FAFTX vs. LSMSX
Compare and contrast key facts about Franklin Federal Tax-Free Income Fund Advisor Class (FAFTX) and Western Asset SMASh Series TF Fund (LSMSX).
FAFTX is a passively managed fund by Franklin Templeton that tracks the performance of the Bloomberg Municipal Bond Index. It was launched on Mar 20, 2002. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
FAFTX vs. LSMSX - Performance Comparison
Loading graphics...
FAFTX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAFTX Franklin Federal Tax-Free Income Fund Advisor Class | -0.77% | 4.88% | 3.98% | 6.80% | -11.57% | 2.62% | 5.74% | 7.44% | 0.79% | 3.18% |
LSMSX Western Asset SMASh Series TF Fund | -0.27% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Returns By Period
In the year-to-date period, FAFTX achieves a -0.77% return, which is significantly lower than LSMSX's -0.27% return.
FAFTX
- 1D
- 0.19%
- 1M
- -2.92%
- YTD
- -0.77%
- 6M
- 1.06%
- 1Y
- 3.91%
- 3Y*
- 3.91%
- 5Y*
- 1.03%
- 10Y*
- 2.11%
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
FAFTX vs. LSMSX - Expense Ratio Comparison
FAFTX has a 0.52% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Return for Risk
FAFTX vs. LSMSX — Risk / Return Rank
FAFTX
LSMSX
FAFTX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Federal Tax-Free Income Fund Advisor Class (FAFTX) 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.
| FAFTX | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.81 | 0.67 | +0.14 |
Sortino ratioReturn per unit of downside risk | 1.13 | 0.89 | +0.24 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.91 | 0.71 | +0.20 |
Martin ratioReturn relative to average drawdown | 2.90 | 1.98 | +0.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| FAFTX | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.81 | 0.67 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.25 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.00 | 0.58 | +0.42 |
Correlation
The correlation between FAFTX and LSMSX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FAFTX vs. LSMSX - Dividend Comparison
FAFTX's dividend yield for the trailing twelve months is around 3.91%, less than LSMSX's 3.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAFTX Franklin Federal Tax-Free Income Fund Advisor Class | 3.91% | 5.05% | 4.37% | 3.23% | 3.34% | 2.74% | 2.97% | 3.92% | 3.86% | 3.90% | 3.63% | 3.88% |
LSMSX Western Asset SMASh Series TF Fund | 3.97% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
Drawdowns
FAFTX vs. LSMSX - Drawdown Comparison
The maximum FAFTX drawdown since its inception was -17.02%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FAFTX and LSMSX.
Loading graphics...
Drawdown Indicators
| FAFTX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.02% | -15.00% | -2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -5.65% | -6.21% | +0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.02% | -15.00% | -2.02% |
Max Drawdown (10Y)Largest decline over 10 years | -17.02% | — | — |
Current DrawdownCurrent decline from peak | -2.92% | -2.62% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -2.14% | -2.88% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.21% | -0.44% |
Volatility
FAFTX vs. LSMSX - Volatility Comparison
Franklin Federal Tax-Free Income Fund Advisor Class (FAFTX) has a higher volatility of 1.19% compared to Western Asset SMASh Series TF Fund (LSMSX) at 1.10%. This indicates that FAFTX's price experiences larger fluctuations and is considered to be riskier than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| FAFTX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.10% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 1.60% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 5.78% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 4.44% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 4.52% | -0.27% |