FNMAX vs. LSMSX
FNMAX (Fidelity Advisor New York Municipal Income Fund Class A) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, FNMAX returned -0.15%/yr vs 0.67%/yr for LSMSX. Their correlation of 0.84 means they have usually moved in the same direction. FNMAX charges 0.77%/yr vs 0.01%/yr for LSMSX.
Performance
FNMAX vs. LSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, FNMAX achieves a -0.05% return, which is significantly lower than LSMSX's 1.01% return.
FNMAX
- 1D
- 0.08%
- 1M
- -2.39%
- 6M
- -0.92%
- YTD
- -0.05%
- 1Y
- 4.87%
- 3Y*
- 3.20%
- 5Y*
- -0.15%
- 10Y*
- 1.32%
- ALL TIME*
- 2.35%
LSMSX
- 1D
- 0.00%
- 1M
- -1.89%
- 6M
- 0.06%
- YTD
- 1.01%
- 1Y
- 6.53%
- 3Y*
- 3.86%
- 5Y*
- 0.67%
- 10Y*
- —
- ALL TIME*
- 2.66%
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 |
FNMAX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNMAX Fidelity Advisor New York Municipal Income Fund Class A | -0.05% | 4.60% | 0.58% | 6.93% | -11.28% | 2.13% | 3.74% | 7.47% | -0.03% | 4.24% |
LSMSX Western Asset SMASh Series TF Fund | 1.01% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Correlation
The correlation between FNMAX and LSMSX is 0.81, 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. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.84 |
The correlation between FNMAX and LSMSX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
FNMAX vs. LSMSX — Risk / Return Rank
FNMAX
LSMSX
FNMAX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New York Municipal Income Fund Class A (FNMAX) 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.
| FNMAX | LSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.55 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.32 | -0.82 |
| Martin ratioReturn relative to average drawdown | 4.64 | 7.64 | -3.00 |
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Drawdowns
FNMAX vs. LSMSX - Drawdown Comparison
The maximum FNMAX drawdown since its inception was -17.16%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FNMAX and LSMSX.
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Drawdown Indicators
| FNMAX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.16% | -15.00% | -2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -2.82% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -6.10% | -7.49% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -16.16% | -14.85% | -1.31% |
Max Drawdown (10Y)Largest decline over 10 years | -16.33% | — | — |
Current DrawdownCurrent decline from peak | -2.39% | -1.89% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -3.18% | -2.81% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.86% | +0.21% |
Volatility
FNMAX vs. LSMSX - Volatility Comparison
Fidelity Advisor New York Municipal Income Fund Class A (FNMAX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 1.00% and 0.99%, 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.
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Volatility by Period
| FNMAX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.99% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 2.28% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 2.85% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.34% | 4.51% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 4.48% | -0.22% |
FNMAX vs. LSMSX - Expense Ratio Comparison
FNMAX has a 0.77% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Dividends
FNMAX vs. LSMSX - Dividend Comparison
FNMAX's dividend yield for the trailing twelve months is around 2.47%, less than LSMSX's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNMAX Fidelity Advisor New York Municipal Income Fund Class A | 2.47% | 3.38% | 1.87% | 2.12% | 1.57% | 2.27% | 2.46% | 2.55% | 2.49% | 3.31% | 3.88% | 3.48% |
LSMSX Western Asset SMASh Series TF Fund | 3.95% | 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
FNMAX 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.
FNMAX has higher volatility (1.00%) compared to LSMSX (0.99%). In terms of maximum drawdown, FNMAX dropped -17.16% vs LSMSX's -15.00%.
LSMSX currently has the higher Sharpe Ratio (2.30 vs 1.61), 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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