DFCMX vs. LSMSX

Last updated Aug 5, 2026

DFCMX (DFA California Short Term Municipal Bond Portfolio) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, DFCMX returned 1.61%/yr vs 0.67%/yr for LSMSX. Their 0.37 correlation means their historical movements had little consistent relationship. DFCMX charges 0.19%/yr vs 0.01%/yr for LSMSX.

Performance

DFCMX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA California Short Term Municipal Bond Portfolio (DFCMX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCMX achieves a 1.14% return, which is significantly higher than LSMSX's 1.01% return.

DFCMX

• 1D: 0.00%
• 1M: 0.01%
• 6M: 0.72%
• YTD: 1.14%
• 1Y: 2.07%
• 3Y*: 2.62%
• 5Y*: 1.61%
• 10Y*: 1.16%
• ALL TIME*: 1.11%

LSMSX

• 1D: 0.00%
• 1M: -1.89%
• 6M: 0.06%
• YTD: 1.01%
• 1Y: 6.53%
• 3Y*: 3.86%
• 5Y*: 0.67%
• 10Y*: —
• ALL TIME*: 2.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFCMX DFA California Short Term Municipal Bond Portfolio	$0.00	$0.00	$0.00
LSMSX Western Asset SMASh Series TF Fund	$0.00	$0.00	$0.00

DFCMX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCMX DFA California Short Term Municipal Bond Portfolio	1.14%	2.55%	2.84%	2.53%	-0.76%	-0.13%	0.67%	1.84%	1.24%	0.60%
LSMSX Western Asset SMASh Series TF Fund	1.01%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	4.92%

Correlation

The correlation between DFCMX and LSMSX is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.37

The correlation between DFCMX and LSMSX shifts across timeframes, from 0.34 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFCMX vs. LSMSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFCMX

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

LSMSX

LSMSX Risk / Return Rank: 78
LSMSX Sharpe Ratio Rank: 90
LSMSX Sortino Ratio Rank: 90
LSMSX Omega Ratio Rank: 95
LSMSX Calmar Ratio Rank: 62
LSMSX Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFCMX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA California Short Term Municipal Bond Portfolio (DFCMX) and Western Asset SMASh Series TF Fund (LSMSX). 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.

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.

	DFCMX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.56	2.30	+1.25
Sortino ratio: Return per unit of downside risk	7.26	3.40	+3.85
Omega ratio: Gain probability vs. loss probability	3.37	1.55	+1.82
Calmar ratio: Return relative to maximum drawdown	10.17	2.32	+7.85
Martin ratio: Return relative to average drawdown	31.86	7.64	+24.22

DFCMX vs. LSMSX - Sharpe Ratio Comparison

The current DFCMX Sharpe Ratio is 3.56, which is higher than the LSMSX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DFCMX and LSMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFCMX vs. LSMSX - Drawdown Comparison

The maximum DFCMX drawdown since its inception was -2.20%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for DFCMX and LSMSX.

Drawdown Indicators

	DFCMX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-2.20%	-15.00%	+12.80%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-2.82%	+2.62%
Max Drawdown (3Y) Largest decline over 3 years	-0.68%	-7.49%	+6.81%
Max Drawdown (5Y) Largest decline over 5 years	-2.13%	-14.85%	+12.72%
Max Drawdown (10Y) Largest decline over 10 years	-2.20%	—	—
Current Drawdown Current decline from peak	-0.09%	-1.89%	+1.80%
Average Drawdown Average peak-to-trough decline	-0.25%	-2.81%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.86%	-0.79%

Volatility

DFCMX vs. LSMSX - Volatility Comparison

The current volatility for DFA California Short Term Municipal Bond Portfolio (DFCMX) is 0.20%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 0.99%. This indicates that DFCMX experiences smaller price fluctuations and is considered to be less risky than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCMX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	0.99%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	0.40%	2.28%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	2.85%	-2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.89%	4.51%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.87%	4.48%	-3.61%

DFCMX vs. LSMSX - Expense Ratio Comparison

DFCMX has a 0.19% expense ratio, which is higher than LSMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFCMX vs. LSMSX - Dividend Comparison

DFCMX's dividend yield for the trailing twelve months is around 2.44%, less than LSMSX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCMX DFA California Short Term Municipal Bond Portfolio	2.44%	2.23%	2.61%	1.70%	0.71%	0.36%	0.87%	1.43%	1.04%	0.87%	0.86%	0.82%
LSMSX Western Asset SMASh Series TF Fund	3.95%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCMX and LSMSX in my portfolio?

DFCMX and LSMSX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCMX or LSMSX?

LSMSX has higher volatility (0.99%) compared to DFCMX (0.20%). In terms of maximum drawdown, DFCMX dropped -2.20% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

DFCMX currently has the higher Sharpe Ratio (3.56 vs 2.30), 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.