JPICX vs. LSMSX

Last updated Jul 18, 2026

JPICX (JPMorgan California Tax Free Bond Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. A 0.79 correlation means they provide meaningful diversification when combined. JPICX charges 0.70%/yr vs 0.01%/yr for LSMSX.

Performance

JPICX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan California Tax Free Bond Fund (JPICX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JPICX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LSMSX

• 1D: -0.21%
• 1M: -0.15%
• 6M: 1.51%
• YTD: 2.17%
• 1Y: 8.79%
• 3Y*: 3.83%
• 5Y*: 0.92%
• 10Y*: —

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

JPICX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPICX JPMorgan California Tax Free Bond Fund	0.79%	3.38%	1.51%	4.92%	-6.54%	-0.12%	4.10%	5.74%	1.19%	3.22%
LSMSX Western Asset SMASh Series TF Fund	2.17%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	4.92%

Correlation

The correlation between JPICX and LSMSX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.79

The correlation between JPICX and LSMSX shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JPICX vs. LSMSX — Risk / Return Rank

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

JPICX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

LSMSX

LSMSX Risk / Return Rank: 87
LSMSX Sharpe Ratio Rank: 97
LSMSX Sortino Ratio Rank: 96
LSMSX Omega Ratio Rank: 96
LSMSX Calmar Ratio Rank: 78
LSMSX Martin Ratio Rank: 70

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.

JPICX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan California Tax Free Bond Fund (JPICX) 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.

	JPICX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.99	—
Sortino ratio: Return per unit of downside risk	—	4.63	—
Omega ratio: Gain probability vs. loss probability	—	1.75	—
Calmar ratio: Return relative to maximum drawdown	—	2.96	—
Martin ratio: Return relative to average drawdown	—	10.64	—

Drawdowns

Drawdown Indicators

	JPICX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	—	-15.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.00%	—
Current Drawdown Current decline from peak	—	-0.76%	—
Average Drawdown Average peak-to-trough decline	—	-2.82%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.79%	—

Volatility

Volatility by Period

	JPICX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.82%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.49%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.48%	—

JPICX vs. LSMSX - Expense Ratio Comparison

JPICX has a 0.70% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

JPICX vs. LSMSX - Dividend Comparison

JPICX's dividend yield for the trailing twelve months is around 2.74%, less than LSMSX's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPICX JPMorgan California Tax Free Bond Fund	2.74%	3.00%	3.01%	2.55%	2.03%	1.54%	1.70%	2.35%	2.80%	2.73%	2.66%	3.16%
LSMSX Western Asset SMASh Series TF Fund	3.90%	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

Can I hold both JPICX and LSMSX in my portfolio?

JPICX and LSMSX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.