FIALX vs. LMSMX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Sustainable Core Plus Bond Fund (FIALX) and Western Asset SMASh Series M Fund (LMSMX).

FIALX is managed by Fidelity. It was launched on Apr 13, 2022. LMSMX is managed by Legg Mason. It was launched on Dec 27, 2006.

Performance

FIALX vs. LMSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainable Core Plus Bond Fund (FIALX) and Western Asset SMASh Series M Fund (LMSMX). The values are adjusted to include any dividend payments, if applicable.

FIALX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIALX Fidelity Sustainable Core Plus Bond Fund	-0.27%	7.26%	1.67%	6.20%	-5.56%
LMSMX Western Asset SMASh Series M Fund	0.56%	12.15%	-1.72%	5.13%	-10.21%

Returns By Period

In the year-to-date period, FIALX achieves a -0.27% return, which is significantly lower than LMSMX's 0.56% return.

FIALX

• 1D: 0.21%
• 1M: -1.68%
• YTD: -0.27%
• 6M: 0.41%
• 1Y: 3.92%
• 3Y*: 3.81%
• 5Y*: —
• 10Y*: —

LMSMX

• 1D: 0.38%
• 1M: -1.28%
• YTD: 0.56%
• 6M: 2.13%
• 1Y: 7.08%
• 3Y*: 3.86%
• 5Y*: -1.85%
• 10Y*: —

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

FIALX vs. LMSMX - Expense Ratio Comparison

FIALX has a 0.45% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

FIALX

Fidelity Sustainable Core Plus Bond Fund

LMSMX

Western Asset SMASh Series M Fund

Return for Risk

FIALX vs. LMSMX — Risk / Return Rank

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

FIALX

FIALX Risk / Return Rank: 43
FIALX Sharpe Ratio Rank: 43
FIALX Sortino Ratio Rank: 40
FIALX Omega Ratio Rank: 29
FIALX Calmar Ratio Rank: 60
FIALX Martin Ratio Rank: 42

LMSMX

LMSMX Risk / Return Rank: 52
LMSMX Sharpe Ratio Rank: 53
LMSMX Sortino Ratio Rank: 55
LMSMX Omega Ratio Rank: 48
LMSMX Calmar Ratio Rank: 58
LMSMX Martin Ratio Rank: 46

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.

FIALX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Core Plus Bond Fund (FIALX) and Western Asset SMASh Series M Fund (LMSMX). 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.

	FIALX	LMSMX	Difference
Sharpe ratio Return per unit of total volatility	0.99	1.10	-0.12
Sortino ratio Return per unit of downside risk	1.41	1.64	-0.24
Omega ratio Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio Return relative to maximum drawdown	1.67	1.61	+0.06
Martin ratio Return relative to average drawdown	5.10	5.40	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIALX vs. LMSMX - Sharpe Ratio Comparison

The current FIALX Sharpe Ratio is 0.99, which is comparable to the LMSMX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of FIALX and LMSMX, 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

	FIALX	LMSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.10	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.17	+0.21

Correlation

The correlation between FIALX and LMSMX is 0.90, 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

FIALX vs. LMSMX - Dividend Comparison

FIALX's dividend yield for the trailing twelve months is around 3.76%, less than LMSMX's 4.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIALX Fidelity Sustainable Core Plus Bond Fund	3.76%	4.07%	4.07%	3.25%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%
LMSMX Western Asset SMASh Series M Fund	4.38%	4.20%	5.24%	4.68%	3.40%	3.78%	6.84%	7.19%	3.18%	3.24%

Drawdowns

FIALX vs. LMSMX - Drawdown Comparison

The maximum FIALX drawdown since its inception was -9.77%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for FIALX and LMSMX.

Drawdown Indicators

	FIALX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-9.77%	-30.76%	+20.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-4.83%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.18%	—
Current Drawdown Current decline from peak	-2.20%	-13.02%	+10.82%
Average Drawdown Average peak-to-trough decline	-2.37%	-10.07%	+7.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.44%	-0.52%

Volatility

FIALX vs. LMSMX - Volatility Comparison

Fidelity Sustainable Core Plus Bond Fund (FIALX) and Western Asset SMASh Series M Fund (LMSMX) have volatilities of 1.51% and 1.52%, 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

	FIALX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.52%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	2.47%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	6.95%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	10.39%	-4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	8.22%	-2.19%