SIOAX vs. OTRFX

Last updated Aug 1, 2026

SIOAX (SEI Institutional Managed Trust Multi-Asset Income Fund) and OTRFX (OnTrack Core Fund) are both Tactical Allocation funds. Over the past 10 years, SIOAX returned 4.85%/yr vs 5.20%/yr for OTRFX. Their 0.49 correlation means their historical movements had little consistent relationship. SIOAX charges 0.80%/yr vs 2.58%/yr for OTRFX.

Performance

SIOAX vs. OTRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Multi-Asset Income Fund (SIOAX) and OnTrack Core Fund (OTRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIOAX achieves a 4.08% return, which is significantly lower than OTRFX's 4.93% return. Over the past 10 years, SIOAX has underperformed OTRFX with an annualized return of 4.85%, while OTRFX has yielded a comparatively higher 5.20% annualized return.

SIOAX

• 1D: -0.10%
• 1M: 0.68%
• 6M: 2.46%
• YTD: 4.08%
• 1Y: 8.00%
• 3Y*: 8.83%
• 5Y*: 3.74%
• 10Y*: 4.85%
• ALL TIME*: 4.93%

OTRFX

• 1D: 0.10%
• 1M: -0.10%
• 6M: 1.36%
• YTD: 4.93%
• 1Y: 9.39%
• 3Y*: 5.76%
• 5Y*: 1.79%
• 10Y*: 5.20%
• ALL TIME*: 4.35%

*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)
OTRFX OnTrack Core Fund	$0.00	$0.00	$0.00
SIOAX SEI Institutional Managed Trust Multi-Asset Income Fund	$0.00	$0.00	$0.00

SIOAX vs. OTRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIOAX SEI Institutional Managed Trust Multi-Asset Income Fund	4.08%	10.08%	7.25%	11.09%	-13.13%	4.50%	5.33%	14.33%	-2.11%	6.77%
OTRFX OnTrack Core Fund	4.93%	6.12%	-0.12%	5.37%	-5.82%	3.94%	29.03%	6.86%	-4.70%	6.49%

Correlation

The correlation between SIOAX and OTRFX is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.52
Correlation (10Y) Provides a long-term view across more market conditions.	0.52
Correlation (All Time) Calculated using the full available price history since Jan 16, 2013	0.49

The correlation between SIOAX and OTRFX shifts across timeframes, from 0.36 (1 year) to 0.58 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SIOAX vs. OTRFX — Risk / Return Rank

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

SIOAX

SIOAX Risk / Return Rank: 94
SIOAX Sharpe Ratio Rank: 97
SIOAX Sortino Ratio Rank: 97
SIOAX Omega Ratio Rank: 95
SIOAX Calmar Ratio Rank: 89
SIOAX Martin Ratio Rank: 93

OTRFX

OTRFX Risk / Return Rank: 81
OTRFX Sharpe Ratio Rank: 90
OTRFX Sortino Ratio Rank: 86
OTRFX Omega Ratio Rank: 94
OTRFX Calmar Ratio Rank: 88
OTRFX Martin Ratio Rank: 47

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.

SIOAX vs. OTRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Multi-Asset Income Fund (SIOAX) and OnTrack Core Fund (OTRFX). 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.

	SIOAX	OTRFX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.27	+0.52
Sortino ratio: Return per unit of downside risk	4.43	3.09	+1.34
Omega ratio: Gain probability vs. loss probability	1.59	1.56	+0.02
Calmar ratio: Return relative to maximum drawdown	3.34	3.11	+0.23
Martin ratio: Return relative to average drawdown	13.87	6.54	+7.33

SIOAX vs. OTRFX - Sharpe Ratio Comparison

The current SIOAX Sharpe Ratio is 2.79, which is comparable to the OTRFX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SIOAX and OTRFX, 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

SIOAX vs. OTRFX - Drawdown Comparison

The maximum SIOAX drawdown since its inception was -22.10%, which is greater than OTRFX's maximum drawdown of -9.73%. Use the drawdown chart below to compare losses from any high point for SIOAX and OTRFX.

Drawdown Indicators

	SIOAX	OTRFX	Difference
Max Drawdown Largest peak-to-trough decline	-22.10%	-9.73%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-3.02%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-3.73%	-5.76%	+2.03%
Max Drawdown (5Y) Largest decline over 5 years	-17.57%	-9.51%	-8.06%
Max Drawdown (10Y) Largest decline over 10 years	-22.10%	-9.51%	-12.59%
Current Drawdown Current decline from peak	-0.19%	-1.21%	+1.02%
Average Drawdown Average peak-to-trough decline	-2.30%	-2.95%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	1.43%	-0.87%

Volatility

SIOAX vs. OTRFX - Volatility Comparison

SEI Institutional Managed Trust Multi-Asset Income Fund (SIOAX) has a higher volatility of 1.09% compared to OnTrack Core Fund (OTRFX) at 0.47%. This indicates that SIOAX's price experiences larger fluctuations and is considered to be riskier than OTRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIOAX	OTRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.47%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	2.29%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	4.15%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	3.07%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.08%	3.56%	+1.52%

SIOAX vs. OTRFX - Expense Ratio Comparison

SIOAX has a 0.80% expense ratio, which is lower than OTRFX's 2.58% expense ratio.

Dividends

SIOAX vs. OTRFX - Dividend Comparison

SIOAX's dividend yield for the trailing twelve months is around 5.12%, less than OTRFX's 12.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OTRFX OnTrack Core Fund	12.43%	13.04%	8.01%	0.14%	1.39%	7.10%	2.36%	1.38%	7.15%	2.69%	7.05%	6.15%
SIOAX SEI Institutional Managed Trust Multi-Asset Income Fund	5.12%	5.37%	6.08%	6.49%	6.11%	3.87%	3.05%	4.43%	3.29%	4.31%	4.27%	6.30%

Frequently Asked Questions

Can I hold both SIOAX and OTRFX in my portfolio?

SIOAX and OTRFX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIOAX or OTRFX?

SIOAX has higher volatility (1.09%) compared to OTRFX (0.47%). In terms of maximum drawdown, SIOAX dropped -22.10% vs OTRFX's -9.73%.

Which has better risk-adjusted returns?

SIOAX currently has the higher Sharpe Ratio (2.79 vs 2.27), 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.