SICIX vs. SUMAX

Last updated Jun 23, 2026

SICIX (SEI Asset Allocation Trust Conservative Strategy Fund) and SUMAX (SEI Tax Exempt Trust Short Duration Municipal Fund) are both mutual funds - SICIX is a Diversified Portfolio fund managed by SEI, while SUMAX is a Municipal Bonds fund managed by SEI. Over the past 10 years, SICIX returned 3.41%/yr vs 1.42%/yr for SUMAX. At a 0.08 correlation, their price movements are largely independent. SICIX charges 0.51%/yr vs 0.63%/yr for SUMAX.

Performance

SICIX vs. SUMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Asset Allocation Trust Conservative Strategy Fund (SICIX) and SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SICIX achieves a 2.10% return, which is significantly higher than SUMAX's 0.90% return. Over the past 10 years, SICIX has outperformed SUMAX with an annualized return of 3.41%, while SUMAX has yielded a comparatively lower 1.42% annualized return.

SICIX

• 1D: 0.00%
• 1M: -0.27%
• YTD: 2.10%
• 6M: 2.12%
• 1Y: 6.44%
• 3Y*: 6.14%
• 5Y*: 3.22%
• 10Y*: 3.41%

SUMAX

• 1D: -0.10%
• 1M: 0.43%
• YTD: 0.90%
• 6M: 1.23%
• 1Y: 3.06%
• 3Y*: 3.29%
• 5Y*: 1.72%
• 10Y*: 1.42%

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

SICIX vs. SUMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SICIX SEI Asset Allocation Trust Conservative Strategy Fund	2.10%	8.12%	5.52%	5.29%	-6.23%	4.13%	2.62%	9.36%	-2.07%	5.13%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	0.90%	4.38%	2.49%	3.22%	-2.08%	-0.01%	1.77%	2.28%	1.09%	0.88%

Correlation

The correlation between SICIX and SUMAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 16, 2003	0.08

The correlation between SICIX and SUMAX shifts across timeframes, from 0.08 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SICIX vs. SUMAX — Risk / Return Rank

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

SICIX

SICIX Risk / Return Rank: 62
SICIX Sharpe Ratio Rank: 71
SICIX Sortino Ratio Rank: 74
SICIX Omega Ratio Rank: 71
SICIX Calmar Ratio Rank: 44
SICIX Martin Ratio Rank: 48

SUMAX

SUMAX Risk / Return Rank: 90
SUMAX Sharpe Ratio Rank: 89
SUMAX Sortino Ratio Rank: 97
SUMAX Omega Ratio Rank: 98
SUMAX Calmar Ratio Rank: 86
SUMAX Martin Ratio Rank: 79

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.

SICIX vs. SUMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Asset Allocation Trust Conservative Strategy Fund (SICIX) and SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX). 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.

	SICIX	SUMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.71	-0.46
Sortino ratio: Return per unit of downside risk	3.27	5.75	-2.48
Omega ratio: Gain probability vs. loss probability	1.43	2.17	-0.74
Calmar ratio: Return relative to maximum drawdown	2.42	3.88	-1.46
Martin ratio: Return relative to average drawdown	9.30	13.81	-4.51

SICIX vs. SUMAX - Sharpe Ratio Comparison

The current SICIX Sharpe Ratio is 2.25, which is comparable to the SUMAX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of SICIX and SUMAX, 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

SICIX vs. SUMAX - Drawdown Comparison

The maximum SICIX drawdown since its inception was -27.62%, which is greater than SUMAX's maximum drawdown of -3.70%. Use the drawdown chart below to compare losses from any high point for SICIX and SUMAX.

Drawdown Indicators

	SICIX	SUMAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.62%	-3.70%	-23.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-0.79%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-3.21%	-1.40%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-10.94%	-3.70%	-7.24%
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	-3.70%	-7.91%
Current Drawdown Current decline from peak	-0.70%	-0.10%	-0.60%
Average Drawdown Average peak-to-trough decline	-3.56%	-0.26%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.22%	+0.47%

Volatility

SICIX vs. SUMAX - Volatility Comparison

SEI Asset Allocation Trust Conservative Strategy Fund (SICIX) has a higher volatility of 0.84% compared to SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX) at 0.34%. This indicates that SICIX's price experiences larger fluctuations and is considered to be riskier than SUMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SICIX	SUMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.34%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	0.86%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	1.13%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	1.39%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.91%	1.23%	+2.68%

SICIX vs. SUMAX - Expense Ratio Comparison

SICIX has a 0.51% expense ratio, which is lower than SUMAX's 0.63% expense ratio.

Dividends

SICIX vs. SUMAX - Dividend Comparison

SICIX's dividend yield for the trailing twelve months is around 2.85%, more than SUMAX's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SICIX SEI Asset Allocation Trust Conservative Strategy Fund	2.85%	2.87%	3.67%	2.80%	4.69%	3.46%	1.84%	2.91%	1.80%	1.81%	1.64%	1.97%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	2.72%	3.37%	2.36%	1.73%	0.71%	0.58%	1.06%	1.45%	1.08%	0.67%	0.39%	0.79%

Frequently Asked Questions

Can I hold both SICIX and SUMAX in my portfolio?

SICIX and SUMAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SICIX or SUMAX?

SICIX has higher volatility (0.84%) compared to SUMAX (0.34%). In terms of maximum drawdown, SICIX dropped -27.62% vs SUMAX's -3.70%.

Which has better risk-adjusted returns?

SUMAX currently has the higher Sharpe Ratio (2.71 vs 2.25), 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.