TFCYX vs. FSAJX

Last updated Apr 2, 2026

Compare and contrast key facts about SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) and Fidelity SAI Tax-Free Bond Fund (FSAJX).

TFCYX is managed by BlackRock. It was launched on Apr 21, 2016. FSAJX is managed by Fidelity. It was launched on Oct 2, 2018.

Performance

TFCYX vs. FSAJX - 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 SAI Tax-Free Bond Fund (FSAJX). The values are adjusted to include any dividend payments, if applicable.

TFCYX vs. FSAJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	0.32%	2.71%	3.24%	2.77%	0.72%	0.10%	0.46%	1.40%	0.38%
FSAJX Fidelity SAI Tax-Free Bond Fund	-0.38%	5.25%	1.80%	7.67%	-9.82%	1.98%	3.91%	8.45%	1.95%

Returns By Period

In the year-to-date period, TFCYX achieves a 0.32% return, which is significantly higher than FSAJX's -0.38% return.

TFCYX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.32%
• 6M: 0.99%
• 1Y: 2.34%
• 3Y*: 2.75%
• 5Y*: 1.95%
• 10Y*: —

FSAJX

• 1D: 0.30%
• 1M: -2.25%
• YTD: -0.38%
• 6M: 1.07%
• 1Y: 3.98%
• 3Y*: 3.70%
• 5Y*: 1.17%
• 10Y*: —

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

TFCYX vs. FSAJX - Expense Ratio Comparison

TFCYX has a 0.13% expense ratio, which is lower than FSAJX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FSAJX

Fidelity SAI Tax-Free Bond Fund

TFCYX

SEI Institutional Managed Trust Tax-Free Conservative Income Fund

Return for Risk

TFCYX vs. FSAJX — 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: 98
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 100

FSAJX

FSAJX Risk / Return Rank: 43
FSAJX Sharpe Ratio Rank: 42
FSAJX Sortino Ratio Rank: 35
FSAJX Omega Ratio Rank: 62
FSAJX Calmar Ratio Rank: 41
FSAJX Martin Ratio Rank: 34

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. FSAJX - 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 SAI Tax-Free Bond Fund (FSAJX). 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	FSAJX	Difference
Sharpe ratio Return per unit of total volatility	3.02	0.93	+2.10
Sortino ratio Return per unit of downside risk	8.81	1.24	+7.57
Omega ratio Gain probability vs. loss probability	4.32	1.25	+3.07
Calmar ratio Return relative to maximum drawdown	26.02	1.15	+24.86
Martin ratio Return relative to average drawdown	68.88	3.89	+64.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFCYX vs. FSAJX - Sharpe Ratio Comparison

The current TFCYX Sharpe Ratio is 3.02, which is higher than the FSAJX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TFCYX and FSAJX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TFCYX	FSAJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	0.93	+2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.61	0.29	+1.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.57	+1.05

Correlation

The correlation between TFCYX and FSAJX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TFCYX vs. FSAJX - Dividend Comparison

TFCYX's dividend yield for the trailing twelve months is around 2.31%, less than FSAJX's 3.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	2.31%	2.68%	3.19%	2.63%	0.72%	0.00%	0.46%	1.39%	1.24%	0.68%
FSAJX Fidelity SAI Tax-Free Bond Fund	3.28%	4.25%	3.08%	2.75%	1.72%	1.50%	2.03%	2.79%	0.44%	0.00%

Drawdowns

TFCYX vs. FSAJX - Drawdown Comparison

The maximum TFCYX drawdown since its inception was -1.10%, smaller than the maximum FSAJX drawdown of -15.16%. Use the drawdown chart below to compare losses from any high point for TFCYX and FSAJX.

Drawdown Indicators

	TFCYX	FSAJX	Difference
Max Drawdown Largest peak-to-trough decline	-1.10%	-15.16%	+14.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-4.78%	+4.68%
Max Drawdown (5Y) Largest decline over 5 years	-1.10%	-15.16%	+14.06%
Current Drawdown Current decline from peak	-0.10%	-2.53%	+2.43%
Average Drawdown Average peak-to-trough decline	-0.02%	-3.37%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	1.41%	-1.37%

Volatility

TFCYX vs. FSAJX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) is 0.10%, while Fidelity SAI Tax-Free Bond Fund (FSAJX) has a volatility of 1.18%. This indicates that TFCYX experiences smaller price fluctuations and is considered to be less risky than FSAJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFCYX	FSAJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	1.18%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	0.55%	1.78%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	0.81%	4.83%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.21%	4.08%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.92%	4.65%	-3.73%