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TMMAX vs. NASDX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

TMMAX vs. NASDX

Last updated Apr 1, 2026

Compare and contrast key facts about SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX).

TMMAX is managed by BlackRock. It was launched on Dec 20, 2007. NASDX is a passively managed fund by BlackRock that tracks the performance of the NASDAQ-100 Index. It was launched on Jan 18, 2000.

Performance

TMMAX vs. NASDX - 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 Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

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TMMAX vs. NASDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TMMAX
SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund		-0.07%11.03%17.07%7.32%-3.11%24.10%1.32%24.00%-2.84%15.19%
NASDX
Shelton Capital Management Nasdaq-100 Index Fund Direct Shares		-9.12%21.00%36.91%54.69%-32.57%27.32%48.59%38.22%-1.21%31.27%

Returns By Period

In the year-to-date period, TMMAX achieves a -0.07% return, which is significantly higher than NASDX's -9.12% return. Over the past 10 years, TMMAX has underperformed NASDX with an annualized return of 9.51%, while NASDX has yielded a comparatively higher 19.08% annualized return.

TMMAX

1D
0.40%
1M
-5.40%
YTD
-0.07%
6M
0.57%
1Y
6.09%
3Y*
11.46%
5Y*
9.81%
10Y*
9.51%

NASDX

1D
-0.79%
1M
-8.02%
YTD
-9.12%
6M
-6.79%
1Y
19.59%
3Y*
24.51%
5Y*
14.42%
10Y*
19.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund

Shelton Capital Management Nasdaq-100 Index Fund Direct Shares

Often compared with TMMAX:
TMMAX vs. SPYTMMAX vs. ACIIXTMMAX vs. RIDAXTMMAX vs. TWEIXTMMAX vs. ACTIXTMMAX vs. ASFYXTMMAX vs. AUXFX
Often compared with NASDX:
NASDX vs. QQQNASDX vs. USNQXNASDX vs. SPYNASDX vs. GOOGNASDX vs. VOONASDX vs. FTECNASDX vs. VOOG

TMMAX vs. NASDX - Expense Ratio Comparison

TMMAX has a 1.00% expense ratio, which is higher than NASDX's 0.63% expense ratio.

TMMAX
SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund
NASDX
Shelton Capital Management Nasdaq-100 Index Fund Direct Shares

Return for Risk

TMMAX vs. NASDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMMAX
TMMAX Risk / Return Rank: 2525
Overall Rank
TMMAX Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
TMMAX Sortino Ratio Rank: 2222
Sortino Ratio Rank
TMMAX Omega Ratio Rank: 2222
Omega Ratio Rank
TMMAX Calmar Ratio Rank: 2525
Calmar Ratio Rank
TMMAX Martin Ratio Rank: 3232
Martin Ratio Rank
NASDX
NASDX Risk / Return Rank: 5151
Overall Rank
NASDX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
NASDX Sortino Ratio Rank: 5151
Sortino Ratio Rank
NASDX Omega Ratio Rank: 5050
Omega Ratio Rank
NASDX Calmar Ratio Rank: 5757
Calmar Ratio Rank
NASDX Martin Ratio Rank: 5252
Martin Ratio Rank
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. NASDX - 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 Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

TMMAXNASDXDifference

Sharpe ratio

Return per unit of total volatility

0.59

0.88

-0.29

Sortino ratio

Return per unit of downside risk

0.90

1.40

-0.51

Omega ratio

Gain probability vs. loss probability

1.13

1.20

-0.07

Calmar ratio

Return relative to maximum drawdown

0.72

1.31

-0.59

Martin ratio

Return relative to average drawdown

3.46

5.01

-1.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMMAX vs. NASDX - Sharpe Ratio Comparison

The current TMMAX Sharpe Ratio is 0.59, which is lower than the NASDX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of TMMAX and NASDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

TMMAXNASDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.59

0.88

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

0.63

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.85

-0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.29

+0.24

Correlation

The correlation between TMMAX and NASDX is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TMMAX vs. NASDX - Dividend Comparison

TMMAX's dividend yield for the trailing twelve months is around 25.20%, more than NASDX's 3.93% yield.

TTM20252024202320222021202020192018201720162015
TMMAX
SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund		25.20%25.19%23.39%15.23%6.54%4.73%2.15%3.67%4.91%4.10%4.17%5.57%
NASDX
Shelton Capital Management Nasdaq-100 Index Fund Direct Shares		3.93%3.76%16.95%7.61%3.75%2.59%1.28%7.09%2.47%1.65%0.75%0.85%

Drawdowns

TMMAX vs. NASDX - Drawdown Comparison

The maximum TMMAX drawdown since its inception was -41.50%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for TMMAX and NASDX.

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Drawdown Indicators

TMMAXNASDXDifference

Max Drawdown

Largest peak-to-trough decline

-41.50%

-83.16%

+41.66%

Max Drawdown (1Y)

Largest decline over 1 year

-8.75%

-12.70%

+3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-23.00%

-35.33%

+12.33%

Max Drawdown (10Y)

Largest decline over 10 years

-33.41%

-35.33%

+1.92%

Current Drawdown

Current decline from peak

-10.87%

-11.90%

+1.03%

Average Drawdown

Average peak-to-trough decline

-5.55%

-34.59%

+29.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

3.32%

-1.49%

Volatility

TMMAX vs. NASDX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) is 2.50%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 5.38%. This indicates that TMMAX experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TMMAXNASDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.50%

5.38%

-2.88%

Volatility (6M)

Calculated over the trailing 6-month period

5.80%

12.45%

-6.65%

Volatility (1Y)

Calculated over the trailing 1-year period

11.86%

22.55%

-10.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.09%

23.03%

-3.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.81%

22.61%

-4.80%