SEPAX vs. VPAIX
Compare and contrast key facts about SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX).
SEPAX is managed by SEI. It was launched on Aug 25, 1998. VPAIX is managed by Vanguard. It was launched on Apr 7, 1986.
Performance
SEPAX vs. VPAIX - Performance Comparison
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SEPAX vs. VPAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund | -0.88% | 5.63% | 0.31% | 3.67% | -7.33% | -0.13% | 4.65% | 6.79% | 0.83% | 3.99% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | -0.88% | 5.27% | 2.59% | 7.25% | -10.20% | 1.97% | 5.86% | 9.05% | 1.11% | 6.61% |
Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with SEPAX at -0.88% and VPAIX at -0.88%. Over the past 10 years, SEPAX has underperformed VPAIX with an annualized return of 1.44%, while VPAIX has yielded a comparatively higher 2.62% annualized return.
SEPAX
- 1D
- 0.10%
- 1M
- -2.53%
- YTD
- -0.88%
- 6M
- 0.26%
- 1Y
- 3.84%
- 3Y*
- 2.24%
- 5Y*
- 0.35%
- 10Y*
- 1.44%
VPAIX
- 1D
- 0.28%
- 1M
- -2.82%
- YTD
- -0.88%
- 6M
- 1.35%
- 1Y
- 4.37%
- 3Y*
- 3.71%
- 5Y*
- 1.13%
- 10Y*
- 2.62%
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SEPAX vs. VPAIX - Expense Ratio Comparison
SEPAX has a 0.63% expense ratio, which is higher than VPAIX's 0.17% expense ratio.
Return for Risk
SEPAX vs. VPAIX — Risk / Return Rank
SEPAX
VPAIX
SEPAX vs. VPAIX - 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 Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). 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.
| SEPAX | VPAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.38 | 0.98 | +0.40 |
Sortino ratioReturn per unit of downside risk | 1.82 | 1.35 | +0.47 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.28 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.07 | +0.33 |
Martin ratioReturn relative to average drawdown | 5.71 | 3.33 | +2.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SEPAX | VPAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 0.98 | +0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.25 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.60 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 1.13 | -0.10 |
Correlation
The correlation between SEPAX and VPAIX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SEPAX vs. VPAIX - Dividend Comparison
SEPAX's dividend yield for the trailing twelve months is around 2.22%, less than VPAIX's 3.69% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund | 2.22% | 2.83% | 1.86% | 1.45% | 1.20% | 1.66% | 2.04% | 2.22% | 1.93% | 1.84% | 1.96% | 1.87% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 3.69% | 4.48% | 4.04% | 3.25% | 3.12% | 2.45% | 3.16% | 3.70% | 3.91% | 3.93% | 4.10% | 3.92% |
Drawdowns
SEPAX vs. VPAIX - Drawdown Comparison
The maximum SEPAX drawdown since its inception was -11.49%, smaller than the maximum VPAIX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for SEPAX and VPAIX.
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Drawdown Indicators
| SEPAX | VPAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.49% | -19.51% | +8.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -5.20% | +1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -11.49% | -15.76% | +4.27% |
Max Drawdown (10Y)Largest decline over 10 years | -11.49% | -15.76% | +4.27% |
Current DrawdownCurrent decline from peak | -2.53% | -2.82% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -1.67% | -2.16% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.68% | -0.87% |
Volatility
SEPAX vs. VPAIX - Volatility Comparison
The current volatility for SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) is 0.94%, while Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) has a volatility of 1.17%. This indicates that SEPAX experiences smaller price fluctuations and is considered to be less risky than VPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEPAX | VPAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 1.17% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | 1.82% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.27% | 5.33% | -2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 4.45% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 4.39% | -0.93% |