TRLVX vs. USGDX

Last updated Jun 5, 2026

TRLVX (SEI Institutional Managed Trust Core Fixed Income Fund) and USGDX (Morgan Stanley U.S. Government Securities Trust) are both Intermediate Core Bond funds. Over the past 10 years, TRLVX returned 1.53%/yr vs 0.67%/yr for USGDX. Their correlation of 0.84 suggests significant overlap in exposure. TRLVX charges 0.66%/yr vs 0.52%/yr for USGDX.

Performance

TRLVX vs. USGDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Core Fixed Income Fund (TRLVX) and Morgan Stanley U.S. Government Securities Trust (USGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRLVX achieves a -0.05% return, which is significantly higher than USGDX's -1.93% return. Over the past 10 years, TRLVX has outperformed USGDX with an annualized return of 1.53%, while USGDX has yielded a comparatively lower 0.67% annualized return.

TRLVX

• 1D: -0.21%
• 1M: 0.01%
• YTD: -0.05%
• 6M: 0.07%
• 1Y: 4.13%
• 3Y*: 3.70%
• 5Y*: -0.61%
• 10Y*: 1.53%

USGDX

• 1D: -0.44%
• 1M: -0.11%
• YTD: -1.93%
• 6M: -1.83%
• 1Y: 6.93%
• 3Y*: 2.24%
• 5Y*: -1.33%
• 10Y*: 0.67%

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

TRLVX vs. USGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRLVX SEI Institutional Managed Trust Core Fixed Income Fund	-0.05%	7.06%	0.83%	5.92%	-15.66%	-1.63%	9.04%	9.25%	-0.47%	4.15%
USGDX Morgan Stanley U.S. Government Securities Trust	-1.93%	13.54%	-6.80%	4.64%	-13.25%	-2.18%	5.79%	7.23%	0.08%	2.91%

Correlation

The correlation between TRLVX and USGDX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 29, 1997	0.84

The correlation between TRLVX and USGDX shifts across timeframes, from 0.84 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TRLVX vs. USGDX — Risk / Return Rank

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

TRLVX

TRLVX Risk / Return Rank: 17
TRLVX Sharpe Ratio Rank: 17
TRLVX Sortino Ratio Rank: 18
TRLVX Omega Ratio Rank: 16
TRLVX Calmar Ratio Rank: 18
TRLVX Martin Ratio Rank: 16

USGDX

USGDX Risk / Return Rank: 13
USGDX Sharpe Ratio Rank: 13
USGDX Sortino Ratio Rank: 14
USGDX Omega Ratio Rank: 13
USGDX Calmar Ratio Rank: 12
USGDX Martin Ratio Rank: 12

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.

TRLVX vs. USGDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Core Fixed Income Fund (TRLVX) and Morgan Stanley U.S. Government Securities Trust (USGDX). 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.

	TRLVX	USGDX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.97	+0.19
Sortino ratio: Return per unit of downside risk	1.75	1.47	+0.28
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio: Return relative to maximum drawdown	1.46	1.07	+0.40
Martin ratio: Return relative to average drawdown	4.39	3.36	+1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRLVX vs. USGDX - Sharpe Ratio Comparison

The current TRLVX Sharpe Ratio is 1.17, which is comparable to the USGDX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TRLVX and USGDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRLVX	USGDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	0.97	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.11	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.08	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.49	+0.54

Drawdowns

TRLVX vs. USGDX - Drawdown Comparison

The maximum TRLVX drawdown since its inception was -20.98%, smaller than the maximum USGDX drawdown of -30.33%. Use the drawdown chart below to compare losses from any high point for TRLVX and USGDX.

Drawdown Indicators

	TRLVX	USGDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.98%	-30.33%	+9.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-7.88%	+4.59%
Max Drawdown (3Y) Largest decline over 3 years	-6.90%	-18.70%	+11.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.68%	-29.81%	+9.13%
Max Drawdown (10Y) Largest decline over 10 years	-20.98%	-30.33%	+9.35%
Current Drawdown Current decline from peak	-5.18%	-8.40%	+3.22%
Average Drawdown Average peak-to-trough decline	-2.48%	-3.20%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	2.50%	-1.41%

Volatility

TRLVX vs. USGDX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Core Fixed Income Fund (TRLVX) is 1.41%, while Morgan Stanley U.S. Government Securities Trust (USGDX) has a volatility of 3.40%. This indicates that TRLVX experiences smaller price fluctuations and is considered to be less risky than USGDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRLVX	USGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	3.40%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	5.84%	-2.87%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	8.65%	-4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	12.15%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	8.89%	-3.65%

TRLVX vs. USGDX - Expense Ratio Comparison

TRLVX has a 0.66% expense ratio, which is higher than USGDX's 0.52% expense ratio.

Dividends

TRLVX vs. USGDX - Dividend Comparison

TRLVX's dividend yield for the trailing twelve months is around 3.67%, less than USGDX's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRLVX SEI Institutional Managed Trust Core Fixed Income Fund	3.67%	3.52%	4.01%	3.38%	1.80%	1.90%	5.98%	3.73%	2.77%	2.36%	4.46%	3.64%
USGDX Morgan Stanley U.S. Government Securities Trust	5.03%	4.73%	5.20%	3.09%	2.51%	2.18%	2.79%	3.67%	3.13%	3.11%	3.13%	2.63%

Frequently Asked Questions

Can I hold both TRLVX and USGDX in my portfolio?

With a correlation of 0.91, TRLVX and USGDX 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.

Which is riskier, TRLVX or USGDX?

USGDX has higher volatility (3.40%) compared to TRLVX (1.41%). In terms of maximum drawdown, TRLVX dropped -20.98% vs USGDX's -30.33%.

Which has better risk-adjusted returns?

TRLVX currently has the higher Sharpe Ratio (1.17 vs 0.97), 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.