SMAAX vs. SPINX

Last updated Aug 1, 2026

SMAAX (SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund) and SPINX (SEI Institutional Investments Trust S&P 500 Index Fund) are both mutual funds - SMAAX is a Municipal Bonds fund managed by SEI, while SPINX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SMAAX returned 0.90%/yr vs 14.85%/yr for SPINX. Their -0.05 correlation means they have often moved in opposite directions in the past. SMAAX charges 0.63%/yr vs 0.12%/yr for SPINX.

Performance

SMAAX vs. SPINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund (SMAAX) and SEI Institutional Investments Trust S&P 500 Index Fund (SPINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAAX achieves a -1.11% return, which is significantly lower than SPINX's 9.32% return. Over the past 10 years, SMAAX has underperformed SPINX with an annualized return of 0.90%, while SPINX has yielded a comparatively higher 14.85% annualized return.

SMAAX

• 1D: -0.20%
• 1M: -1.85%
• 6M: -2.05%
• YTD: -1.11%
• 1Y: 2.01%
• 3Y*: 2.18%
• 5Y*: -0.21%
• 10Y*: 0.90%
• ALL TIME*: 2.93%

SPINX

• 1D: 1.66%
• 1M: -0.55%
• 6M: 7.77%
• YTD: 9.32%
• 1Y: 20.66%
• 3Y*: 18.70%
• 5Y*: 12.45%
• 10Y*: 14.85%
• ALL TIME*: 13.71%

*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)
SMAAX SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund	$0.00	$0.00	$0.00
SPINX SEI Institutional Investments Trust S&P 500 Index Fund	$0.00	$0.00	$0.00

SMAAX vs. SPINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMAAX SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund	-1.11%	5.42%	-0.34%	3.94%	-7.16%	-1.26%	4.39%	6.35%	0.62%	3.46%
SPINX SEI Institutional Investments Trust S&P 500 Index Fund	9.32%	17.89%	24.02%	26.24%	-18.27%	28.62%	18.35%	31.42%	-4.46%	21.74%

Correlation

The correlation between SMAAX and SPINX is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.01
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013	-0.05

The correlation between SMAAX and SPINX shifts across timeframes, from -0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMAAX vs. SPINX — Risk / Return Rank

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

SMAAX

SMAAX Risk / Return Rank: 25
SMAAX Sharpe Ratio Rank: 31
SMAAX Sortino Ratio Rank: 28
SMAAX Omega Ratio Rank: 41
SMAAX Calmar Ratio Rank: 14
SMAAX Martin Ratio Rank: 13

SPINX

SPINX Risk / Return Rank: 61
SPINX Sharpe Ratio Rank: 58
SPINX Sortino Ratio Rank: 55
SPINX Omega Ratio Rank: 56
SPINX Calmar Ratio Rank: 61
SPINX Martin Ratio Rank: 73

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.

SMAAX vs. SPINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund (SMAAX) and SEI Institutional Investments Trust S&P 500 Index Fund (SPINX). 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.

	SMAAX	SPINX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.43	-0.35
Sortino ratio: Return per unit of downside risk	1.48	2.00	-0.52
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	0.78	2.07	-1.29
Martin ratio: Return relative to average drawdown	1.94	8.87	-6.93

SMAAX vs. SPINX - Sharpe Ratio Comparison

The current SMAAX Sharpe Ratio is 1.08, which is comparable to the SPINX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SMAAX and SPINX, 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

SMAAX vs. SPINX - Drawdown Comparison

The maximum SMAAX drawdown since its inception was -12.35%, smaller than the maximum SPINX drawdown of -33.82%. Use the drawdown chart below to compare losses from any high point for SMAAX and SPINX.

Drawdown Indicators

	SMAAX	SPINX	Difference
Max Drawdown Largest peak-to-trough decline	-12.35%	-33.82%	+21.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-8.92%	+5.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.87%	-32.91%	+29.04%
Max Drawdown (5Y) Largest decline over 5 years	-12.06%	-32.91%	+20.85%
Max Drawdown (10Y) Largest decline over 10 years	-12.35%	-33.82%	+21.47%
Current Drawdown Current decline from peak	-3.13%	-2.13%	-1.00%
Average Drawdown Average peak-to-trough decline	-2.08%	-5.17%	+3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	2.08%	-0.74%

Volatility

SMAAX vs. SPINX - Volatility Comparison

The current volatility for SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund (SMAAX) is 0.86%, while SEI Institutional Investments Trust S&P 500 Index Fund (SPINX) has a volatility of 3.42%. This indicates that SMAAX experiences smaller price fluctuations and is considered to be less risky than SPINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAAX	SPINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	3.42%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	10.07%	-8.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	12.88%	-10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	22.59%	-19.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.77%	20.96%	-17.19%

SMAAX vs. SPINX - Expense Ratio Comparison

SMAAX has a 0.63% expense ratio, which is higher than SPINX's 0.12% expense ratio.

Dividends

SMAAX vs. SPINX - Dividend Comparison

SMAAX's dividend yield for the trailing twelve months is around 1.92%, less than SPINX's 10.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMAAX SEI Tax-Exempt Trust Massachusetts Municipal Bond Fund	1.92%	2.47%	1.54%	1.16%	0.95%	1.20%	1.82%	2.09%	1.84%	2.07%	2.40%	2.83%
SPINX SEI Institutional Investments Trust S&P 500 Index Fund	10.94%	11.90%	26.02%	9.77%	9.59%	6.58%	3.58%	3.01%	4.94%	2.32%	1.97%	2.29%

Frequently Asked Questions

Can I hold both SMAAX and SPINX in my portfolio?

SMAAX and SPINX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAAX or SPINX?

SPINX has higher volatility (3.42%) compared to SMAAX (0.86%). In terms of maximum drawdown, SMAAX dropped -12.35% vs SPINX's -33.82%.

Which has better risk-adjusted returns?

SPINX currently has the higher Sharpe Ratio (1.43 vs 1.08), 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.