- ISIN
- US52470G1141
- Issuer
- Franklin Templeton
- Inception Date
- Dec 22, 2015
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
LSMSX Performance Chart
Western Asset SMASh Series TF Fund (LSMSX) is up 2.4% since the beginning of the year. LSMSX is currently trading at $10 per share. Investors who bought $1,000 worth of LSMSX shares 5 years ago would now be looking at an investment worth $1,058.
Loading charts...
Returns By Period
Western Asset SMASh Series TF Fund (LSMSX) has returned 2.43% so far this year and 8.04% over the past 12 months.
Western Asset SMASh Series TF Fund
- 1D
- 0.10%
- 1M
- 1.91%
- YTD
- 2.43%
- 6M
- 2.64%
- 1Y
- 8.04%
- 3Y*
- 3.98%
- 5Y*
- 1.14%
- 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%
LSMSX Monthly Returns History
Based on dividend-adjusted daily data since Feb 1, 2017, LSMSX's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +7.3%, while the worst month was Mar 2020 at -7.2%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, LSMSX closed higher 39% of trading days. The best single day was Mar 25, 2020 with a return of +3.9%, while the worst single day was Mar 12, 2020 at -3.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.85% | 1.55% | -2.32% | 1.15% | 0.76% | 0.45% | 2.43% | ||||||
| 2025 | 0.20% | 1.27% | -2.11% | -1.27% | -0.60% | 0.81% | -0.83% | 0.97% | 3.35% | 1.26% | 0.14% | 0.09% | 3.22% |
| 2024 | 0.13% | 0.10% | 0.20% | -1.27% | 0.21% | 1.74% | 0.85% | 0.71% | 1.27% | -1.58% | 1.87% | -1.93% | 2.22% |
| 2023 | 3.65% | -2.42% | 2.02% | 0.29% | -0.51% | 0.80% | 0.18% | -1.33% | -3.23% | -1.72% | 7.29% | 3.13% | 7.96% |
| 2022 | -2.68% | -0.85% | -3.43% | -2.95% | 1.16% | -2.02% | 2.60% | -2.09% | -3.80% | -1.26% | 5.46% | -0.26% | -10.03% |
| 2021 | 1.34% | -1.53% | 0.84% | 1.22% | 0.73% | 0.66% | 0.92% | -0.52% | -1.00% | -0.18% | 1.13% | 0.49% | 4.11% |
Benchmark Metrics
Western Asset SMASh Series TF Fund has an annualized alpha of 2.45%, beta of 0.04, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since February 01, 2017.
- This fund participated in 23.54% of S&P 500 Index downside but only 17.62% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.04 may look defensive, but with R2 of 0.02 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 0.02 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
- 2.45%
- Beta
- 0.04
- R²
- 0.02
- Upside Capture
- 17.62%
- Downside Capture
- 23.54%
Expense Ratio
LSMSX has an expense ratio of 0.01%, which is considered low.
Return for Risk
Risk / Return Rank
LSMSX ranks 78 for risk / return — better than 78% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Western Asset SMASh Series TF Fund (LSMSX) 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.
| LSMSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.37 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.78 | +0.08 |
| Martin ratioReturn relative to average drawdown | 9.60 | 12.44 | -2.84 |
Dividends
Dividend History
Western Asset SMASh Series TF Fund provided a 3.84% dividend yield over the last twelve months, with an annual payout of $0.38 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.38 | $0.37 | $0.42 | $0.34 | $0.23 | $0.30 | $0.25 | $0.27 | $0.23 | $0.09 |
Dividend yield | 3.84% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% |
Monthly Dividends
The table displays the monthly dividend distributions for Western Asset SMASh Series TF 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 | $0.17 | ||||||
| 2025 | $0.00 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.37 |
| 2024 | $0.01 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.09 | $0.42 |
| 2023 | $0.01 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 2022 | $0.01 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.23 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.06 | $0.30 |
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Western Asset SMASh Series TF 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 TF Fund was 15.00%, occurring on Oct 25, 2022. Recovery took 445 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -15.00%Oct 2022 | 1y 2mo | 1y 9mo | 3y 9dJul 2021 - Aug 2024 |
COVID crash2020 | -13.97%Mar 2020 | 24d | 8mo 15d | 9mo 9dFeb 2020 - Dec 2020 |
2025 selloff2025 | -7.49%Apr 2025 | 4mo 1d | 6mo 8d | 10mo 9dDec 2024 - Oct 2025 |
2024 pullback2024 | -3.05%Nov 2024 | 1mo 3d | 26d | 1mo 29dOct 2024 - Dec 2024 |
2026 pullback2026 | -2.82%Mar 2026 | 22d | 2mo 26d | 3mo 18dMar 2026 - Jun 2026 |
Drawdown Indicators
| LSMSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.00% | -56.78% | +41.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -9.10% | +6.28% |
Max Drawdown (3Y)Largest decline over 3 years | -7.49% | -18.90% | +11.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.00% | -25.43% | +10.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -2.84% | -10.71% | +7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 2.03% | -1.19% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with LSMSX
Add Western Asset SMASh Series TF Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with LSMSX