SMXAX vs. USMIX

Last updated Aug 1, 2026

SMXAX (SEI Institutional Investments Trust Extended Market Index Fund) and USMIX (USAA Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, SMXAX returned 11.87%/yr vs 11.58%/yr for USMIX. Their 0.98 correlation means they have historically moved very closely together. SMXAX charges 0.19%/yr vs 0.38%/yr for USMIX.

Performance

SMXAX vs. USMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Extended Market Index Fund (SMXAX) and USAA Extended Market Index Fund (USMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SMXAX having a 13.95% return and USMIX slightly higher at 14.54%. Both investments have delivered pretty close results over the past 10 years, with SMXAX having a 11.87% annualized return and USMIX not far behind at 11.58%.

SMXAX

• 1D: 1.45%
• 1M: -2.37%
• 6M: 11.22%
• YTD: 13.95%
• 1Y: 24.69%
• 3Y*: 15.98%
• 5Y*: 6.59%
• 10Y*: 11.87%
• ALL TIME*: 11.45%

USMIX

• 1D: 0.74%
• 1M: -0.85%
• 6M: 10.00%
• YTD: 14.54%
• 1Y: 27.62%
• 3Y*: 14.44%
• 5Y*: 6.30%
• 10Y*: 11.58%
• ALL TIME*: 8.65%

*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)
SMXAX SEI Institutional Investments Trust Extended Market Index Fund	$0.00	$0.00	$0.00
USMIX USAA Extended Market Index Fund	$0.00	$0.00	$0.00

SMXAX vs. USMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMXAX SEI Institutional Investments Trust Extended Market Index Fund	13.95%	12.61%	16.45%	24.55%	-25.39%	12.19%	32.92%	27.93%	-9.08%	18.23%
USMIX USAA Extended Market Index Fund	14.54%	10.44%	11.99%	25.81%	-24.04%	15.29%	31.20%	27.93%	-9.71%	17.72%

Correlation

The correlation between SMXAX and USMIX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013	0.98

The correlation between SMXAX and USMIX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

SMXAX vs. USMIX — Risk / Return Rank

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

SMXAX

SMXAX Risk / Return Rank: 45
SMXAX Sharpe Ratio Rank: 38
SMXAX Sortino Ratio Rank: 39
SMXAX Omega Ratio Rank: 36
SMXAX Calmar Ratio Rank: 60
SMXAX Martin Ratio Rank: 52

USMIX

USMIX Risk / Return Rank: 66
USMIX Sharpe Ratio Rank: 61
USMIX Sortino Ratio Rank: 63
USMIX Omega Ratio Rank: 55
USMIX Calmar Ratio Rank: 76
USMIX Martin Ratio Rank: 74

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.

SMXAX vs. USMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Extended Market Index Fund (SMXAX) and USAA Extended Market Index Fund (USMIX). 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.

	SMXAX	USMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.48	-0.24
Sortino ratio: Return per unit of downside risk	1.82	2.19	-0.37
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	2.17	2.47	-0.30
Martin ratio: Return relative to average drawdown	7.59	9.02	-1.43

SMXAX vs. USMIX - Sharpe Ratio Comparison

The current SMXAX Sharpe Ratio is 1.24, which is comparable to the USMIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SMXAX and USMIX, 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

SMXAX vs. USMIX - Drawdown Comparison

The maximum SMXAX drawdown since its inception was -41.48%, smaller than the maximum USMIX drawdown of -57.91%. Use the drawdown chart below to compare losses from any high point for SMXAX and USMIX.

Drawdown Indicators

	SMXAX	USMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.48%	-57.91%	+16.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-9.97%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-26.72%	-31.84%	+5.12%
Max Drawdown (5Y) Largest decline over 5 years	-35.28%	-37.86%	+2.58%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	-41.86%	+0.38%
Current Drawdown Current decline from peak	-3.35%	-1.33%	-2.02%
Average Drawdown Average peak-to-trough decline	-7.91%	-11.93%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.73%	+0.13%

Volatility

SMXAX vs. USMIX - Volatility Comparison

SEI Institutional Investments Trust Extended Market Index Fund (SMXAX) has a higher volatility of 3.85% compared to USAA Extended Market Index Fund (USMIX) at 3.25%. This indicates that SMXAX's price experiences larger fluctuations and is considered to be riskier than USMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMXAX	USMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	3.25%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	11.77%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.50%	16.60%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	24.94%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	23.62%	-1.30%

SMXAX vs. USMIX - Expense Ratio Comparison

SMXAX has a 0.19% expense ratio, which is lower than USMIX's 0.38% expense ratio.

Dividends

SMXAX vs. USMIX - Dividend Comparison

SMXAX's dividend yield for the trailing twelve months is around 9.88%, more than USMIX's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMXAX SEI Institutional Investments Trust Extended Market Index Fund	9.88%	10.96%	12.66%	1.72%	4.38%	18.92%	2.78%	3.98%	6.49%	5.19%	3.44%	4.87%
USMIX USAA Extended Market Index Fund	5.65%	6.47%	14.41%	4.41%	8.78%	17.98%	3.32%	3.18%	6.48%	7.48%	7.07%	8.02%

Frequently Asked Questions

Can I hold both SMXAX and USMIX in my portfolio?

With a correlation of 0.96, SMXAX and USMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMXAX or USMIX?

SMXAX has higher volatility (3.85%) compared to USMIX (3.25%). In terms of maximum drawdown, SMXAX dropped -41.48% vs USMIX's -57.91%.

Which has better risk-adjusted returns?

USMIX currently has the higher Sharpe Ratio (1.48 vs 1.24), 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.