TMMAX vs. HDCTX

Last updated Jun 23, 2026

TMMAX (SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, TMMAX returned 9.77%/yr vs 5.42%/yr for HDCTX. A 0.79 correlation means they provide meaningful diversification when combined. TMMAX charges 1.00%/yr vs 1.17%/yr for HDCTX.

Performance

TMMAX vs. HDCTX - 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 Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMMAX achieves a 2.14% return, which is significantly lower than HDCTX's 9.78% return. Over the past 10 years, TMMAX has outperformed HDCTX with an annualized return of 9.77%, while HDCTX has yielded a comparatively lower 5.42% annualized return.

TMMAX

• 1D: -0.78%
• 1M: -3.10%
• YTD: 2.14%
• 6M: 1.46%
• 1Y: 8.49%
• 3Y*: 11.24%
• 5Y*: 9.55%
• 10Y*: 9.77%

HDCTX

• 1D: 0.68%
• 1M: -0.08%
• YTD: 9.78%
• 6M: 8.97%
• 1Y: 20.63%
• 3Y*: 14.61%
• 5Y*: 7.73%
• 10Y*: 5.42%

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

TMMAX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	2.14%	11.03%	17.07%	7.32%	-3.11%	24.10%	1.32%	24.00%	-2.84%	15.19%
HDCTX Rational Equity Armor Fund	9.78%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%

Correlation

The correlation between TMMAX and HDCTX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Dec 21, 2007	0.79

Over the past year, the correlation between TMMAX and HDCTX has dropped to 0.33 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

TMMAX vs. HDCTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMMAX

TMMAX Risk / Return Rank: 17
TMMAX Sharpe Ratio Rank: 15
TMMAX Sortino Ratio Rank: 15
TMMAX Omega Ratio Rank: 14
TMMAX Calmar Ratio Rank: 20
TMMAX Martin Ratio Rank: 23

HDCTX

HDCTX Risk / Return Rank: 55
HDCTX Sharpe Ratio Rank: 60
HDCTX Sortino Ratio Rank: 63
HDCTX Omega Ratio Rank: 54
HDCTX Calmar Ratio Rank: 62
HDCTX Martin Ratio Rank: 36

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.

TMMAX vs. HDCTX - 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 Rational Equity Armor Fund (HDCTX). 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	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.09	-1.05
Sortino ratio: Return per unit of downside risk	1.52	3.02	-1.51
Omega ratio: Gain probability vs. loss probability	1.18	1.37	-0.19
Calmar ratio: Return relative to maximum drawdown	1.50	2.89	-1.39
Martin ratio: Return relative to average drawdown	5.16	7.51	-2.35

TMMAX vs. HDCTX - Sharpe Ratio Comparison

The current TMMAX Sharpe Ratio is 1.04, which is lower than the HDCTX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of TMMAX and HDCTX, 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. HDCTX - Drawdown Comparison

The maximum TMMAX drawdown since its inception was -41.50%, smaller than the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TMMAX and HDCTX.

Drawdown Indicators

	TMMAX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-41.50%	-59.05%	+17.55%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-6.95%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-23.00%	-11.74%	-11.26%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	-18.22%	-4.78%
Max Drawdown (10Y) Largest decline over 10 years	-33.41%	-19.43%	-13.98%
Current Drawdown Current decline from peak	-8.90%	-2.15%	-6.75%
Average Drawdown Average peak-to-trough decline	-5.57%	-6.40%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	2.67%	-1.00%

Volatility

TMMAX vs. HDCTX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) is 2.58%, while Rational Equity Armor Fund (HDCTX) has a volatility of 2.74%. This indicates that TMMAX experiences smaller price fluctuations and is considered to be less risky than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMMAX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.74%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	6.10%	7.12%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.34%	9.62%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.07%	10.67%	+8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	11.55%	+6.26%

TMMAX vs. HDCTX - Expense Ratio Comparison

TMMAX has a 1.00% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

TMMAX vs. HDCTX - Dividend Comparison

TMMAX's dividend yield for the trailing twelve months is around 24.76%, more than HDCTX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDCTX Rational Equity Armor Fund	0.18%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund	24.76%	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 HDCTX in my portfolio?

TMMAX and HDCTX have a correlation of 0.33, 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 HDCTX?

HDCTX has higher volatility (2.74%) compared to TMMAX (2.58%). In terms of maximum drawdown, TMMAX dropped -41.50% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

HDCTX currently has the higher Sharpe Ratio (2.09 vs 1.04), 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.