SPINX vs. SEPAX

Last updated Jun 26, 2026

SPINX (SEI Institutional Investments Trust S&P 500 Index Fund) and SEPAX (SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund) are both mutual funds - SPINX is a S&P 500 fund tracking the S&P 500 Index, while SEPAX is a Municipal Bonds fund managed by SEI. Over the past 10 years, SPINX returned 15.47%/yr vs 1.44%/yr for SEPAX. At a correlation of -0.05, they often move in opposite directions. SPINX charges 0.12%/yr vs 0.63%/yr for SEPAX.

Performance

SPINX vs. SEPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust S&P 500 Index Fund (SPINX) and SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPINX achieves a 8.09% return, which is significantly higher than SEPAX's 0.49% return. Over the past 10 years, SPINX has outperformed SEPAX with an annualized return of 15.47%, while SEPAX has yielded a comparatively lower 1.44% annualized return.

SPINX

• 1D: -0.09%
• 1M: -2.00%
• YTD: 8.09%
• 6M: 6.77%
• 1Y: 22.29%
• 3Y*: 20.45%
• 5Y*: 12.81%
• 10Y*: 15.47%

SEPAX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 0.49%
• 6M: 0.78%
• 1Y: 4.28%
• 3Y*: 3.04%
• 5Y*: 0.49%
• 10Y*: 1.44%

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

SPINX vs. SEPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPINX SEI Institutional Investments Trust S&P 500 Index Fund	8.09%	17.89%	24.02%	26.24%	-18.27%	28.62%	18.35%	31.42%	-4.46%	21.74%
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund	0.49%	5.63%	0.31%	3.67%	-7.33%	-0.13%	4.65%	6.79%	0.83%	3.99%

Correlation

The correlation between SPINX and SEPAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013	-0.05

The correlation between SPINX and SEPAX shifts across timeframes, from -0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPINX vs. SEPAX — Risk / Return Rank

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

SPINX

SPINX Risk / Return Rank: 57
SPINX Sharpe Ratio Rank: 54
SPINX Sortino Ratio Rank: 50
SPINX Omega Ratio Rank: 52
SPINX Calmar Ratio Rank: 58
SPINX Martin Ratio Rank: 70

SEPAX

SEPAX Risk / Return Rank: 60
SEPAX Sharpe Ratio Rank: 81
SEPAX Sortino Ratio Rank: 80
SEPAX Omega Ratio Rank: 90
SEPAX Calmar Ratio Rank: 27
SEPAX Martin Ratio Rank: 24

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.

SPINX vs. SEPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust S&P 500 Index Fund (SPINX) and SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX). 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.

	SPINX	SEPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.24	-0.44
Sortino ratio: Return per unit of downside risk	2.45	3.20	-0.75
Omega ratio: Gain probability vs. loss probability	1.33	1.58	-0.25
Calmar ratio: Return relative to maximum drawdown	2.52	1.64	+0.88
Martin ratio: Return relative to average drawdown	11.26	4.78	+6.48

SPINX vs. SEPAX - Sharpe Ratio Comparison

The current SPINX Sharpe Ratio is 1.80, which is comparable to the SEPAX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of SPINX and SEPAX, 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

SPINX vs. SEPAX - Drawdown Comparison

The maximum SPINX drawdown since its inception was -33.82%, which is greater than SEPAX's maximum drawdown of -11.49%. Use the drawdown chart below to compare losses from any high point for SPINX and SEPAX.

Drawdown Indicators

	SPINX	SEPAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.82%	-11.49%	-22.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-2.62%	-6.30%
Max Drawdown (3Y) Largest decline over 3 years	-32.91%	-3.60%	-29.31%
Max Drawdown (5Y) Largest decline over 5 years	-32.91%	-11.49%	-21.42%
Max Drawdown (10Y) Largest decline over 10 years	-33.82%	-11.49%	-22.33%
Current Drawdown Current decline from peak	-3.23%	-1.19%	-2.04%
Average Drawdown Average peak-to-trough decline	-5.20%	-1.67%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.90%	+1.09%

Volatility

SPINX vs. SEPAX - Volatility Comparison

SEI Institutional Investments Trust S&P 500 Index Fund (SPINX) has a higher volatility of 4.87% compared to SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund (SEPAX) at 0.51%. This indicates that SPINX's price experiences larger fluctuations and is considered to be riskier than SEPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPINX	SEPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	0.51%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	1.58%	+8.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	1.92%	+10.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	2.82%	+19.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	3.46%	+17.51%

SPINX vs. SEPAX - Expense Ratio Comparison

SPINX has a 0.12% expense ratio, which is lower than SEPAX's 0.63% expense ratio.

Dividends

SPINX vs. SEPAX - Dividend Comparison

SPINX's dividend yield for the trailing twelve months is around 11.03%, more than SEPAX's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEPAX SEI Tax-Exempt Trust Pennsylvania Municipal Bond Fund	2.26%	2.83%	1.86%	1.45%	1.20%	1.66%	2.04%	2.22%	1.93%	1.84%	1.96%	1.87%
SPINX SEI Institutional Investments Trust S&P 500 Index Fund	11.03%	11.90%	26.02%	9.77%	9.59%	6.58%	3.58%	3.01%	4.94%	2.32%	1.97%	2.29%

Frequently Asked Questions

Can I hold both SPINX and SEPAX in my portfolio?

SPINX and SEPAX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPINX or SEPAX?

SPINX has higher volatility (4.87%) compared to SEPAX (0.51%). In terms of maximum drawdown, SPINX dropped -33.82% vs SEPAX's -11.49%.

Which has better risk-adjusted returns?

SEPAX currently has the higher Sharpe Ratio (2.24 vs 1.80), 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.