SUMAX vs. SICIX

Last updated Jun 26, 2026

SUMAX (SEI Tax Exempt Trust Short Duration Municipal Fund) and SICIX (SEI Asset Allocation Trust Conservative Strategy Fund) are both mutual funds - SUMAX is a Municipal Bonds fund managed by SEI, while SICIX is a Diversified Portfolio fund managed by SEI. Over the past 10 years, SUMAX returned 1.42%/yr vs 3.44%/yr for SICIX. At a 0.08 correlation, their price movements are largely independent. SUMAX charges 0.63%/yr vs 0.51%/yr for SICIX.

Performance

SUMAX vs. SICIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX) and SEI Asset Allocation Trust Conservative Strategy Fund (SICIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUMAX achieves a 0.90% return, which is significantly lower than SICIX's 2.10% return. Over the past 10 years, SUMAX has underperformed SICIX with an annualized return of 1.42%, while SICIX has yielded a comparatively higher 3.44% annualized return.

SUMAX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 0.90%
• 6M: 1.23%
• 1Y: 2.96%
• 3Y*: 3.26%
• 5Y*: 1.72%
• 10Y*: 1.42%

SICIX

• 1D: 0.18%
• 1M: -0.36%
• YTD: 2.10%
• 6M: 1.94%
• 1Y: 6.05%
• 3Y*: 6.28%
• 5Y*: 3.13%
• 10Y*: 3.44%

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

SUMAX vs. SICIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	0.90%	4.38%	2.49%	3.22%	-2.08%	-0.01%	1.77%	2.28%	1.09%	0.88%
SICIX SEI Asset Allocation Trust Conservative Strategy Fund	2.10%	8.12%	5.52%	5.29%	-6.23%	4.13%	2.62%	9.36%	-2.07%	5.13%

Correlation

The correlation between SUMAX and SICIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 16, 2003	0.08

The correlation between SUMAX and SICIX shifts across timeframes, from 0.08 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SUMAX vs. SICIX — Risk / Return Rank

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

SUMAX

SUMAX Risk / Return Rank: 92
SUMAX Sharpe Ratio Rank: 91
SUMAX Sortino Ratio Rank: 98
SUMAX Omega Ratio Rank: 98
SUMAX Calmar Ratio Rank: 88
SUMAX Martin Ratio Rank: 85

SICIX

SICIX Risk / Return Rank: 63
SICIX Sharpe Ratio Rank: 74
SICIX Sortino Ratio Rank: 76
SICIX Omega Ratio Rank: 73
SICIX Calmar Ratio Rank: 46
SICIX Martin Ratio Rank: 47

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.

SUMAX vs. SICIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX) and SEI Asset Allocation Trust Conservative Strategy Fund (SICIX). 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.

	SUMAX	SICIX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.09	+0.54
Sortino ratio: Return per unit of downside risk	5.56	3.03	+2.53
Omega ratio: Gain probability vs. loss probability	2.13	1.39	+0.74
Calmar ratio: Return relative to maximum drawdown	3.75	2.24	+1.51
Martin ratio: Return relative to average drawdown	13.33	8.51	+4.81

SUMAX vs. SICIX - Sharpe Ratio Comparison

The current SUMAX Sharpe Ratio is 2.63, which is comparable to the SICIX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of SUMAX and SICIX, 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

SUMAX vs. SICIX - Drawdown Comparison

The maximum SUMAX drawdown since its inception was -3.70%, smaller than the maximum SICIX drawdown of -27.62%. Use the drawdown chart below to compare losses from any high point for SUMAX and SICIX.

Drawdown Indicators

	SUMAX	SICIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-27.62%	+23.92%
Max Drawdown (1Y) Largest decline over 1 year	-0.79%	-2.65%	+1.86%
Max Drawdown (3Y) Largest decline over 3 years	-1.40%	-3.21%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-3.70%	-10.94%	+7.24%
Max Drawdown (10Y) Largest decline over 10 years	-3.70%	-11.61%	+7.91%
Current Drawdown Current decline from peak	-0.10%	-0.70%	+0.60%
Average Drawdown Average peak-to-trough decline	-0.26%	-3.56%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.69%	-0.47%

Volatility

SUMAX vs. SICIX - Volatility Comparison

The current volatility for SEI Tax Exempt Trust Short Duration Municipal Fund (SUMAX) is 0.33%, while SEI Asset Allocation Trust Conservative Strategy Fund (SICIX) has a volatility of 0.80%. This indicates that SUMAX experiences smaller price fluctuations and is considered to be less risky than SICIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUMAX	SICIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.80%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	2.20%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.13%	2.85%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	3.89%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.23%	3.90%	-2.67%

SUMAX vs. SICIX - Expense Ratio Comparison

SUMAX has a 0.63% expense ratio, which is higher than SICIX's 0.51% expense ratio.

Dividends

SUMAX vs. SICIX - Dividend Comparison

SUMAX's dividend yield for the trailing twelve months is around 2.72%, less than SICIX's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SICIX SEI Asset Allocation Trust Conservative Strategy Fund	2.85%	2.87%	3.67%	2.80%	4.69%	3.46%	1.84%	2.91%	1.80%	1.81%	1.64%	1.97%
SUMAX SEI Tax Exempt Trust Short Duration Municipal Fund	2.72%	3.37%	2.36%	1.73%	0.71%	0.58%	1.06%	1.45%	1.08%	0.67%	0.39%	0.79%

Frequently Asked Questions

Can I hold both SUMAX and SICIX in my portfolio?

SUMAX and SICIX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUMAX or SICIX?

SICIX has higher volatility (0.80%) compared to SUMAX (0.33%). In terms of maximum drawdown, SUMAX dropped -3.70% vs SICIX's -27.62%.

Which has better risk-adjusted returns?

SUMAX currently has the higher Sharpe Ratio (2.63 vs 2.09), 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.