FTABX vs. LSMSX
Compare and contrast key facts about Fidelity Tax-Free Bond Fund (FTABX) and Western Asset SMASh Series TF Fund (LSMSX).
FTABX is managed by Fidelity. It was launched on Apr 10, 2001. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
FTABX vs. LSMSX - Performance Comparison
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FTABX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTABX Fidelity Tax-Free Bond Fund | -0.77% | 5.60% | 1.54% | 7.51% | -10.74% | 2.20% | 4.80% | 8.58% | 0.67% | 5.97% |
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, FTABX achieves a -0.77% return, which is significantly lower than LSMSX's -0.27% return.
FTABX
- 1D
- 0.18%
- 1M
- -2.93%
- YTD
- -0.77%
- 6M
- 0.87%
- 1Y
- 4.33%
- 3Y*
- 3.49%
- 5Y*
- 0.93%
- 10Y*
- 2.29%
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
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FTABX vs. LSMSX - Expense Ratio Comparison
FTABX has a 0.25% expense ratio, which is higher than LSMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
FTABX vs. LSMSX — Risk / Return Rank
FTABX
LSMSX
FTABX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Tax-Free Bond Fund (FTABX) 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.
| FTABX | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.08 | 0.67 | +0.41 |
Sortino ratioReturn per unit of downside risk | 1.46 | 0.89 | +0.58 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.16 | 0.71 | +0.45 |
Martin ratioReturn relative to average drawdown | 4.03 | 1.98 | +2.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FTABX | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 0.67 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.25 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 0.58 | +0.45 |
Correlation
The correlation between FTABX and LSMSX is 0.83, 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
FTABX vs. LSMSX - Dividend Comparison
FTABX's dividend yield for the trailing twelve months is around 3.21%, less than LSMSX's 3.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTABX Fidelity Tax-Free Bond Fund | 3.21% | 4.18% | 2.81% | 2.90% | 2.16% | 2.27% | 2.64% | 2.94% | 3.01% | 3.49% | 4.22% | 3.29% |
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
FTABX vs. LSMSX - Drawdown Comparison
The maximum FTABX drawdown since its inception was -16.14%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FTABX and LSMSX.
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Drawdown Indicators
| FTABX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.14% | -15.00% | -1.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.74% | -6.21% | +1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -16.14% | -15.00% | -1.14% |
Max Drawdown (10Y)Largest decline over 10 years | -16.14% | — | — |
Current DrawdownCurrent decline from peak | -2.93% | -2.62% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -2.88% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 2.21% | -0.85% |
Volatility
FTABX vs. LSMSX - Volatility Comparison
Fidelity Tax-Free Bond Fund (FTABX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 1.10% and 1.10%, 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
| FTABX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.10% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 1.60% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.84% | 5.78% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.12% | 4.44% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 4.52% | -0.25% |