TFCYX vs. NCATX

Last updated Jun 3, 2026

TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) and NCATX (Northern California Tax Exempt Fund) are both Municipal Bonds funds. Over the past 5 years, TFCYX returned 2.07%/yr vs 0.06%/yr for NCATX. At a 0.07 correlation, their price movements are largely independent. TFCYX charges 0.13%/yr vs 0.45%/yr for NCATX.

Performance

TFCYX vs. NCATX - 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 Northern California Tax Exempt Fund (NCATX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFCYX achieves a 0.92% return, which is significantly lower than NCATX's 1.00% return.

TFCYX

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

NCATX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.00%
• 6M: 1.31%
• 1Y: 6.53%
• 3Y*: 3.47%
• 5Y*: 0.06%
• 10Y*: 1.55%

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

TFCYX vs. NCATX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	0.92%	2.71%	3.24%	2.77%	0.72%	0.10%	0.46%	1.40%	1.25%	0.69%
NCATX Northern California Tax Exempt Fund	1.00%	3.65%	1.89%	5.74%	-11.26%	0.74%	4.85%	7.67%	1.00%	4.97%

Correlation

The correlation between TFCYX and NCATX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.07

Return for Risk

TFCYX vs. NCATX — 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

NCATX

NCATX Risk / Return Rank: 59
NCATX Sharpe Ratio Rank: 68
NCATX Sortino Ratio Rank: 78
NCATX Omega Ratio Rank: 87
NCATX Calmar Ratio Rank: 34
NCATX Martin Ratio Rank: 28

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. NCATX - 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 Northern California Tax Exempt Fund (NCATX). 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	NCATX	Difference
Sharpe ratio Return per unit of total volatility	3.28	2.41	+0.87
Sortino ratio Return per unit of downside risk	10.90	3.74	+7.17
Omega ratio Gain probability vs. loss probability	5.87	1.61	+4.26
Calmar ratio Return relative to maximum drawdown	26.92	2.22	+24.70
Martin ratio Return relative to average drawdown	82.26	6.86	+75.40
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. NCATX - Sharpe Ratio Comparison

The current TFCYX Sharpe Ratio is 3.28, which is higher than the NCATX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of TFCYX and NCATX, 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

	TFCYX	NCATX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	2.41	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.70	0.02	+1.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.05	+0.61

Drawdowns

TFCYX vs. NCATX - Drawdown Comparison

The maximum TFCYX drawdown since its inception was -1.10%, smaller than the maximum NCATX drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for TFCYX and NCATX.

Drawdown Indicators

	TFCYX	NCATX	Difference
Max Drawdown Largest peak-to-trough decline	-1.10%	-16.55%	+15.45%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-2.80%	+2.70%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-5.80%	+4.70%
Max Drawdown (5Y) Largest decline over 5 years	-1.10%	-16.55%	+15.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.55%	—
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-0.02%	-2.42%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.91%	-0.88%

Volatility

TFCYX vs. NCATX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) is 0.19%, while Northern California Tax Exempt Fund (NCATX) has a volatility of 1.04%. This indicates that TFCYX experiences smaller price fluctuations and is considered to be less risky than NCATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFCYX	NCATX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	1.04%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	0.57%	2.05%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	2.62%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.22%	4.13%	-2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	4.26%	-3.35%

TFCYX vs. NCATX - Expense Ratio Comparison

TFCYX has a 0.13% expense ratio, which is lower than NCATX's 0.45% expense ratio.

Dividends

TFCYX vs. NCATX - Dividend Comparison

TFCYX's dividend yield for the trailing twelve months is around 2.42%, less than NCATX's 3.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCATX Northern California Tax Exempt Fund	3.02%	2.85%	3.39%	2.46%	1.47%	2.18%	2.85%	3.82%	3.51%	3.19%	4.08%	3.21%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFCYX and NCATX in my portfolio?

TFCYX and NCATX have a correlation of 0.05, 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 NCATX?

NCATX has higher volatility (1.04%) compared to TFCYX (0.19%). In terms of maximum drawdown, TFCYX dropped -1.10% vs NCATX's -16.55%.

Which has better risk-adjusted returns?

TFCYX currently has the higher Sharpe Ratio (3.28 vs 2.41), 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.