TFCYX vs. BATVX

Last updated Aug 1, 2026

TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds from BlackRock. Over the past 5 years, TFCYX returned 2.11%/yr vs 1.55%/yr for BATVX. Their 0.44 correlation means their historical movements had little consistent relationship. TFCYX charges 0.13%/yr vs 0.00%/yr for BATVX.

Performance

TFCYX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFCYX achieves a 1.11% return, which is significantly lower than BATVX's 1.20% return.

TFCYX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.96%
• YTD: 1.11%
• 1Y: 2.12%
• 3Y*: 2.75%
• 5Y*: 2.11%
• 10Y*: —
• ALL TIME*: 1.51%

BATVX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.04%
• YTD: 1.20%
• 1Y: 2.36%
• 3Y*: 2.36%
• 5Y*: 1.55%
• 10Y*: —
• ALL TIME*: 1.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BATVX BlackRock Allocation Target Shares	$0.00	$0.00	$0.00
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	$0.00	$0.00	$0.00

TFCYX vs. BATVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	1.11%	2.71%	3.24%	2.77%	0.72%	0.00%
BATVX BlackRock Allocation Target Shares	1.20%	2.80%	2.48%	1.41%	-0.10%	0.00%

Correlation

The correlation between TFCYX and BATVX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.44

Over the past year, TFCYX and BATVX have become more correlated (0.75) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

TFCYX vs. BATVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TFCYX

TFCYX Risk / Return Rank: 99
TFCYX Sharpe Ratio Rank: 98
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 99

BATVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TFCYX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) and BlackRock Allocation Target Shares (BATVX). 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.

	TFCYX	BATVX	Difference
Sharpe ratio: Return per unit of total volatility	3.16	3.57	-0.41
Sortino ratio: Return per unit of downside risk	10.35	—	—
Omega ratio: Gain probability vs. loss probability	5.62	—	—
Calmar ratio: Return relative to maximum drawdown	23.43	—	—
Martin ratio: Return relative to average drawdown	71.45	—	—

TFCYX vs. BATVX - Sharpe Ratio Comparison

The current TFCYX Sharpe Ratio is 3.16, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of TFCYX and BATVX, 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

TFCYX vs. BATVX - Drawdown Comparison

The maximum TFCYX drawdown since its inception was -1.10%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for TFCYX and BATVX.

Drawdown Indicators

	TFCYX	BATVX	Difference
Max Drawdown Largest peak-to-trough decline	-1.10%	-0.20%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	0.00%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-0.10%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	-1.10%	-0.20%	-0.90%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.02%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.00%	+0.03%

Volatility

TFCYX vs. BATVX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) is 0.00%, while BlackRock Allocation Target Shares (BATVX) has a volatility of 0.00%. This indicates that TFCYX experiences smaller price fluctuations and is considered to be less risky than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFCYX	BATVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.00%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	0.48%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.74%	0.72%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.22%	0.64%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	0.63%	+0.28%

TFCYX vs. BATVX - Expense Ratio Comparison

TFCYX has a 0.13% expense ratio, which is higher than BATVX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TFCYX vs. BATVX - Dividend Comparison

TFCYX's dividend yield for the trailing twelve months is around 2.19%, less than BATVX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BATVX BlackRock Allocation Target Shares	2.33%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	2.19%	2.68%	3.19%	2.63%	0.72%	0.00%	0.46%	1.39%	1.24%	0.68%

Frequently Asked Questions

Can I hold both TFCYX and BATVX in my portfolio?

TFCYX and BATVX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFCYX or BATVX?

BATVX has higher volatility (0.00%) compared to TFCYX (0.00%). In terms of maximum drawdown, TFCYX dropped -1.10% vs BATVX's -0.20%.

Which has better risk-adjusted returns?

BATVX currently has the higher Sharpe Ratio (3.57 vs 3.16), 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.