STMSX vs. ECAT

Last updated Jun 4, 2026

STMSX (SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - STMSX is a Small Cap Blend Equities fund managed by BlackRock, while ECAT is a Derivative Income fund managed by BlackRock. Over the past 3 years, STMSX returned 15.64%/yr vs 19.24%/yr for ECAT. A 0.65 correlation means they provide meaningful diversification when combined. STMSX charges 1.11%/yr vs 1.38%/yr for ECAT.

Performance

STMSX vs. ECAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund (STMSX) and BlackRock ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STMSX achieves a 13.21% return, which is significantly higher than ECAT's 11.23% return.

STMSX

• 1D: 1.05%
• 1M: 2.23%
• YTD: 13.21%
• 6M: 13.30%
• 1Y: 26.59%
• 3Y*: 15.64%
• 5Y*: 6.41%
• 10Y*: 9.35%

ECAT

• 1D: -1.20%
• 1M: 6.84%
• YTD: 11.23%
• 6M: 9.37%
• 1Y: 20.83%
• 3Y*: 19.24%
• 5Y*: —
• 10Y*: —

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

STMSX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
STMSX SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund	13.21%	8.67%	13.34%	12.97%	-16.91%	5.28%
ECAT BlackRock ESG Capital Allocation Term Trust	11.23%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between STMSX and ECAT is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.65

The correlation between STMSX and ECAT has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

STMSX vs. ECAT — Risk / Return Rank

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

STMSX

STMSX Risk / Return Rank: 42
STMSX Sharpe Ratio Rank: 34
STMSX Sortino Ratio Rank: 35
STMSX Omega Ratio Rank: 32
STMSX Calmar Ratio Rank: 57
STMSX Martin Ratio Rank: 49

ECAT

ECAT Risk / Return Rank: 28
ECAT Sharpe Ratio Rank: 30
ECAT Sortino Ratio Rank: 29
ECAT Omega Ratio Rank: 29
ECAT Calmar Ratio Rank: 23
ECAT Martin Ratio Rank: 28

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.

STMSX vs. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund (STMSX) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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.

	STMSX	ECAT	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.56	+0.13
Sortino ratio: Return per unit of downside risk	2.48	2.22	+0.26
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.90	1.77	+1.13
Martin ratio: Return relative to average drawdown	10.15	6.65	+3.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STMSX vs. ECAT - Sharpe Ratio Comparison

The current STMSX Sharpe Ratio is 1.69, which is comparable to the ECAT Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of STMSX and ECAT, 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

	STMSX	ECAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.56	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.55	-0.20

Drawdowns

STMSX vs. ECAT - Drawdown Comparison

The maximum STMSX drawdown since its inception was -60.78%, which is greater than ECAT's maximum drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for STMSX and ECAT.

Drawdown Indicators

	STMSX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-60.78%	-32.23%	-28.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-11.80%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-34.36%	-15.79%	-18.57%
Max Drawdown (5Y) Largest decline over 5 years	-34.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.16%	—	—
Current Drawdown Current decline from peak	-2.32%	-1.20%	-1.12%
Average Drawdown Average peak-to-trough decline	-10.62%	-9.11%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.14%	-0.37%

Volatility

STMSX vs. ECAT - Volatility Comparison

SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund (STMSX) has a higher volatility of 4.61% compared to BlackRock ESG Capital Allocation Term Trust (ECAT) at 3.31%. This indicates that STMSX's price experiences larger fluctuations and is considered to be riskier than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STMSX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	3.31%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	10.59%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	13.44%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.10%	16.90%	+6.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	16.90%	+5.98%

STMSX vs. ECAT - Expense Ratio Comparison

STMSX has a 1.11% expense ratio, which is lower than ECAT's 1.38% expense ratio.

Dividends

STMSX vs. ECAT - Dividend Comparison

STMSX's dividend yield for the trailing twelve months is around 3.82%, less than ECAT's 21.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECAT BlackRock ESG Capital Allocation Term Trust	21.71%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
STMSX SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund	3.82%	4.41%	21.88%	3.11%	0.84%	9.68%	0.29%	2.54%	9.26%	1.89%	0.41%	0.25%

Frequently Asked Questions

Can I hold both STMSX and ECAT in my portfolio?

STMSX and ECAT have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STMSX or ECAT?

STMSX has higher volatility (4.61%) compared to ECAT (3.31%). In terms of maximum drawdown, STMSX dropped -60.78% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

STMSX currently has the higher Sharpe Ratio (1.69 vs 1.56), 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.