SMSAX vs. TALTX
SMSAX (SEI Institutional Managed Trust Multi-Strategy Alternative Fund) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SMSAX charges 1.35%/yr vs 0.59%/yr for TALTX.
Performance
SMSAX vs. TALTX - Performance Comparison
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Returns By Period
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%
TALTX
- 1D
- 0.18%
- 1M
- 0.18%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SMSAX vs. TALTX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | -0.28% |
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund | 0.00% |
Correlation
The correlation between SMSAX and TALTX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 28, 2026 | 0.75 |
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Return for Risk
SMSAX vs. TALTX — Risk / Return Rank
SMSAX
TALTX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SMSAX vs. TALTX - 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 Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). 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 | TALTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.41 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | — | — |
| Martin ratioReturn relative to average drawdown | 13.64 | — | — |
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Drawdowns
SMSAX vs. TALTX - Drawdown Comparison
The maximum SMSAX drawdown since its inception was -10.98%, which is greater than TALTX's maximum drawdown of -0.99%. Use the drawdown chart below to compare losses from any high point for SMSAX and TALTX.
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Drawdown Indicators
| SMSAX | TALTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.98% | -0.99% | -9.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.66% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.93% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -8.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -10.98% | — | — |
Current DrawdownCurrent decline from peak | -1.40% | -0.27% | -1.13% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -0.44% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | — | — |
Volatility
SMSAX vs. TALTX - Volatility Comparison
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Volatility by Period
| SMSAX | TALTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.61% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 3.18% | +2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.74% | 3.18% | +1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 3.18% | +1.47% |
SMSAX vs. TALTX - Expense Ratio Comparison
SMSAX has a 1.35% expense ratio, which is higher than TALTX's 0.59% expense ratio.
Dividends
SMSAX vs. TALTX - Dividend Comparison
SMSAX's dividend yield for the trailing twelve months is around 4.79%, while TALTX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMSAX and TALTX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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