exempt Trust Intermediate-Term Municipal Fund	2.83%	3.93%	2.60%	2.13%	1.79%	2.13%	2.39%	2.71%	2.60%	2.43%	2.49%	2.51%
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

Can I hold both SEPAX and SEIMX in my portfolio?

SEPAX and SEIMX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPAX or SEIMX?

SEIMX has higher volatility (0.82%) compared to SEPAX (0.70%). In terms of maximum drawdown, SEPAX dropped -11.49% vs SEIMX's -13.27%.

Which has better risk-adjusted returns?

SEIMX currently has the higher Sharpe Ratio (1.71 vs 1.20), 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.