TFCYX vs. USMSX

Last updated Jun 25, 2026

TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, TFCYX returned 2.07%/yr vs 1.79%/yr for USMSX. At a 0.07 correlation, their price movements are largely independent. TFCYX charges 0.13%/yr vs 0.45%/yr for USMSX.

Performance

TFCYX vs. USMSX - 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 JPMorgan Ultra-Short Municipal Fund (USMSX). 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 higher than USMSX's 0.82% return.

TFCYX

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

USMSX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 0.82%
• 6M: 0.92%
• 1Y: 2.45%
• 3Y*: 2.93%
• 5Y*: 1.79%
• 10Y*: —

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

TFCYX vs. USMSX - 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%
USMSX JPMorgan Ultra-Short Municipal Fund	0.82%	2.87%	3.09%	3.21%	-0.90%	-0.15%	0.77%	1.90%	1.01%	0.69%

Correlation

The correlation between TFCYX and USMSX is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.07

Return for Risk

TFCYX vs. USMSX — 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: 97
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 100

USMSX

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

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. USMSX - 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 JPMorgan Ultra-Short Municipal Fund (USMSX). 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	USMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.28	4.15	-0.86
Sortino ratio: Return per unit of downside risk	10.90	8.87	+2.04
Omega ratio: Gain probability vs. loss probability	5.87	4.78	+1.09
Calmar ratio: Return relative to maximum drawdown	24.70	8.25	+16.46
Martin ratio: Return relative to average drawdown	75.31	44.52	+30.79

TFCYX vs. USMSX - Sharpe Ratio Comparison

The current TFCYX Sharpe Ratio is 3.28, which is comparable to the USMSX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of TFCYX and USMSX, 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. USMSX - Drawdown Comparison

The maximum TFCYX drawdown since its inception was -1.10%, smaller than the maximum USMSX drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for TFCYX and USMSX.

Drawdown Indicators

	TFCYX	USMSX	Difference
Max Drawdown Largest peak-to-trough decline	-1.10%	-2.09%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.30%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-0.50%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-1.10%	-2.03%	+0.93%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.22%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.06%	-0.03%

Volatility

TFCYX vs. USMSX - Volatility Comparison

SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) has a higher volatility of 0.19% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.18%. This indicates that TFCYX's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFCYX	USMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.18%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	0.45%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	0.59%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.22%	0.71%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	0.73%	+0.18%

TFCYX vs. USMSX - Expense Ratio Comparison

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

Dividends

TFCYX vs. USMSX - Dividend Comparison

TFCYX's dividend yield for the trailing twelve months is around 2.42%, more than USMSX's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USMSX JPMorgan Ultra-Short Municipal Fund	2.32%	2.42%	2.84%	2.35%	0.70%	0.05%	0.57%	1.28%	1.01%	0.59%

Frequently Asked Questions

Can I hold both TFCYX and USMSX in my portfolio?

TFCYX and USMSX 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.

Which is riskier, TFCYX or USMSX?

TFCYX has higher volatility (0.19%) compared to USMSX (0.18%). In terms of maximum drawdown, TFCYX dropped -1.10% vs USMSX's -2.09%.

Which has better risk-adjusted returns?

USMSX currently has the higher Sharpe Ratio (4.15 vs 3.28), 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.