TMMAX vs. SVOAX
TMMAX (SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund) and SVOAX (SEI Institutional Managed Trust U.S. Managed Volatility Fund) are both Low Volatility funds from BlackRock. Over the past 10 years, TMMAX returned 10.01%/yr vs 8.92%/yr for SVOAX. Their 0.97 correlation means they have historically moved very closely together. TMMAX charges 1.00%/yr vs 0.90%/yr for SVOAX.
Performance
TMMAX vs. SVOAX - Performance Comparison
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Returns By Period
In the year-to-date period, TMMAX achieves a 8.47% return, which is significantly lower than SVOAX's 9.50% return. Over the past 10 years, TMMAX has outperformed SVOAX with an annualized return of 10.01%, while SVOAX has yielded a comparatively lower 8.92% annualized return.
TMMAX
- 1D
- 0.12%
- 1M
- 2.13%
- 6M
- 5.05%
- YTD
- 8.47%
- 1Y
- 13.92%
- 3Y*
- 13.16%
- 5Y*
- 9.80%
- 10Y*
- 10.01%
- ALL TIME*
- 9.47%
SVOAX
- 1D
- 0.28%
- 1M
- 3.80%
- 6M
- 6.26%
- YTD
- 9.50%
- 1Y
- 15.10%
- 3Y*
- 12.58%
- 5Y*
- 8.39%
- 10Y*
- 8.92%
- ALL TIME*
- 8.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TMMAX vs. SVOAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund | 8.47% | 11.03% | 17.07% | 7.32% | -3.11% | 24.10% | 1.32% | 24.00% | -2.84% | 15.19% |
SVOAX SEI Institutional Managed Trust U.S. Managed Volatility Fund | 9.50% | 10.47% | 15.46% | 3.68% | -1.10% | 19.77% | -2.15% | 24.17% | -2.75% | 14.04% |
Correlation
The correlation between TMMAX and SVOAX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 21, 2007 | 0.97 |
The correlation between TMMAX and SVOAX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
TMMAX vs. SVOAX — Risk / Return Rank
TMMAX
SVOAX
TMMAX vs. SVOAX - 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 SEI Institutional Managed Trust U.S. Managed Volatility Fund (SVOAX). 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 | SVOAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.68 | -0.33 |
| Martin ratioReturn relative to average drawdown | 7.97 | 8.49 | -0.52 |
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Drawdowns
TMMAX vs. SVOAX - Drawdown Comparison
The maximum TMMAX drawdown since its inception was -41.50%, smaller than the maximum SVOAX drawdown of -47.22%. Use the drawdown chart below to compare losses from any high point for TMMAX and SVOAX.
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Drawdown Indicators
| TMMAX | SVOAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.50% | -47.22% | +5.72% |
Max Drawdown (1Y)Largest decline over 1 year | -5.78% | -5.39% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -23.00% | -20.19% | -2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -23.00% | -20.19% | -2.81% |
Max Drawdown (10Y)Largest decline over 10 years | -33.41% | -34.09% | +0.68% |
Current DrawdownCurrent decline from peak | -3.26% | -0.83% | -2.43% |
Average DrawdownAverage peak-to-trough decline | -5.57% | -5.89% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 1.70% | 0.00% |
Volatility
TMMAX vs. SVOAX - Volatility Comparison
SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) has a higher volatility of 3.95% compared to SEI Institutional Managed Trust U.S. Managed Volatility Fund (SVOAX) at 3.75%. This indicates that TMMAX's price experiences larger fluctuations and is considered to be riskier than SVOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMMAX | SVOAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.95% | 3.75% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.18% | 7.12% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.93% | 9.22% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 16.19% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.83% | 16.17% | +1.66% |
TMMAX vs. SVOAX - Expense Ratio Comparison
TMMAX has a 1.00% expense ratio, which is higher than SVOAX's 0.90% expense ratio.
Dividends
TMMAX vs. SVOAX - Dividend Comparison
TMMAX's dividend yield for the trailing twelve months is around 23.24%, more than SVOAX's 15.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SVOAX SEI Institutional Managed Trust U.S. Managed Volatility Fund | 15.53% | 16.95% | 17.05% | 13.66% | 11.01% | 18.42% | 1.47% | 4.66% | 13.86% | 9.21% | 4.35% | 6.58% |
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund | 23.24% | 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
With a correlation of 0.97, TMMAX and SVOAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TMMAX has higher volatility (3.95%) compared to SVOAX (3.75%). In terms of maximum drawdown, TMMAX dropped -41.50% vs SVOAX's -47.22%.
SVOAX currently has the higher Sharpe Ratio (1.57 vs 1.52), 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.
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