TMMAX vs. SPY
Compare and contrast key facts about SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) and State Street SPDR S&P 500 ETF (SPY).
TMMAX is managed by BlackRock. It was launched on Dec 20, 2007. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
TMMAX vs. SPY - Performance Comparison
Loading graphics...
TMMAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, TMMAX achieves a -0.07% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, TMMAX has underperformed SPY with an annualized return of 9.51%, while SPY has yielded a comparatively higher 13.98% 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%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
TMMAX vs. SPY - Expense Ratio Comparison
TMMAX has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
TMMAX vs. SPY — Risk / Return Rank
TMMAX
SPY
TMMAX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.
| TMMAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.59 | 0.93 | -0.33 |
Sortino ratioReturn per unit of downside risk | 0.90 | 1.45 | -0.56 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.22 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.53 | -0.80 |
Martin ratioReturn relative to average drawdown | 3.46 | 7.30 | -3.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| TMMAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.93 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.69 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.78 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.56 | -0.03 |
Correlation
The correlation between TMMAX and SPY is 0.88, 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. SPY - Dividend Comparison
TMMAX's dividend yield for the trailing twelve months is around 25.20%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
TMMAX vs. SPY - Drawdown Comparison
The maximum TMMAX drawdown since its inception was -41.50%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TMMAX and SPY.
Loading graphics...
Drawdown Indicators
| TMMAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.50% | -55.19% | +13.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -12.05% | +3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -23.00% | -24.50% | +1.50% |
Max Drawdown (10Y)Largest decline over 10 years | -33.41% | -33.72% | +0.31% |
Current DrawdownCurrent decline from peak | -10.87% | -6.24% | -4.63% |
Average DrawdownAverage peak-to-trough decline | -5.55% | -9.09% | +3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.83% | 2.52% | -0.69% |
Volatility
TMMAX vs. SPY - Volatility Comparison
The current volatility for SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) is 2.50%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that TMMAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| TMMAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 5.31% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 9.47% | -3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 19.05% | -7.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 17.06% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 17.92% | -0.11% |