FLUVX vs. LSMSX

Last updated Jul 2, 2026

FLUVX (Fidelity Advisor Municipal Income Fund Class M) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, FLUVX returned 0.62%/yr vs 1.24%/yr for LSMSX. Their correlation of 0.86 suggests significant overlap in exposure. FLUVX charges 0.76%/yr vs 0.01%/yr for LSMSX.

Performance

FLUVX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Municipal Income Fund Class M (FLUVX) 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, FLUVX achieves a 1.97% return, which is significantly lower than LSMSX's 2.95% return.

FLUVX

• 1D: 0.23%
• 1M: 0.80%
• 6M: 1.97%
• YTD: 1.97%
• 1Y: 6.71%
• 3Y*: 3.91%
• 5Y*: 0.62%
• 10Y*: —

LSMSX

• 1D: 0.10%
• 1M: 1.07%
• 6M: 2.95%
• YTD: 2.95%
• 1Y: 8.02%
• 3Y*: 4.16%
• 5Y*: 1.24%
• 10Y*: —

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

FLUVX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLUVX Fidelity Advisor Municipal Income Fund Class M	1.97%	4.83%	1.45%	6.55%	-10.99%	2.11%	4.38%	8.09%	2.75%
LSMSX Western Asset SMASh Series TF Fund	2.95%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	1.84%

Correlation

The correlation between FLUVX and LSMSX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 19, 2018	0.86

The correlation between FLUVX and LSMSX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

FLUVX vs. LSMSX — Risk / Return Rank

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

FLUVX

FLUVX Risk / Return Rank: 71
FLUVX Sharpe Ratio Rank: 89
FLUVX Sortino Ratio Rank: 90
FLUVX Omega Ratio Rank: 93
FLUVX Calmar Ratio Rank: 45
FLUVX Martin Ratio Rank: 39

LSMSX

LSMSX Risk / Return Rank: 84
LSMSX Sharpe Ratio Rank: 95
LSMSX Sortino Ratio Rank: 95
LSMSX Omega Ratio Rank: 95
LSMSX Calmar Ratio Rank: 75
LSMSX Martin Ratio Rank: 59

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.

FLUVX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Municipal Income Fund Class M (FLUVX) 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.

	FLUVX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.90	-0.37
Sortino ratio: Return per unit of downside risk	3.83	4.49	-0.66
Omega ratio: Gain probability vs. loss probability	1.63	1.72	-0.09
Calmar ratio: Return relative to maximum drawdown	2.14	2.89	-0.75
Martin ratio: Return relative to average drawdown	7.01	9.72	-2.71

FLUVX vs. LSMSX - Sharpe Ratio Comparison

The current FLUVX Sharpe Ratio is 2.54, which is comparable to the LSMSX Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of FLUVX 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

FLUVX vs. LSMSX - Drawdown Comparison

The maximum FLUVX drawdown since its inception was -16.48%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FLUVX and LSMSX.

Drawdown Indicators

	FLUVX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-16.48%	-15.00%	-1.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-2.82%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	-7.49%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-16.48%	-15.00%	-1.48%
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-3.93%	-2.83%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.84%	+0.13%

Volatility

FLUVX vs. LSMSX - Volatility Comparison

Fidelity Advisor Municipal Income Fund Class M (FLUVX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 0.44% and 0.43%, 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

	FLUVX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.43%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	2.06%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	2.82%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	4.48%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	4.49%	-0.01%

FLUVX vs. LSMSX - Expense Ratio Comparison

FLUVX has a 0.76% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

FLUVX vs. LSMSX - Dividend Comparison

FLUVX's dividend yield for the trailing twelve months is around 2.76%, less than LSMSX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLUVX Fidelity Advisor Municipal Income Fund Class M	2.76%	3.59%	2.67%	2.32%	1.79%	2.39%	2.68%	2.86%	2.31%	0.00%
LSMSX Western Asset SMASh Series TF Fund	3.82%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%

Frequently Asked Questions

Can I hold both FLUVX and LSMSX in my portfolio?

FLUVX and LSMSX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLUVX or LSMSX?

FLUVX has higher volatility (0.44%) compared to LSMSX (0.43%). In terms of maximum drawdown, FLUVX dropped -16.48% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

LSMSX currently has the higher Sharpe Ratio (2.90 vs 2.54), 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.