FCMQX vs. LSMSX
FCMQX (Fidelity Advisor California Municipal Income Fund Class I) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, FCMQX returned 0.39%/yr vs 0.70%/yr for LSMSX. Their correlation of 0.83 means they have usually moved in the same direction. FCMQX charges 0.54%/yr vs 0.01%/yr for LSMSX.
Performance
FCMQX vs. LSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, FCMQX achieves a -0.33% return, which is significantly lower than LSMSX's 1.12% return.
FCMQX
- 1D
- -0.25%
- 1M
- -2.17%
- 6M
- -1.21%
- YTD
- -0.33%
- 1Y
- 4.56%
- 3Y*
- 3.27%
- 5Y*
- 0.39%
- 10Y*
- 1.67%
- ALL TIME*
- 2.54%
LSMSX
- 1D
- -0.21%
- 1M
- -1.78%
- 6M
- 0.26%
- YTD
- 1.12%
- 1Y
- 6.64%
- 3Y*
- 3.47%
- 5Y*
- 0.70%
- 10Y*
- —
- ALL TIME*
- 2.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FCMQX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCMQX Fidelity Advisor California Municipal Income Fund Class I | -0.33% | 5.61% | 1.40% | 6.08% | -9.67% | 1.31% | 4.40% | 7.51% | 0.61% | 5.17% |
LSMSX Western Asset SMASh Series TF Fund | 1.12% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Correlation
The correlation between FCMQX and LSMSX is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.83 |
The correlation between FCMQX and LSMSX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
FCMQX vs. LSMSX — Risk / Return Rank
FCMQX
LSMSX
FCMQX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class I (FCMQX) 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.
| FCMQX | LSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.63 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.65 | -1.04 |
| Martin ratioReturn relative to average drawdown | 4.79 | 8.88 | -4.09 |
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Drawdowns
FCMQX vs. LSMSX - Drawdown Comparison
The maximum FCMQX drawdown since its inception was -23.20%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FCMQX and LSMSX.
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Drawdown Indicators
| FCMQX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -15.00% | -8.20% |
Max Drawdown (1Y)Largest decline over 1 year | -3.41% | -2.82% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.33% | -7.49% | +2.16% |
Max Drawdown (5Y)Largest decline over 5 years | -14.05% | -14.92% | +0.87% |
Max Drawdown (10Y)Largest decline over 10 years | -14.05% | — | — |
Current DrawdownCurrent decline from peak | -2.52% | -1.78% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -2.81% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.84% | +0.30% |
Volatility
FCMQX vs. LSMSX - Volatility Comparison
The current volatility for Fidelity Advisor California Municipal Income Fund Class I (FCMQX) is 0.95%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 1.01%. This indicates that FCMQX 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.
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Volatility by Period
| FCMQX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.01% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 2.28% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.98% | 2.89% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 4.51% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.05% | 4.48% | -0.43% |
FCMQX vs. LSMSX - Expense Ratio Comparison
FCMQX has a 0.54% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Dividends
FCMQX vs. LSMSX - Dividend Comparison
FCMQX's dividend yield for the trailing twelve months is around 2.76%, less than LSMSX's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCMQX Fidelity Advisor California Municipal Income Fund Class I | 2.76% | 3.74% | 2.29% | 2.36% | 1.61% | 2.20% | 2.70% | 2.74% | 2.93% | 3.42% | 3.41% | 2.95% |
LSMSX Western Asset SMASh Series TF Fund | 3.94% | 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
FCMQX and LSMSX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSMSX has higher volatility (1.01%) compared to FCMQX (0.95%). In terms of maximum drawdown, FCMQX dropped -23.20% vs LSMSX's -15.00%.
LSMSX currently has the higher Sharpe Ratio (2.59 vs 1.83), 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.
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