SMSAX vs. SPIIX
Compare and contrast key facts about SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) and SEI S&P 500 Index Fund Class I (SPIIX).
SMSAX is managed by SEI. It was launched on Mar 30, 2010. SPIIX is a passively managed fund by SEI that tracks the performance of the S&P 500 Index. It was launched on Jun 28, 2002.
Performance
SMSAX vs. SPIIX - Performance Comparison
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SMSAX vs. SPIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | 2.01% | 10.62% | 6.42% | 7.21% | -4.95% | 1.47% | 12.06% | 4.85% | -3.68% | 5.26% |
SPIIX SEI S&P 500 Index Fund Class I | -4.52% | 16.97% | 24.11% | 25.49% | -18.84% | 28.04% | 17.66% | 30.72% | -5.00% | 21.06% |
Returns By Period
In the year-to-date period, SMSAX achieves a 2.01% return, which is significantly higher than SPIIX's -4.52% return. Over the past 10 years, SMSAX has underperformed SPIIX with an annualized return of 4.36%, while SPIIX has yielded a comparatively higher 13.32% annualized return.
SMSAX
- 1D
- 1.20%
- 1M
- -1.74%
- YTD
- 2.01%
- 6M
- 4.75%
- 1Y
- 14.04%
- 3Y*
- 8.43%
- 5Y*
- 4.11%
- 10Y*
- 4.36%
SPIIX
- 1D
- 2.92%
- 1M
- -5.07%
- YTD
- -4.52%
- 6M
- -2.57%
- 1Y
- 16.44%
- 3Y*
- 17.47%
- 5Y*
- 11.00%
- 10Y*
- 13.32%
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SMSAX vs. SPIIX - Expense Ratio Comparison
SMSAX has a 1.35% expense ratio, which is higher than SPIIX's 0.65% expense ratio.
Return for Risk
SMSAX vs. SPIIX — Risk / Return Rank
SMSAX
SPIIX
SMSAX vs. SPIIX - 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 S&P 500 Index Fund Class I (SPIIX). 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.
| SMSAX | SPIIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.42 | 0.93 | +1.49 |
Sortino ratioReturn per unit of downside risk | 3.61 | 1.43 | +2.18 |
Omega ratioGain probability vs. loss probability | 1.49 | 1.22 | +0.27 |
Calmar ratioReturn relative to maximum drawdown | 3.77 | 1.44 | +2.32 |
Martin ratioReturn relative to average drawdown | 13.93 | 6.86 | +7.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMSAX | SPIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 0.93 | +1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.60 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.96 | 0.71 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.54 | +0.18 |
Correlation
The correlation between SMSAX and SPIIX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SMSAX vs. SPIIX - Dividend Comparison
SMSAX's dividend yield for the trailing twelve months is around 4.98%, less than SPIIX's 8.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | 4.98% | 5.08% | 5.54% | 4.35% | 2.13% | 7.61% | 2.79% | 1.01% | 4.94% | 2.20% | 0.07% | 2.66% |
SPIIX SEI S&P 500 Index Fund Class I | 8.82% | 8.42% | 12.20% | 4.10% | 10.27% | 7.03% | 5.78% | 4.04% | 3.90% | 2.08% | 4.34% | 1.53% |
Drawdowns
SMSAX vs. SPIIX - Drawdown Comparison
The maximum SMSAX drawdown since its inception was -10.98%, smaller than the maximum SPIIX drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for SMSAX and SPIIX.
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Drawdown Indicators
| SMSAX | SPIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.98% | -55.78% | +44.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.73% | -12.14% | +8.41% |
Max Drawdown (5Y)Largest decline over 5 years | -9.72% | -25.70% | +15.98% |
Max Drawdown (10Y)Largest decline over 10 years | -10.98% | -33.85% | +22.87% |
Current DrawdownCurrent decline from peak | -2.12% | -6.37% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -7.33% | +5.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 2.55% | -1.54% |
Volatility
SMSAX vs. SPIIX - Volatility Comparison
The current volatility for SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) is 2.30%, while SEI S&P 500 Index Fund Class I (SPIIX) has a volatility of 5.34%. This indicates that SMSAX experiences smaller price fluctuations and is considered to be less risky than SPIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMSAX | SPIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 5.34% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.03% | 9.54% | -5.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.83% | 18.32% | -12.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 18.45% | -13.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 18.86% | -14.31% |