SMSAX vs. SEIAX

Last updated Aug 4, 2026

SMSAX (SEI Institutional Managed Trust Multi-Strategy Alternative Fund) and SEIAX (SEI Multi-Asset Real Return Fund Class A) are both mutual funds - SMSAX is a Multistrategy fund managed by SEI, while SEIAX is a Inflation-Protected Bonds fund managed by SEI. Over the past 10 years, SMSAX returned 4.60%/yr vs 4.41%/yr for SEIAX. Their 0.27 correlation means their historical movements had little consistent relationship. SMSAX charges 1.35%/yr vs 0.21%/yr for SEIAX.

Performance

SMSAX vs. SEIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) and SEI Multi-Asset Real Return Fund Class A (SEIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMSAX achieves a 6.12% return, which is significantly lower than SEIAX's 9.04% return. Both investments have delivered pretty close results over the past 10 years, with SMSAX having a 4.60% annualized return and SEIAX not far behind at 4.41%.

SMSAX

• 1D: 0.09%
• 1M: -1.03%
• 6M: 4.04%
• YTD: 6.12%
• 1Y: 12.51%
• 3Y*: 9.12%
• 5Y*: 5.07%
• 10Y*: 4.60%
• ALL TIME*: 3.07%

SEIAX

• 1D: -0.25%
• 1M: 2.80%
• 6M: 6.46%
• YTD: 9.04%
• 1Y: 12.70%
• 3Y*: 7.78%
• 5Y*: 6.43%
• 10Y*: 4.41%
• ALL TIME*: 2.28%

*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)
SEIAX SEI Multi-Asset Real Return Fund Class A	$0.00	$0.00	$0.00
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund	$0.00	$0.00	$0.00

SMSAX vs. SEIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund	6.12%	10.62%	6.42%	7.21%	-4.95%	1.47%	12.06%	4.85%	-3.68%	5.26%
SEIAX SEI Multi-Asset Real Return Fund Class A	9.04%	8.50%	4.74%	-1.01%	9.20%	11.41%	-0.51%	6.33%	-2.93%	-1.12%

Correlation

The correlation between SMSAX and SEIAX is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.16
Correlation (10Y) Provides a long-term view across more market conditions.	0.23
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.27

The correlation between SMSAX and SEIAX shifts across timeframes, from -0.13 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMSAX vs. SEIAX — Risk / Return Rank

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

SMSAX

SMSAX Risk / Return Rank: 88
SMSAX Sharpe Ratio Rank: 87
SMSAX Sortino Ratio Rank: 89
SMSAX Omega Ratio Rank: 83
SMSAX Calmar Ratio Rank: 88
SMSAX Martin Ratio Rank: 92

SEIAX

SEIAX Risk / Return Rank: 86
SEIAX Sharpe Ratio Rank: 90
SEIAX Sortino Ratio Rank: 90
SEIAX Omega Ratio Rank: 85
SEIAX Calmar Ratio Rank: 85
SEIAX Martin Ratio Rank: 81

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.

SMSAX vs. SEIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) and SEI Multi-Asset Real Return Fund Class A (SEIAX). 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.

	SMSAX	SEIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.31	-0.15
Sortino ratio: Return per unit of downside risk	3.31	3.36	-0.05
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	3.34	3.06	+0.28
Martin ratio: Return relative to average drawdown	13.64	10.41	+3.23

SMSAX vs. SEIAX - Sharpe Ratio Comparison

The current SMSAX Sharpe Ratio is 2.16, which is comparable to the SEIAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SMSAX and SEIAX, 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

SMSAX vs. SEIAX - Drawdown Comparison

The maximum SMSAX drawdown since its inception was -10.98%, smaller than the maximum SEIAX drawdown of -20.97%. Use the drawdown chart below to compare losses from any high point for SMSAX and SEIAX.

Drawdown Indicators

	SMSAX	SEIAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.98%	-20.97%	+9.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-4.29%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-5.93%	-4.29%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-8.79%	-7.67%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-10.98%	-13.20%	+2.22%
Current Drawdown Current decline from peak	-1.40%	-0.98%	-0.42%
Average Drawdown Average peak-to-trough decline	-2.09%	-7.04%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.26%	-0.37%

Volatility

SMSAX vs. SEIAX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) is 1.26%, while SEI Multi-Asset Real Return Fund Class A (SEIAX) has a volatility of 1.67%. This indicates that SMSAX experiences smaller price fluctuations and is considered to be less risky than SEIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMSAX	SEIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.67%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	4.89%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	5.71%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.74%	5.67%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	5.25%	-0.60%

SMSAX vs. SEIAX - Expense Ratio Comparison

SMSAX has a 1.35% expense ratio, which is higher than SEIAX's 0.21% expense ratio.

Dividends

SMSAX vs. SEIAX - Dividend Comparison

SMSAX's dividend yield for the trailing twelve months is around 4.79%, more than SEIAX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEIAX SEI Multi-Asset Real Return Fund Class A	2.69%	2.94%	5.16%	3.77%	13.78%	10.42%	2.34%	2.13%	3.63%	1.57%	1.73%	1.01%
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund	4.79%	5.08%	5.54%	4.35%	2.13%	7.61%	2.79%	1.01%	4.94%	2.20%	0.07%	2.66%

Frequently Asked Questions

Can I hold both SMSAX and SEIAX in my portfolio?

SMSAX and SEIAX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMSAX or SEIAX?

SEIAX has higher volatility (1.67%) compared to SMSAX (1.26%). In terms of maximum drawdown, SMSAX dropped -10.98% vs SEIAX's -20.97%.

Which has better risk-adjusted returns?

SEIAX currently has the higher Sharpe Ratio (2.31 vs 2.16), 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.