TMMAX vs. VFAIX
TMMAX (SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund) and VFAIX (Vanguard Financials Index Fund Admiral Shares) are both mutual funds - TMMAX is a Large Cap Value Equities fund managed by BlackRock, while VFAIX is a Financials Equities fund managed by BlackRock. Over the past 10 years, TMMAX returned 10.01%/yr vs 12.26%/yr for VFAIX. A 0.76 correlation means they provide meaningful diversification when combined. TMMAX charges 1.00%/yr vs 0.10%/yr for VFAIX.
Performance
TMMAX vs. VFAIX - Performance Comparison
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Returns By Period
In the year-to-date period, TMMAX achieves a 4.41% return, which is significantly higher than VFAIX's -6.39% return. Over the past 10 years, TMMAX has underperformed VFAIX with an annualized return of 10.01%, while VFAIX has yielded a comparatively higher 12.26% annualized return.
TMMAX
- 1D
- -0.57%
- 1M
- 0.84%
- YTD
- 4.41%
- 6M
- 4.66%
- 1Y
- 10.15%
- 3Y*
- 12.67%
- 5Y*
- 9.47%
- 10Y*
- 10.01%
VFAIX
- 1D
- -1.37%
- 1M
- -1.92%
- YTD
- -6.39%
- 6M
- -4.18%
- 1Y
- 3.00%
- 3Y*
- 18.44%
- 5Y*
- 7.99%
- 10Y*
- 12.26%
TMMAX vs. VFAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund | 4.41% | 11.03% | 17.07% | 7.32% | -3.11% | 24.10% | 1.32% | 24.00% | -2.84% | 15.19% |
VFAIX Vanguard Financials Index Fund Admiral Shares | -6.39% | 14.90% | 30.46% | 14.07% | -12.26% | 36.27% | -2.15% | 31.63% | -13.47% | 20.05% |
Correlation
The correlation between TMMAX and VFAIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2007 | 0.76 |
The correlation between TMMAX and VFAIX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
TMMAX vs. VFAIX — Risk / Return Rank
TMMAX
VFAIX
TMMAX vs. VFAIX - 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 Vanguard Financials Index Fund Admiral Shares (VFAIX). 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 | VFAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.04 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 0.16 | +1.50 |
| Martin ratioReturn relative to average drawdown | 5.82 | 0.43 | +5.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMMAX | VFAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.16 | +1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.42 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.54 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.23 | +0.31 |
Drawdowns
TMMAX vs. VFAIX - Drawdown Comparison
The maximum TMMAX drawdown since its inception was -41.50%, smaller than the maximum VFAIX drawdown of -78.64%. Use the drawdown chart below to compare losses from any high point for TMMAX and VFAIX.
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Drawdown Indicators
| TMMAX | VFAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.50% | -78.64% | +37.14% |
Max Drawdown (1Y)Largest decline over 1 year | -5.78% | -14.72% | +8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -23.00% | -17.31% | -5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -23.00% | -25.71% | +2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -33.41% | -44.37% | +10.96% |
Current DrawdownCurrent decline from peak | -6.88% | -9.24% | +2.36% |
Average DrawdownAverage peak-to-trough decline | -5.57% | -18.61% | +13.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 5.54% | -3.89% |
Volatility
TMMAX vs. VFAIX - Volatility Comparison
The current volatility for SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund (TMMAX) is 2.07%, while Vanguard Financials Index Fund Admiral Shares (VFAIX) has a volatility of 3.29%. This indicates that TMMAX experiences smaller price fluctuations and is considered to be less risky than VFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMMAX | VFAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 3.29% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 5.83% | 11.05% | -5.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.24% | 14.75% | -6.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.07% | 19.35% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 22.60% | -4.79% |
TMMAX vs. VFAIX - Expense Ratio Comparison
TMMAX has a 1.00% expense ratio, which is higher than VFAIX's 0.10% expense ratio.
Dividends
TMMAX vs. VFAIX - Dividend Comparison
TMMAX's dividend yield for the trailing twelve months is around 24.23%, more than VFAIX's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMMAX SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund | 24.23% | 25.19% | 23.39% | 15.23% | 6.54% | 4.73% | 2.15% | 3.67% | 4.91% | 4.10% | 4.17% | 5.57% |
VFAIX Vanguard Financials Index Fund Admiral Shares | 1.56% | 1.56% | 1.75% | 2.08% | 2.31% | 2.62% | 2.21% | 2.17% | 2.30% | 1.54% | 1.64% | 2.00% |
Frequently Asked Questions
TMMAX and VFAIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFAIX has higher volatility (3.29%) compared to TMMAX (2.07%). In terms of maximum drawdown, TMMAX dropped -41.50% vs VFAIX's -78.64%.
TMMAX currently has the higher Sharpe Ratio (1.17 vs 0.16), 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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