SRAAX vs. RRPAX

Last updated Jun 6, 2026

SRAAX (SEI Institutional Managed Trust Real Return Fund) and RRPAX (SEI Institutional Investments Trust Real Return Fund) are both Inflation-Protected Bonds funds from SEI. Over the past 10 years, SRAAX returned 2.82%/yr vs 2.96%/yr for RRPAX. Their correlation of 0.88 suggests significant overlap in exposure. SRAAX charges 0.45%/yr vs 0.02%/yr for RRPAX.

Performance

SRAAX vs. RRPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Real Return Fund (SRAAX) and SEI Institutional Investments Trust Real Return Fund (RRPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRAAX achieves a 1.68% return, which is significantly lower than RRPAX's 1.86% return. Both investments have delivered pretty close results over the past 10 years, with SRAAX having a 2.82% annualized return and RRPAX not far ahead at 2.96%.

SRAAX

• 1D: -0.10%
• 1M: 0.10%
• YTD: 1.68%
• 6M: 1.67%
• 1Y: 4.20%
• 3Y*: 4.73%
• 5Y*: 3.04%
• 10Y*: 2.82%

RRPAX

• 1D: -0.11%
• 1M: 0.11%
• YTD: 1.86%
• 6M: 1.88%
• 1Y: 4.69%
• 3Y*: 4.88%
• 5Y*: 2.89%
• 10Y*: 2.96%

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

SRAAX vs. RRPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRAAX SEI Institutional Managed Trust Real Return Fund	1.68%	6.05%	4.05%	4.07%	-4.43%	6.98%	5.08%	4.59%	-0.03%	0.42%
RRPAX SEI Institutional Investments Trust Real Return Fund	1.86%	6.53%	4.54%	3.49%	-4.06%	5.41%	5.64%	5.01%	0.31%	0.73%

Correlation

The correlation between SRAAX and RRPAX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 7, 2009	0.88

The correlation between SRAAX and RRPAX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

SRAAX vs. RRPAX — Risk / Return Rank

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

SRAAX

SRAAX Risk / Return Rank: 81
SRAAX Sharpe Ratio Rank: 66
SRAAX Sortino Ratio Rank: 80
SRAAX Omega Ratio Rank: 79
SRAAX Calmar Ratio Rank: 93
SRAAX Martin Ratio Rank: 87

RRPAX

RRPAX Risk / Return Rank: 86
RRPAX Sharpe Ratio Rank: 75
RRPAX Sortino Ratio Rank: 85
RRPAX Omega Ratio Rank: 82
RRPAX Calmar Ratio Rank: 94
RRPAX Martin Ratio Rank: 93

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.

SRAAX vs. RRPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Real Return Fund (SRAAX) and SEI Institutional Investments Trust Real Return Fund (RRPAX). 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.

	SRAAX	RRPAX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.45	-0.14
Sortino ratio: Return per unit of downside risk	3.70	4.03	-0.33
Omega ratio: Gain probability vs. loss probability	1.50	1.53	-0.03
Calmar ratio: Return relative to maximum drawdown	5.04	5.27	-0.23
Martin ratio: Return relative to average drawdown	16.17	19.95	-3.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRAAX vs. RRPAX - Sharpe Ratio Comparison

The current SRAAX Sharpe Ratio is 2.31, which is comparable to the RRPAX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of SRAAX and RRPAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SRAAX	RRPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.45	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.90	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	1.10	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.52	+0.47

Drawdowns

SRAAX vs. RRPAX - Drawdown Comparison

The maximum SRAAX drawdown since its inception was -6.72%, smaller than the maximum RRPAX drawdown of -16.15%. Use the drawdown chart below to compare losses from any high point for SRAAX and RRPAX.

Drawdown Indicators

	SRAAX	RRPAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.72%	-16.15%	+9.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.82%	-0.85%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-1.89%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-6.72%	-6.48%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-6.72%	-6.48%	-0.24%
Current Drawdown Current decline from peak	-0.20%	-0.21%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.62%	-2.95%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.23%	+0.03%

Volatility

SRAAX vs. RRPAX - Volatility Comparison

SEI Institutional Managed Trust Real Return Fund (SRAAX) and SEI Institutional Investments Trust Real Return Fund (RRPAX) have volatilities of 0.57% and 0.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRAAX	RRPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.58%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.27%	1.33%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	1.84%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	3.23%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.75%	2.69%	+0.06%

SRAAX vs. RRPAX - Expense Ratio Comparison

SRAAX has a 0.45% expense ratio, which is higher than RRPAX's 0.02% expense ratio.

Dividends

SRAAX vs. RRPAX - Dividend Comparison

SRAAX's dividend yield for the trailing twelve months is around 3.48%, less than RRPAX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RRPAX SEI Institutional Investments Trust Real Return Fund	3.93%	4.64%	3.57%	2.43%	7.18%	5.33%	1.38%	2.14%	2.35%	1.89%	1.23%
SRAAX SEI Institutional Managed Trust Real Return Fund	3.48%	4.25%	3.35%	2.58%	7.65%	6.49%	0.56%	1.75%	2.63%	1.12%	0.00%

Frequently Asked Questions

Can I hold both SRAAX and RRPAX in my portfolio?

SRAAX and RRPAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRAAX or RRPAX?

RRPAX has higher volatility (0.58%) compared to SRAAX (0.57%). In terms of maximum drawdown, SRAAX dropped -6.72% vs RRPAX's -16.15%.

Which has better risk-adjusted returns?

RRPAX currently has the higher Sharpe Ratio (2.45 vs 2.31), 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.