STMSX vs. FFANX

Last updated Jun 24, 2026

STMSX (SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund) and FFANX (Fidelity Asset Manager 40% Fund) are both mutual funds - STMSX is a Small Cap Blend Equities fund managed by BlackRock, while FFANX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, STMSX returned 9.98%/yr vs 6.99%/yr for FFANX. Their correlation of 0.85 suggests significant overlap in exposure. STMSX charges 1.11%/yr vs 0.52%/yr for FFANX.

Performance

STMSX vs. FFANX - 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 Fidelity Asset Manager 40% Fund (FFANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STMSX achieves a 15.85% return, which is significantly higher than FFANX's 7.45% return. Over the past 10 years, STMSX has outperformed FFANX with an annualized return of 9.98%, while FFANX has yielded a comparatively lower 6.99% annualized return.

STMSX

• 1D: 0.76%
• 1M: 3.86%
• YTD: 15.85%
• 6M: 13.71%
• 1Y: 28.67%
• 3Y*: 16.59%
• 5Y*: 7.20%
• 10Y*: 9.98%

FFANX

• 1D: -0.13%
• 1M: 1.41%
• YTD: 7.45%
• 6M: 7.31%
• 1Y: 16.42%
• 3Y*: 11.28%
• 5Y*: 5.36%
• 10Y*: 6.99%

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

STMSX vs. FFANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STMSX SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund	15.85%	8.67%	13.34%	12.97%	-16.91%	23.68%	10.41%	21.99%	-12.34%	15.89%
FFANX Fidelity Asset Manager 40% Fund	7.45%	13.16%	7.40%	11.52%	-13.62%	8.03%	13.10%	15.81%	-4.06%	11.25%

Correlation

The correlation between STMSX and FFANX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.85

The correlation between STMSX and FFANX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

STMSX vs. FFANX — Risk / Return Rank

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

STMSX

STMSX Risk / Return Rank: 51
STMSX Sharpe Ratio Rank: 43
STMSX Sortino Ratio Rank: 44
STMSX Omega Ratio Rank: 39
STMSX Calmar Ratio Rank: 72
STMSX Martin Ratio Rank: 58

FFANX

FFANX Risk / Return Rank: 79
FFANX Sharpe Ratio Rank: 79
FFANX Sortino Ratio Rank: 79
FFANX Omega Ratio Rank: 79
FFANX Calmar Ratio Rank: 76
FFANX Martin Ratio Rank: 81

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. FFANX - 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 Fidelity Asset Manager 40% Fund (FFANX). 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.

	STMSX	FFANX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.41	-0.63
Sortino ratio: Return per unit of downside risk	2.59	3.45	-0.86
Omega ratio: Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	3.12	3.27	-0.15
Martin ratio: Return relative to average drawdown	10.87	13.95	-3.08

STMSX vs. FFANX - Sharpe Ratio Comparison

The current STMSX Sharpe Ratio is 1.78, which is comparable to the FFANX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of STMSX and FFANX, 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

STMSX vs. FFANX - Drawdown Comparison

The maximum STMSX drawdown since its inception was -60.78%, which is greater than FFANX's maximum drawdown of -31.69%. Use the drawdown chart below to compare losses from any high point for STMSX and FFANX.

Drawdown Indicators

	STMSX	FFANX	Difference
Max Drawdown Largest peak-to-trough decline	-60.78%	-31.69%	-29.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-5.20%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-34.36%	-7.55%	-26.81%
Max Drawdown (5Y) Largest decline over 5 years	-34.36%	-18.52%	-15.84%
Max Drawdown (10Y) Largest decline over 10 years	-43.16%	-18.52%	-24.64%
Current Drawdown Current decline from peak	-0.04%	-0.13%	+0.09%
Average Drawdown Average peak-to-trough decline	-10.60%	-3.79%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	1.22%	+1.55%

Volatility

STMSX vs. FFANX - Volatility Comparison

SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund (STMSX) has a higher volatility of 4.90% compared to Fidelity Asset Manager 40% Fund (FFANX) at 2.94%. This indicates that STMSX's price experiences larger fluctuations and is considered to be riskier than FFANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STMSX	FFANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	2.94%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	6.01%	+6.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	7.09%	+9.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.14%	7.94%	+15.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	7.74%	+15.17%

STMSX vs. FFANX - Expense Ratio Comparison

STMSX has a 1.11% expense ratio, which is higher than FFANX's 0.52% expense ratio.

Dividends

STMSX vs. FFANX - Dividend Comparison

STMSX's dividend yield for the trailing twelve months is around 3.73%, more than FFANX's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFANX Fidelity Asset Manager 40% Fund	3.65%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%
STMSX SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund	3.73%	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 FFANX in my portfolio?

STMSX and FFANX have a correlation of 0.77, 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 FFANX?

STMSX has higher volatility (4.90%) compared to FFANX (2.94%). In terms of maximum drawdown, STMSX dropped -60.78% vs FFANX's -31.69%.

Which has better risk-adjusted returns?

FFANX currently has the higher Sharpe Ratio (2.40 vs 1.78), 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.