STMSX vs. HASCX

Last updated Jun 4, 2026

STMSX (SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund) and HASCX (Harbor Small Cap Value Fund) are both Small Cap Blend Equities funds. Over the past 10 years, STMSX returned 9.35%/yr vs 11.62%/yr for HASCX. With a 0.95 correlation, they move nearly in lockstep. STMSX charges 1.11%/yr vs 0.87%/yr for HASCX.

Performance

STMSX vs. HASCX - 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 Harbor Small Cap Value Fund (HASCX). 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 lower than HASCX's 26.15% return. Over the past 10 years, STMSX has underperformed HASCX with an annualized return of 9.35%, while HASCX has yielded a comparatively higher 11.62% annualized 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%

HASCX

• 1D: 1.68%
• 1M: 1.58%
• YTD: 26.15%
• 6M: 23.98%
• 1Y: 42.29%
• 3Y*: 16.23%
• 5Y*: 8.73%
• 10Y*: 11.62%

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

STMSX vs. HASCX - 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	13.21%	8.67%	13.34%	12.97%	-16.91%	23.68%	10.41%	21.99%	-12.34%	15.89%
HASCX Harbor Small Cap Value Fund	26.15%	3.78%	10.93%	15.18%	-9.59%	14.55%	13.15%	28.97%	-16.16%	21.63%

Correlation

The correlation between STMSX and HASCX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 17, 2001	0.95

The correlation between STMSX and HASCX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

STMSX vs. HASCX — 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

HASCX

HASCX Risk / Return Rank: 69
HASCX Sharpe Ratio Rank: 63
HASCX Sortino Ratio Rank: 60
HASCX Omega Ratio Rank: 51
HASCX Calmar Ratio Rank: 90
HASCX Martin Ratio Rank: 83

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. HASCX - 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 Harbor Small Cap Value Fund (HASCX). 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	HASCX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.32	-0.63
Sortino ratio: Return per unit of downside risk	2.48	3.27	-0.79
Omega ratio: Gain probability vs. loss probability	1.30	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	2.90	4.55	-1.64
Martin ratio: Return relative to average drawdown	10.15	15.62	-5.48
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. HASCX - Sharpe Ratio Comparison

The current STMSX Sharpe Ratio is 1.69, which is comparable to the HASCX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of STMSX and HASCX, 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	HASCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.32	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.42	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.51	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.46	-0.11

Drawdowns

STMSX vs. HASCX - Drawdown Comparison

The maximum STMSX drawdown since its inception was -60.78%, roughly equal to the maximum HASCX drawdown of -58.90%. Use the drawdown chart below to compare losses from any high point for STMSX and HASCX.

Drawdown Indicators

	STMSX	HASCX	Difference
Max Drawdown Largest peak-to-trough decline	-60.78%	-58.90%	-1.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-9.89%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-34.36%	-28.34%	-6.02%
Max Drawdown (5Y) Largest decline over 5 years	-34.36%	-28.34%	-6.02%
Max Drawdown (10Y) Largest decline over 10 years	-43.16%	-42.15%	-1.01%
Current Drawdown Current decline from peak	-2.32%	-1.37%	-0.95%
Average Drawdown Average peak-to-trough decline	-10.62%	-8.14%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.87%	-0.10%

Volatility

STMSX vs. HASCX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund (STMSX) is 4.61%, while Harbor Small Cap Value Fund (HASCX) has a volatility of 6.16%. This indicates that STMSX experiences smaller price fluctuations and is considered to be less risky than HASCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STMSX	HASCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	6.16%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	14.54%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	19.37%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.10%	20.74%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	22.91%	-0.03%

STMSX vs. HASCX - Expense Ratio Comparison

STMSX has a 1.11% expense ratio, which is higher than HASCX's 0.87% expense ratio.

Dividends

STMSX vs. HASCX - Dividend Comparison

STMSX's dividend yield for the trailing twelve months is around 3.82%, more than HASCX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HASCX Harbor Small Cap Value Fund	2.71%	3.41%	0.62%	6.99%	7.25%	5.64%	0.43%	1.41%	11.18%	1.98%	0.36%	3.98%
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 HASCX in my portfolio?

With a correlation of 0.92, STMSX and HASCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, STMSX or HASCX?

HASCX has higher volatility (6.16%) compared to STMSX (4.61%). In terms of maximum drawdown, STMSX dropped -60.78% vs HASCX's -58.90%.

Which has better risk-adjusted returns?

HASCX currently has the higher Sharpe Ratio (2.32 vs 1.69), 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.