TFCYX vs. NCATX
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 2.11%/yr vs -0.38%/yr for NCATX. Their 0.07 correlation means their historical movements had little consistent relationship. TFCYX charges 0.13%/yr vs 0.45%/yr for NCATX.
Performance
TFCYX vs. NCATX - Performance Comparison
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Returns By Period
In the year-to-date period, TFCYX achieves a 1.11% return, which is significantly higher than NCATX's -0.18% 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%
NCATX
- 1D
- -0.10%
- 1M
- -1.63%
- 6M
- -1.00%
- YTD
- -0.18%
- 1Y
- 4.60%
- 3Y*
- 2.86%
- 5Y*
- -0.38%
- 10Y*
- 1.32%
- ALL TIME*
- 4.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
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 | 1.11% | 2.71% | 3.24% | 2.77% | 0.72% | 0.10% | 0.46% | 1.40% | 1.25% | 0.69% |
NCATX Northern California Tax Exempt Fund | -0.18% | 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 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.07 |
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Return for Risk
TFCYX vs. NCATX — Risk / Return Rank
TFCYX
NCATX
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.
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 | NCATX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +6.57 | ||
| Omega ratioGain probability vs. loss probability | 5.21 | 1.45 | +3.76 |
| Calmar ratioReturn relative to maximum drawdown | 21.34 | 1.74 | +19.60 |
| Martin ratioReturn relative to average drawdown | 65.05 | 4.65 | +60.40 |
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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.
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Drawdown Indicators
| TFCYX | NCATX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -16.48% | +15.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.55% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.27% | +2.27% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -2.41% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 1.04% | -1.01% |
Volatility
TFCYX vs. NCATX - Volatility Comparison
The current volatility for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) is 0.00%, while Northern California Tax Exempt Fund (NCATX) has a volatility of 0.68%. 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.
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Volatility by Period
| TFCYX | NCATX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.68% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 2.07% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.74% | 2.59% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.22% | 4.14% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.91% | 4.25% | -3.34% |
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 2.19%, less than NCATX's 2.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCATX Northern California Tax Exempt Fund | 2.78% | 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 | 2.19% | 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
TFCYX and NCATX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCATX has higher volatility (0.68%) compared to TFCYX (0.00%). In terms of maximum drawdown, TFCYX dropped -1.10% vs NCATX's -16.55%.
TFCYX currently has the higher Sharpe Ratio (2.99 vs 1.88), 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.
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