SRAAX vs. BIIPX
SRAAX (SEI Institutional Managed Trust Real Return Fund) and BIIPX (iShares Short-Term TIPS Bond Index Fund) are both Inflation-Protected Bonds funds. Over the past 5 years, SRAAX returned 2.93%/yr vs 2.66%/yr for BIIPX. Their correlation of 0.82 suggests significant overlap in exposure. SRAAX charges 0.45%/yr vs 0.08%/yr for BIIPX.
Performance
SRAAX vs. BIIPX - Performance Comparison
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Returns By Period
In the year-to-date period, SRAAX achieves a 0.86% return, which is significantly higher than BIIPX's 0.61% return.
SRAAX
- 1D
- -0.20%
- 1M
- -0.31%
- YTD
- 0.86%
- 6M
- 1.05%
- 1Y
- 2.93%
- 3Y*
- 4.52%
- 5Y*
- 2.93%
- 10Y*
- 2.72%
BIIPX
- 1D
- -0.21%
- 1M
- 0.01%
- YTD
- 0.61%
- 6M
- 1.09%
- 1Y
- 3.18%
- 3Y*
- 4.64%
- 5Y*
- 2.66%
- 10Y*
- —
SRAAX vs. BIIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRAAX SEI Institutional Managed Trust Real Return Fund | 0.86% | 6.05% | 4.05% | 4.07% | -4.43% | 6.98% | 5.08% | 4.59% | -0.03% | 0.42% |
BIIPX iShares Short-Term TIPS Bond Index Fund | 0.61% | 6.05% | 4.75% | 3.25% | -4.12% | 5.19% | 4.89% | 4.83% | 0.58% | 0.88% |
Correlation
The correlation between SRAAX and BIIPX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.82 |
The correlation between SRAAX and BIIPX has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.
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Return for Risk
SRAAX vs. BIIPX — Risk / Return Rank
SRAAX
BIIPX
SRAAX vs. BIIPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Real Return Fund (SRAAX) and iShares Short-Term TIPS Bond Index Fund (BIIPX). 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.
| SRAAX | BIIPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.32 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.39 | +0.53 |
| Martin ratioReturn relative to average drawdown | 10.46 | 9.93 | +0.53 |
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Drawdowns
SRAAX vs. BIIPX - Drawdown Comparison
The maximum SRAAX drawdown since its inception was -6.72%, roughly equal to the maximum BIIPX drawdown of -6.46%. Use the drawdown chart below to compare losses from any high point for SRAAX and BIIPX.
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Drawdown Indicators
| SRAAX | BIIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.72% | -6.46% | -0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -1.34% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -1.53% | -1.34% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -6.72% | -6.46% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -6.72% | — | — |
Current DrawdownCurrent decline from peak | -1.01% | -1.34% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -1.08% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.32% | -0.04% |
Volatility
SRAAX vs. BIIPX - Volatility Comparison
The current volatility for SEI Institutional Managed Trust Real Return Fund (SRAAX) is 0.86%, while iShares Short-Term TIPS Bond Index Fund (BIIPX) has a volatility of 1.32%. This indicates that SRAAX experiences smaller price fluctuations and is considered to be less risky than BIIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRAAX | BIIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.32% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | 1.76% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.88% | 2.33% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 3.11% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.76% | 2.64% | +0.12% |
SRAAX vs. BIIPX - Expense Ratio Comparison
SRAAX has a 0.45% expense ratio, which is higher than BIIPX's 0.08% expense ratio.
Dividends
SRAAX vs. BIIPX - Dividend Comparison
SRAAX's dividend yield for the trailing twelve months is around 3.51%, less than BIIPX's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BIIPX iShares Short-Term TIPS Bond Index Fund | 4.65% | 4.64% | 4.30% | 2.65% | 4.56% | 4.39% | 1.58% | 2.27% | 2.74% | 1.89% |
SRAAX SEI Institutional Managed Trust Real Return Fund | 3.51% | 4.25% | 3.35% | 2.58% | 7.65% | 6.49% | 0.56% | 1.75% | 2.63% | 1.12% |
Frequently Asked Questions
SRAAX and BIIPX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIIPX has higher volatility (1.32%) compared to SRAAX (0.86%). In terms of maximum drawdown, SRAAX dropped -6.72% vs BIIPX's -6.46%.
SRAAX currently has the higher Sharpe Ratio (1.57 vs 1.37), 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.
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