- ISIN
- US52470G7593
- Issuer
- Legg Mason
- Inception Date
- Dec 27, 2006
- Category
- Intermediate Core-Plus Bond
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
LMSMX Performance Chart
Western Asset SMASh Series M Fund (LMSMX) is up 1.0% since the beginning of the year. LMSMX is currently trading at $8 per share. Investors who bought $1,000 worth of LMSMX shares 5 years ago would now be looking at an investment worth $905.
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Returns By Period
Western Asset SMASh Series M Fund (LMSMX) has returned 0.95% so far this year and 7.34% over the past 12 months.
Western Asset SMASh Series M Fund
- 1D
- 0.25%
- 1M
- 0.35%
- YTD
- 0.95%
- 6M
- 1.08%
- 1Y
- 7.34%
- 3Y*
- 5.07%
- 5Y*
- -1.97%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
LMSMX Monthly Returns History
Based on dividend-adjusted daily data since Feb 1, 2017, LMSMX's average daily return is +0.01%, while the average monthly return is +0.14%. At this rate, an investment would double in approximately 41.3 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +5.8%, while the worst month was Sep 2022 at -7.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, LMSMX closed higher 46% of trading days. The best single day was Nov 10, 2022 with a return of +3.7%, while the worst single day was Jun 14, 2022 at -3.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.64% | 1.72% | -1.77% | 0.57% | 0.11% | -0.28% | 0.95% | ||||||
| 2025 | 0.81% | 3.45% | 0.46% | 1.16% | -1.11% | 2.60% | -1.11% | 3.47% | -0.03% | 0.70% | 1.01% | 0.22% | 12.15% |
| 2024 | 0.07% | -3.42% | 1.18% | -4.80% | 2.45% | 2.01% | 3.88% | 2.57% | 1.71% | -5.86% | 1.48% | -2.43% | -1.72% |
| 2023 | 4.31% | -4.64% | 4.55% | 0.95% | -2.08% | -2.90% | 0.09% | -0.50% | -3.41% | -2.03% | 5.84% | 5.60% | 5.13% |
| 2022 | -3.04% | -1.94% | -6.44% | -4.57% | 0.91% | -2.20% | 3.75% | -5.55% | -7.86% | -2.61% | 4.66% | -0.70% | -23.44% |
| 2021 | -0.64% | -3.06% | -1.30% | 1.29% | 0.26% | 0.17% | 2.19% | -0.27% | -1.48% | -0.77% | 0.75% | 0.63% | -2.32% |
Benchmark Metrics
Western Asset SMASh Series M Fund has an annualized alpha of 1.36%, beta of 0.03, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since February 01, 2017.
- This fund participated in 30.11% of S&P 500 Index downside but only 15.77% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.36%
- Beta
- 0.03
- R²
- 0.00
- Upside Capture
- 15.77%
- Downside Capture
- 30.11%
Expense Ratio
LMSMX has an expense ratio of 0.00%, meaning no management fees are charged.
Return for Risk
Risk / Return Rank
LMSMX ranks 41 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Western Asset SMASh Series M Fund (LMSMX) and compare them to S&P 500 Index.
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.
| LMSMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.78 | +0.12 |
| Martin ratioReturn relative to average drawdown | 7.47 | 12.44 | -4.97 |
Dividends
Dividend History
Western Asset SMASh Series M Fund provided a 4.42% dividend yield over the last twelve months, with an annual payout of $0.35 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.35 | $0.33 | $0.39 | $0.37 | $0.27 | $0.40 | $0.77 | $0.77 | $0.34 | $0.35 |
Dividend yield | 4.42% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% |
Monthly Dividends
The table displays the monthly dividend distributions for Western Asset SMASh Series M Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.01 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.15 | ||||||
| 2025 | $0.00 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.33 |
| 2024 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.06 | $0.39 |
| 2023 | $0.01 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.37 |
| 2022 | $0.01 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.07 | $0.27 |
| 2021 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.22 | $0.40 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Western Asset SMASh Series M Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Western Asset SMASh Series M Fund was 30.76%, occurring on Oct 19, 2023. The portfolio has not yet recovered.
The current Western Asset SMASh Series M Fund drawdown is 12.68%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -30.76%Oct 2023 | 2y 9mo | — | 5y 5moJan 2021 - now |
COVID crash2020 | -6.22%Mar 2020 | 14d | 20d | 1mo 4dMar 2020 - Apr 2020 |
2018 pullback2018 | -4.16%May 2018 | 5mo | 7mo 11d | 1y 6dDec 2017 - Dec 2018 |
2019 pullback2019 | -2.23%Nov 2019 | 1mo 5d | 2mo 5d | 3mo 10dOct 2019 - Jan 2020 |
2017 pullback2017 | -2.15%Oct 2017 | 1mo 18d | 1mo 20d | 3mo 8dSep 2017 - Dec 2017 |
Drawdown Indicators
| LMSMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.76% | -56.78% | +26.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -9.10% | +6.46% |
Max Drawdown (3Y)Largest decline over 3 years | -10.50% | -18.90% | +8.40% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -25.43% | -4.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -12.68% | -1.80% | -10.88% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -10.71% | +0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.03% | -1.01% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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