DRNJX vs. LSMSX

Last updated Jun 4, 2026

DRNJX (BNY Mellon New Jersey Municipal Bond Fund Class A) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, DRNJX returned 0.58%/yr vs 1.20%/yr for LSMSX. Their correlation of 0.83 suggests significant overlap in exposure. DRNJX charges 0.95%/yr vs 0.01%/yr for LSMSX.

Performance

DRNJX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon New Jersey Municipal Bond Fund Class A (DRNJX) 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, DRNJX achieves a 1.72% return, which is significantly lower than LSMSX's 2.18% return.

DRNJX

• 1D: 0.25%
• 1M: 0.67%
• YTD: 1.72%
• 6M: 2.07%
• 1Y: 7.77%
• 3Y*: 3.60%
• 5Y*: 0.58%
• 10Y*: 1.85%

LSMSX

• 1D: 0.31%
• 1M: 1.07%
• YTD: 2.18%
• 6M: 2.48%
• 1Y: 8.53%
• 3Y*: 4.03%
• 5Y*: 1.20%
• 10Y*: —

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

DRNJX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRNJX BNY Mellon New Jersey Municipal Bond Fund Class A	1.72%	4.00%	1.68%	5.55%	-9.74%	1.24%	4.17%	7.31%	1.16%	5.27%
LSMSX Western Asset SMASh Series TF Fund	2.18%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	4.92%

Correlation

The correlation between DRNJX and LSMSX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.83

The correlation between DRNJX and LSMSX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

DRNJX vs. LSMSX — Risk / Return Rank

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

DRNJX

DRNJX Risk / Return Rank: 72
DRNJX Sharpe Ratio Rank: 82
DRNJX Sortino Ratio Rank: 86
DRNJX Omega Ratio Rank: 90
DRNJX Calmar Ratio Rank: 54
DRNJX Martin Ratio Rank: 47

LSMSX

LSMSX Risk / Return Rank: 77
LSMSX Sharpe Ratio Rank: 89
LSMSX Sortino Ratio Rank: 92
LSMSX Omega Ratio Rank: 94
LSMSX Calmar Ratio Rank: 61
LSMSX Martin Ratio Rank: 49

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.

DRNJX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon New Jersey Municipal Bond Fund Class A (DRNJX) 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.

	DRNJX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.95	-0.28
Sortino ratio: Return per unit of downside risk	4.10	4.61	-0.51
Omega ratio: Gain probability vs. loss probability	1.66	1.72	-0.07
Calmar ratio: Return relative to maximum drawdown	2.80	2.99	-0.20
Martin ratio: Return relative to average drawdown	9.81	10.07	-0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRNJX vs. LSMSX - Sharpe Ratio Comparison

The current DRNJX Sharpe Ratio is 2.67, which is comparable to the LSMSX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of DRNJX 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.

Sharpe Ratios by Period

	DRNJX	LSMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.95	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.27	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.63	+0.18

Drawdowns

DRNJX vs. LSMSX - Drawdown Comparison

The maximum DRNJX drawdown since its inception was -14.81%, roughly equal to the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for DRNJX and LSMSX.

Drawdown Indicators

	DRNJX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-15.00%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-2.82%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	-7.49%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-14.81%	-15.00%	+0.19%
Max Drawdown (10Y) Largest decline over 10 years	-14.81%	—	—
Current Drawdown Current decline from peak	-0.28%	-0.23%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.45%	-2.85%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.84%	-0.06%

Volatility

DRNJX vs. LSMSX - Volatility Comparison

BNY Mellon New Jersey Municipal Bond Fund Class A (DRNJX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 1.24% and 1.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRNJX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.22%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	2.07%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	2.88%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	4.49%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	4.51%	-0.50%

DRNJX vs. LSMSX - Expense Ratio Comparison

DRNJX has a 0.95% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

DRNJX vs. LSMSX - Dividend Comparison

DRNJX's dividend yield for the trailing twelve months is around 2.87%, less than LSMSX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRNJX BNY Mellon New Jersey Municipal Bond Fund Class A	2.87%	3.69%	2.68%	2.11%	2.35%	1.85%	2.56%	3.73%	4.41%	3.13%	3.33%	3.38%
LSMSX Western Asset SMASh Series TF Fund	3.86%	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 DRNJX and LSMSX in my portfolio?

DRNJX and LSMSX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRNJX or LSMSX?

DRNJX has higher volatility (1.24%) compared to LSMSX (1.22%). In terms of maximum drawdown, DRNJX dropped -14.81% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

LSMSX currently has the higher Sharpe Ratio (2.95 vs 2.67), 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.