SRAAX vs. SGYAX

Last updated Jun 5, 2026

SRAAX (SEI Institutional Managed Trust Real Return Fund) and SGYAX (SEI Institutional Investments Trust High Yield Bond Fund) are both mutual funds - SRAAX is a Inflation-Protected Bonds fund managed by SEI, while SGYAX is a High Yield Bonds fund managed by SEI. Over the past 10 years, SRAAX returned 2.84%/yr vs 5.88%/yr for SGYAX. At a 0.18 correlation, their price movements are largely independent. SRAAX charges 0.45%/yr vs 0.56%/yr for SGYAX.

Performance

SRAAX vs. SGYAX - 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 High Yield Bond Fund (SGYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRAAX achieves a 1.79% return, which is significantly higher than SGYAX's 1.44% return. Over the past 10 years, SRAAX has underperformed SGYAX with an annualized return of 2.84%, while SGYAX has yielded a comparatively higher 5.88% annualized return.

SRAAX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.79%
• 6M: 1.78%
• 1Y: 4.20%
• 3Y*: 4.84%
• 5Y*: 3.06%
• 10Y*: 2.84%

SGYAX

• 1D: -0.14%
• 1M: 0.35%
• YTD: 1.44%
• 6M: 2.02%
• 1Y: 6.83%
• 3Y*: 8.58%
• 5Y*: 3.61%
• 10Y*: 5.88%

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

SRAAX vs. SGYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRAAX SEI Institutional Managed Trust Real Return Fund	1.79%	6.05%	4.05%	4.07%	-4.43%	6.98%	5.08%	4.59%	-0.03%	0.42%
SGYAX SEI Institutional Investments Trust High Yield Bond Fund	1.44%	8.01%	9.12%	10.89%	-13.29%	9.62%	6.04%	14.01%	-2.04%	8.08%

Correlation

The correlation between SRAAX and SGYAX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 7, 2009	0.18

The correlation between SRAAX and SGYAX shifts across timeframes, from 0.07 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SRAAX vs. SGYAX — Risk / Return Rank

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

SRAAX

SRAAX Risk / Return Rank: 84
SRAAX Sharpe Ratio Rank: 72
SRAAX Sortino Ratio Rank: 83
SRAAX Omega Ratio Rank: 81
SRAAX Calmar Ratio Rank: 94
SRAAX Martin Ratio Rank: 89

SGYAX

SGYAX Risk / Return Rank: 59
SGYAX Sharpe Ratio Rank: 46
SGYAX Sortino Ratio Rank: 78
SGYAX Omega Ratio Rank: 75
SGYAX Calmar Ratio Rank: 43
SGYAX Martin Ratio Rank: 52

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. SGYAX - 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 High Yield Bond Fund (SGYAX). 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	SGYAX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.00	+0.43
Sortino ratio: Return per unit of downside risk	3.90	3.76	+0.13
Omega ratio: Gain probability vs. loss probability	1.54	1.49	+0.04
Calmar ratio: Return relative to maximum drawdown	5.30	2.47	+2.83
Martin ratio: Return relative to average drawdown	16.86	10.56	+6.30
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. SGYAX - Sharpe Ratio Comparison

The current SRAAX Sharpe Ratio is 2.43, which is comparable to the SGYAX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SRAAX and SGYAX, 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	SGYAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.00	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.76	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	1.11	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.63	+0.36

Drawdowns

SRAAX vs. SGYAX - Drawdown Comparison

The maximum SRAAX drawdown since its inception was -6.72%, smaller than the maximum SGYAX drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for SRAAX and SGYAX.

Drawdown Indicators

	SRAAX	SGYAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.72%	-45.51%	+38.79%
Max Drawdown (1Y) Largest decline over 1 year	-0.82%	-2.77%	+1.95%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-4.18%	+2.65%
Max Drawdown (5Y) Largest decline over 5 years	-6.72%	-15.45%	+8.73%
Max Drawdown (10Y) Largest decline over 10 years	-6.72%	-21.85%	+15.13%
Current Drawdown Current decline from peak	-0.10%	-0.14%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.62%	-6.05%	+4.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.65%	-0.39%

Volatility

SRAAX vs. SGYAX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Real Return Fund (SRAAX) is 0.57%, while SEI Institutional Investments Trust High Yield Bond Fund (SGYAX) has a volatility of 1.02%. This indicates that SRAAX experiences smaller price fluctuations and is considered to be less risky than SGYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRAAX	SGYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	1.02%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	1.26%	2.68%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	3.43%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	4.79%	-1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.75%	5.31%	-2.56%

SRAAX vs. SGYAX - Expense Ratio Comparison

SRAAX has a 0.45% expense ratio, which is lower than SGYAX's 0.56% expense ratio.

Dividends

SRAAX vs. SGYAX - Dividend Comparison

SRAAX's dividend yield for the trailing twelve months is around 3.48%, less than SGYAX's 8.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGYAX SEI Institutional Investments Trust High Yield Bond Fund	8.76%	8.88%	8.68%	10.08%	8.79%	5.37%	7.30%	7.15%	7.31%	7.27%	7.30%	7.88%
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%	0.00%

Frequently Asked Questions

Can I hold both SRAAX and SGYAX in my portfolio?

SRAAX and SGYAX have a correlation of 0.07, 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 SGYAX?

SGYAX has higher volatility (1.02%) compared to SRAAX (0.57%). In terms of maximum drawdown, SRAAX dropped -6.72% vs SGYAX's -45.51%.

Which has better risk-adjusted returns?

SRAAX currently has the higher Sharpe Ratio (2.43 vs 2.00), 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.