SMGAX vs. SBDAX

Last updated Jun 3, 2026

SMGAX (SEI Asset Allocation Trust Conservative Strategy Allocation Fund) and SBDAX (SEI Tax Exempt Trust California Municipal Bond Fund) are both mutual funds - SMGAX is a Diversified Portfolio fund managed by SEI, while SBDAX is a Municipal Bonds fund managed by SEI. Over the past 10 years, SMGAX returned 6.53%/yr vs 1.22%/yr for SBDAX. At a correlation of -0.01, they often move in opposite directions. SMGAX charges 0.35%/yr vs 0.60%/yr for SBDAX.

Performance

SMGAX vs. SBDAX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMGAX achieves a 3.58% return, which is significantly higher than SBDAX's 0.08% return. Over the past 10 years, SMGAX has outperformed SBDAX with an annualized return of 6.53%, while SBDAX has yielded a comparatively lower 1.22% annualized return.

SMGAX

• 1D: -0.17%
• 1M: 0.50%
• YTD: 3.58%
• 6M: 4.01%
• 1Y: 7.45%
• 3Y*: 8.93%
• 5Y*: 5.69%
• 10Y*: 6.53%

SBDAX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.08%
• 6M: 0.46%
• 1Y: 5.57%
• 3Y*: 3.00%
• 5Y*: 0.34%
• 10Y*: 1.22%

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

SMGAX vs. SBDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMGAX SEI Asset Allocation Trust Conservative Strategy Allocation Fund	3.58%	6.81%	10.51%	7.22%	-8.22%	20.32%	-4.36%	20.63%	-3.37%	9.89%
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	0.08%	5.70%	0.02%	4.02%	-7.30%	-0.55%	3.76%	5.90%	0.87%	3.74%

Correlation

The correlation between SMGAX and SBDAX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 5, 2004	-0.01

The correlation between SMGAX and SBDAX shifts across timeframes, from -0.01 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMGAX vs. SBDAX — Risk / Return Rank

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

SMGAX

SMGAX Risk / Return Rank: 33
SMGAX Sharpe Ratio Rank: 30
SMGAX Sortino Ratio Rank: 31
SMGAX Omega Ratio Rank: 30
SMGAX Calmar Ratio Rank: 32
SMGAX Martin Ratio Rank: 41

SBDAX

SBDAX Risk / Return Rank: 50
SBDAX Sharpe Ratio Rank: 66
SBDAX Sortino Ratio Rank: 64
SBDAX Omega Ratio Rank: 86
SBDAX Calmar Ratio Rank: 20
SBDAX Martin Ratio Rank: 17

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.

SMGAX vs. SBDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX) and SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX). 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.

	SMGAX	SBDAX	Difference
Sharpe ratio Return per unit of total volatility	1.58	2.39	-0.81
Sortino ratio Return per unit of downside risk	2.32	3.35	-1.03
Omega ratio Gain probability vs. loss probability	1.29	1.59	-0.30
Calmar ratio Return relative to maximum drawdown	2.14	1.68	+0.46
Martin ratio Return relative to average drawdown	8.80	4.84	+3.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMGAX vs. SBDAX - Sharpe Ratio Comparison

The current SMGAX Sharpe Ratio is 1.58, which is lower than the SBDAX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SMGAX and SBDAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMGAX	SBDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.39	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.11	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.34	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.98	-0.66

Drawdowns

SMGAX vs. SBDAX - Drawdown Comparison

The maximum SMGAX drawdown since its inception was -56.10%, which is greater than SBDAX's maximum drawdown of -11.86%. Use the drawdown chart below to compare losses from any high point for SMGAX and SBDAX.

Drawdown Indicators

	SMGAX	SBDAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.10%	-11.86%	-44.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.56%	-3.40%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-7.61%	-4.47%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-14.82%	-11.86%	-2.96%
Max Drawdown (10Y) Largest decline over 10 years	-30.04%	-11.86%	-18.18%
Current Drawdown Current decline from peak	-0.41%	-1.97%	+1.56%
Average Drawdown Average peak-to-trough decline	-9.21%	-1.87%	-7.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.18%	-0.31%

Volatility

SMGAX vs. SBDAX - Volatility Comparison

SEI Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX) has a higher volatility of 1.15% compared to SEI Tax Exempt Trust California Municipal Bond Fund (SBDAX) at 0.82%. This indicates that SMGAX's price experiences larger fluctuations and is considered to be riskier than SBDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMGAX	SBDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.82%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	1.88%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	2.31%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.93%	3.19%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	3.56%	+6.40%

SMGAX vs. SBDAX - Expense Ratio Comparison

SMGAX has a 0.35% expense ratio, which is lower than SBDAX's 0.60% expense ratio.

Dividends

SMGAX vs. SBDAX - Dividend Comparison

SMGAX's dividend yield for the trailing twelve months is around 8.90%, more than SBDAX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBDAX SEI Tax Exempt Trust California Municipal Bond Fund	2.17%	2.74%	1.78%	1.26%	1.38%	1.35%	1.87%	2.21%	1.98%	1.99%	2.23%	2.79%
SMGAX SEI Asset Allocation Trust Conservative Strategy Allocation Fund	8.90%	8.66%	8.00%	7.56%	5.88%	7.93%	3.32%	9.06%	9.83%	7.09%	13.59%	6.71%

Frequently Asked Questions

Can I hold both SMGAX and SBDAX in my portfolio?

SMGAX and SBDAX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMGAX or SBDAX?

SMGAX has higher volatility (1.15%) compared to SBDAX (0.82%). In terms of maximum drawdown, SMGAX dropped -56.10% vs SBDAX's -11.86%.

Which has better risk-adjusted returns?

SBDAX currently has the higher Sharpe Ratio (2.39 vs 1.58), 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.