TFCYX vs. FMBIX

Last updated Jun 5, 2026

TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) and FMBIX (Fidelity Municipal Bond Index Fund) are both Municipal Bonds funds. At a 0.16 correlation, their price movements are largely independent. TFCYX charges 0.13%/yr vs 0.07%/yr for FMBIX.

Performance

TFCYX vs. FMBIX - 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 Fidelity Municipal Bond Index Fund (FMBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TFCYX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.92%
• 6M: 1.15%
• 1Y: 2.45%
• 3Y*: 2.86%
• 5Y*: 2.07%
• 10Y*: —

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TFCYX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	0.92%	2.71%	3.24%	2.77%	0.72%	0.10%	0.46%	0.65%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Correlation

The correlation between TFCYX and FMBIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.16

Return for Risk

TFCYX vs. FMBIX — Risk / Return Rank

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

TFCYX

TFCYX Risk / Return Rank: 99
TFCYX Sharpe Ratio Rank: 94
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 100

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.

TFCYX vs. FMBIX - 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 Fidelity Municipal Bond Index Fund (FMBIX). 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.

	TFCYX	FMBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.28	—	—
Sortino ratio: Return per unit of downside risk	10.90	—	—
Omega ratio: Gain probability vs. loss probability	5.87	—	—
Calmar ratio: Return relative to maximum drawdown	24.70	—	—
Martin ratio: Return relative to average drawdown	75.31	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TFCYX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	—	—

Drawdowns

Drawdown Indicators

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

Volatility

Volatility by Period

	TFCYX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.22%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	—	—

TFCYX vs. FMBIX - Expense Ratio Comparison

TFCYX has a 0.13% expense ratio, which is higher than FMBIX's 0.07% 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. FMBIX - Dividend Comparison

TFCYX's dividend yield for the trailing twelve months is around 2.42%, while FMBIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	2.42%	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 FMBIX in my portfolio?

TFCYX and FMBIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.