ARMGX vs. LCSSX

Last updated Apr 2, 2026

Compare and contrast key facts about Western Asset Ultra-Short Income Fund (ARMGX) and ClearBridge Select Fund (LCSSX).

ARMGX is managed by Legg Mason. It was launched on Jun 22, 1992. LCSSX is managed by Legg Mason. It was launched on Nov 30, 2012.

Performance

ARMGX vs. LCSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Ultra-Short Income Fund (ARMGX) and ClearBridge Select Fund (LCSSX). The values are adjusted to include any dividend payments, if applicable.

ARMGX vs. LCSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARMGX Western Asset Ultra-Short Income Fund	0.39%	4.20%	4.67%	5.25%	-1.91%	0.06%	0.80%	3.38%	0.91%	3.09%
LCSSX ClearBridge Select Fund	-7.82%	7.26%	21.54%	24.25%	-33.06%	20.27%	58.86%	33.60%	10.56%	39.04%

Returns By Period

In the year-to-date period, ARMGX achieves a 0.39% return, which is significantly higher than LCSSX's -7.82% return. Over the past 10 years, ARMGX has underperformed LCSSX with an annualized return of 2.25%, while LCSSX has yielded a comparatively higher 16.03% annualized return.

ARMGX

• 1D: 0.11%
• 1M: -0.22%
• YTD: 0.39%
• 6M: 1.41%
• 1Y: 3.53%
• 3Y*: 4.43%
• 5Y*: 2.54%
• 10Y*: 2.25%

LCSSX

• 1D: 3.19%
• 1M: -5.91%
• YTD: -7.82%
• 6M: -9.53%
• 1Y: 7.84%
• 3Y*: 11.28%
• 5Y*: 2.22%
• 10Y*: 16.03%

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

ARMGX vs. LCSSX - Expense Ratio Comparison

ARMGX has a 1.32% expense ratio, which is higher than LCSSX's 0.99% expense ratio.

ARMGX

Western Asset Ultra-Short Income Fund

LCSSX

ClearBridge Select Fund

Return for Risk

ARMGX vs. LCSSX — Risk / Return Rank

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

ARMGX

ARMGX Risk / Return Rank: 99
ARMGX Sharpe Ratio Rank: 98
ARMGX Sortino Ratio Rank: 99
ARMGX Omega Ratio Rank: 99
ARMGX Calmar Ratio Rank: 99
ARMGX Martin Ratio Rank: 99

LCSSX

LCSSX Risk / Return Rank: 15
LCSSX Sharpe Ratio Rank: 13
LCSSX Sortino Ratio Rank: 14
LCSSX Omega Ratio Rank: 14
LCSSX Calmar Ratio Rank: 17
LCSSX Martin Ratio Rank: 16

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.

ARMGX vs. LCSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Ultra-Short Income Fund (ARMGX) and ClearBridge Select Fund (LCSSX). 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.

	ARMGX	LCSSX	Difference
Sharpe ratio Return per unit of total volatility	3.01	0.42	+2.59
Sortino ratio Return per unit of downside risk	6.38	0.75	+5.63
Omega ratio Gain probability vs. loss probability	2.39	1.10	+1.28
Calmar ratio Return relative to maximum drawdown	7.09	0.59	+6.51
Martin ratio Return relative to average drawdown	32.59	1.89	+30.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARMGX vs. LCSSX - Sharpe Ratio Comparison

The current ARMGX Sharpe Ratio is 3.01, which is higher than the LCSSX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of ARMGX and LCSSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ARMGX	LCSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	0.42	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.06	0.10	+1.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.40	0.73	+0.67
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.75	+0.37

Correlation

The correlation between ARMGX and LCSSX is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ARMGX vs. LCSSX - Dividend Comparison

ARMGX's dividend yield for the trailing twelve months is around 2.81%, while LCSSX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARMGX Western Asset Ultra-Short Income Fund	2.81%	3.00%	2.43%	2.23%	1.37%	0.17%	1.45%	2.32%	1.92%	1.37%	0.96%	0.48%
LCSSX ClearBridge Select Fund	0.00%	0.00%	0.00%	0.00%	0.01%	3.26%	0.00%	0.00%	1.28%	2.11%	1.12%	5.25%

Drawdowns

ARMGX vs. LCSSX - Drawdown Comparison

The maximum ARMGX drawdown since its inception was -21.79%, smaller than the maximum LCSSX drawdown of -43.46%. Use the drawdown chart below to compare losses from any high point for ARMGX and LCSSX.

Drawdown Indicators

	ARMGX	LCSSX	Difference
Max Drawdown Largest peak-to-trough decline	-21.79%	-43.46%	+21.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	-14.24%	+13.69%
Max Drawdown (5Y) Largest decline over 5 years	-3.23%	-43.46%	+40.23%
Max Drawdown (10Y) Largest decline over 10 years	-9.09%	-43.46%	+34.37%
Current Drawdown Current decline from peak	-0.22%	-11.51%	+11.29%
Average Drawdown Average peak-to-trough decline	-1.54%	-9.26%	+7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	4.40%	-4.28%

Volatility

ARMGX vs. LCSSX - Volatility Comparison

The current volatility for Western Asset Ultra-Short Income Fund (ARMGX) is 0.27%, while ClearBridge Select Fund (LCSSX) has a volatility of 6.53%. This indicates that ARMGX experiences smaller price fluctuations and is considered to be less risky than LCSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARMGX	LCSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	6.53%	-6.26%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	11.81%	-10.97%
Volatility (1Y) Calculated over the trailing 1-year period	1.22%	20.52%	-19.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.24%	21.86%	-20.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.61%	21.93%	-20.32%