TMMAX vs. FDGKX

Last updated Aug 1, 2026

TMMAX (SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund) and FDGKX (Fidelity Dividend Growth Fund Class K) are both mutual funds - TMMAX is a Low Volatility fund managed by BlackRock, while FDGKX is a Large Cap Value Equities fund managed by Fidelity. Over the past 10 years, TMMAX returned 9.93%/yr vs 13.22%/yr for FDGKX. Their correlation of 0.82 means they have usually moved in the same direction. TMMAX charges 1.00%/yr vs 0.38%/yr for FDGKX.

Performance

TMMAX vs. FDGKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) and Fidelity Dividend Growth Fund Class K (FDGKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMMAX achieves a 8.33% return, which is significantly lower than FDGKX's 15.39% return. Over the past 10 years, TMMAX has underperformed FDGKX with an annualized return of 9.93%, while FDGKX has yielded a comparatively higher 13.22% annualized return.

TMMAX

• 1D: -1.22%
• 1M: 2.01%
• 6M: 5.67%
• YTD: 8.33%
• 1Y: 13.78%
• 3Y*: 13.06%
• 5Y*: 9.78%
• 10Y*: 9.93%
• ALL TIME*: 9.46%

FDGKX

• 1D: 2.02%
• 1M: -0.12%
• 6M: 9.95%
• YTD: 15.39%
• 1Y: 25.59%
• 3Y*: 22.03%
• 5Y*: 14.13%
• 10Y*: 13.22%
• ALL TIME*: 10.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDGKX Fidelity Dividend Growth Fund Class K	$0.00	$0.00	$0.00
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	$0.00	$0.00	$0.00

TMMAX vs. FDGKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	8.33%	11.03%	17.07%	7.32%	-3.11%	24.10%	1.32%	24.00%	-2.84%	15.19%
FDGKX Fidelity Dividend Growth Fund Class K	15.39%	19.47%	24.72%	18.00%	-11.54%	28.10%	2.31%	28.84%	-7.09%	18.03%

Correlation

The correlation between TMMAX and FDGKX is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since May 15, 2008	0.82

Over the past year, the correlation between TMMAX and FDGKX has dropped to 0.28 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

TMMAX vs. FDGKX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TMMAX

TMMAX Risk / Return Rank: 60
TMMAX Sharpe Ratio Rank: 57
TMMAX Sortino Ratio Rank: 63
TMMAX Omega Ratio Rank: 55
TMMAX Calmar Ratio Rank: 68
TMMAX Martin Ratio Rank: 58

FDGKX

FDGKX Risk / Return Rank: 69
FDGKX Sharpe Ratio Rank: 67
FDGKX Sortino Ratio Rank: 63
FDGKX Omega Ratio Rank: 63
FDGKX Calmar Ratio Rank: 74
FDGKX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TMMAX vs. FDGKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) and Fidelity Dividend Growth Fund Class K (FDGKX). 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.

	TMMAX	FDGKX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.56	-0.12
Sortino ratio: Return per unit of downside risk	2.18	2.14	+0.05
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	2.22	2.35	-0.13
Martin ratio: Return relative to average drawdown	7.56	9.51	-1.95

TMMAX vs. FDGKX - Sharpe Ratio Comparison

The current TMMAX Sharpe Ratio is 1.44, which is comparable to the FDGKX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of TMMAX and FDGKX, 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

TMMAX vs. FDGKX - Drawdown Comparison

The maximum TMMAX drawdown since its inception was -41.50%, smaller than the maximum FDGKX drawdown of -53.34%. Use the drawdown chart below to compare losses from any high point for TMMAX and FDGKX.

Drawdown Indicators

	TMMAX	FDGKX	Difference
Max Drawdown Largest peak-to-trough decline	-41.50%	-53.34%	+11.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-10.15%	+4.37%
Max Drawdown (3Y) Largest decline over 3 years	-23.00%	-21.35%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	-21.35%	-1.65%
Max Drawdown (10Y) Largest decline over 10 years	-33.41%	-41.28%	+7.87%
Current Drawdown Current decline from peak	-3.38%	-2.69%	-0.69%
Average Drawdown Average peak-to-trough decline	-5.57%	-6.50%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.50%	-0.81%

Volatility

TMMAX vs. FDGKX - Volatility Comparison

SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) and Fidelity Dividend Growth Fund Class K (FDGKX) have volatilities of 3.98% and 4.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMMAX	FDGKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.01%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	12.21%	-5.03%
Volatility (1Y) Calculated over the trailing 1-year period	8.95%	15.31%	-6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	16.89%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.83%	19.32%	-1.49%

TMMAX vs. FDGKX - Expense Ratio Comparison

TMMAX has a 1.00% expense ratio, which is higher than FDGKX's 0.38% expense ratio.

Dividends

TMMAX vs. FDGKX - Dividend Comparison

TMMAX's dividend yield for the trailing twelve months is around 23.27%, more than FDGKX's 5.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDGKX Fidelity Dividend Growth Fund Class K	5.86%	6.82%	7.46%	3.57%	11.59%	7.90%	1.98%	4.95%	23.08%	15.37%	1.70%	8.50%
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	23.27%	25.19%	23.39%	15.23%	6.54%	4.73%	2.15%	3.67%	4.91%	4.10%	4.17%	5.57%

Frequently Asked Questions

Can I hold both TMMAX and FDGKX in my portfolio?

TMMAX and FDGKX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMMAX or FDGKX?

FDGKX has higher volatility (4.01%) compared to TMMAX (3.98%). In terms of maximum drawdown, TMMAX dropped -41.50% vs FDGKX's -53.34%.

Which has better risk-adjusted returns?

FDGKX currently has the higher Sharpe Ratio (1.56 vs 1.44), 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.