GPINX vs. LMSMX

Last updated Apr 2, 2026

Compare and contrast key facts about Guidepath Income Fund (GPINX) and Western Asset SMASh Series M Fund (LMSMX).

GPINX is managed by GuidePath. It was launched on Apr 30, 2018. LMSMX is managed by Legg Mason. It was launched on Dec 27, 2006.

Performance

GPINX vs. LMSMX - Performance Comparison

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

GPINX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GPINX Guidepath Income Fund	-0.89%	6.32%	4.54%	5.20%	-14.36%	-0.75%	1.31%	8.41%	-1.33%
LMSMX Western Asset SMASh Series M Fund	0.56%	12.15%	-1.72%	5.13%	-23.44%	-2.32%	12.86%	7.71%	3.13%

Returns By Period

In the year-to-date period, GPINX achieves a -0.89% return, which is significantly lower than LMSMX's 0.56% return.

GPINX

• 1D: 0.24%
• 1M: -2.06%
• YTD: -0.89%
• 6M: -0.17%
• 1Y: 2.85%
• 3Y*: 4.34%
• 5Y*: 0.06%
• 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)

GPINX vs. LMSMX - Expense Ratio Comparison

GPINX has a 1.14% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

GPINX

Guidepath Income Fund

LMSMX

Western Asset SMASh Series M Fund

Return for Risk

GPINX vs. LMSMX — Risk / Return Rank

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

GPINX

GPINX Risk / Return Rank: 23
GPINX Sharpe Ratio Rank: 23
GPINX Sortino Ratio Rank: 20
GPINX Omega Ratio Rank: 17
GPINX Calmar Ratio Rank: 28
GPINX Martin Ratio Rank: 25

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.

GPINX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guidepath Income Fund (GPINX) 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.

	GPINX	LMSMX	Difference
Sharpe ratio Return per unit of total volatility	0.71	1.10	-0.40
Sortino ratio Return per unit of downside risk	1.00	1.64	-0.64
Omega ratio Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio Return relative to maximum drawdown	1.04	1.61	-0.57
Martin ratio Return relative to average drawdown	3.56	5.40	-1.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPINX vs. LMSMX - Sharpe Ratio Comparison

The current GPINX Sharpe Ratio is 0.71, which is lower than the LMSMX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of GPINX 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

	GPINX	LMSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	1.10	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.18	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.17	-0.01

Correlation

The correlation between GPINX and LMSMX is 0.77, 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

GPINX vs. LMSMX - Dividend Comparison

GPINX's dividend yield for the trailing twelve months is around 4.15%, less than LMSMX's 4.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPINX Guidepath Income Fund	4.15%	4.25%	4.34%	3.58%	1.59%	2.26%	1.86%	2.23%	2.04%	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

GPINX vs. LMSMX - Drawdown Comparison

The maximum GPINX drawdown since its inception was -19.20%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for GPINX and LMSMX.

Drawdown Indicators

	GPINX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.20%	-30.76%	+11.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-4.83%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.98%	-30.18%	+11.20%
Current Drawdown Current decline from peak	-2.63%	-13.02%	+10.39%
Average Drawdown Average peak-to-trough decline	-6.11%	-10.07%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.44%	-0.54%

Volatility

GPINX vs. LMSMX - Volatility Comparison

Guidepath Income Fund (GPINX) has a higher volatility of 1.64% compared to Western Asset SMASh Series M Fund (LMSMX) at 1.52%. This indicates that GPINX's price experiences larger fluctuations and is considered to be riskier than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPINX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.52%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	2.47%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	6.95%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.48%	10.39%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	8.22%	-2.99%