LCILX vs. LMASX

Last updated Jun 23, 2026

LCILX (ClearBridge Sustainability Leaders Fund) and LMASX (ClearBridge Small Cap Fund) are both mutual funds - LCILX is a Large Cap Blend Equities fund managed by Legg Mason, while LMASX is a Small Cap Blend Equities fund managed by Legg Mason. Over the past 10 years, LCILX returned 14.50%/yr vs 7.85%/yr for LMASX. A 0.79 correlation means they provide meaningful diversification when combined. LCILX charges 0.75%/yr vs 1.85%/yr for LMASX.

Performance

LCILX vs. LMASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Sustainability Leaders Fund (LCILX) and ClearBridge Small Cap Fund (LMASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCILX achieves a 10.54% return, which is significantly lower than LMASX's 12.65% return. Over the past 10 years, LCILX has outperformed LMASX with an annualized return of 14.50%, while LMASX has yielded a comparatively lower 7.85% annualized return.

LCILX

• 1D: 0.97%
• 1M: 1.27%
• YTD: 10.54%
• 6M: 10.18%
• 1Y: 21.95%
• 3Y*: 14.20%
• 5Y*: 8.44%
• 10Y*: 14.50%

LMASX

• 1D: 1.03%
• 1M: 3.64%
• YTD: 12.65%
• 6M: 9.09%
• 1Y: 27.76%
• 3Y*: 9.92%
• 5Y*: 3.07%
• 10Y*: 7.85%

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

LCILX vs. LMASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCILX ClearBridge Sustainability Leaders Fund	10.54%	10.49%	14.36%	16.68%	-20.85%	24.76%	35.82%	37.85%	-2.40%	21.54%
LMASX ClearBridge Small Cap Fund	12.65%	5.38%	6.61%	16.09%	-21.19%	17.67%	2.44%	29.75%	-9.81%	10.94%

Correlation

The correlation between LCILX and LMASX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.79

The correlation between LCILX and LMASX has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

LCILX vs. LMASX — Risk / Return Rank

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

LCILX

LCILX Risk / Return Rank: 45
LCILX Sharpe Ratio Rank: 42
LCILX Sortino Ratio Rank: 41
LCILX Omega Ratio Rank: 41
LCILX Calmar Ratio Rank: 46
LCILX Martin Ratio Rank: 57

LMASX

LMASX Risk / Return Rank: 41
LMASX Sharpe Ratio Rank: 36
LMASX Sortino Ratio Rank: 38
LMASX Omega Ratio Rank: 32
LMASX Calmar Ratio Rank: 57
LMASX Martin Ratio Rank: 44

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.

LCILX vs. LMASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Sustainability Leaders Fund (LCILX) and ClearBridge Small Cap Fund (LMASX). 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.

	LCILX	LMASX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.61	+0.15
Sortino ratio: Return per unit of downside risk	2.48	2.38	+0.10
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.48	2.77	-0.29
Martin ratio: Return relative to average drawdown	10.78	8.77	+2.01

LCILX vs. LMASX - Sharpe Ratio Comparison

The current LCILX Sharpe Ratio is 1.76, which is comparable to the LMASX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of LCILX and LMASX, 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

LCILX vs. LMASX - Drawdown Comparison

The maximum LCILX drawdown since its inception was -31.70%, smaller than the maximum LMASX drawdown of -69.22%. Use the drawdown chart below to compare losses from any high point for LCILX and LMASX.

Drawdown Indicators

	LCILX	LMASX	Difference
Max Drawdown Largest peak-to-trough decline	-31.70%	-69.22%	+37.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-10.05%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-26.38%	+6.75%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-30.07%	+2.88%
Max Drawdown (10Y) Largest decline over 10 years	-31.70%	-47.13%	+15.43%
Current Drawdown Current decline from peak	-0.36%	-0.35%	-0.01%
Average Drawdown Average peak-to-trough decline	-5.26%	-10.44%	+5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.16%	-1.15%

Volatility

LCILX vs. LMASX - Volatility Comparison

The current volatility for ClearBridge Sustainability Leaders Fund (LCILX) is 4.13%, while ClearBridge Small Cap Fund (LMASX) has a volatility of 4.67%. This indicates that LCILX experiences smaller price fluctuations and is considered to be less risky than LMASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCILX	LMASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.67%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	11.85%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	17.28%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	21.01%	-3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	22.57%	-4.40%

LCILX vs. LMASX - Expense Ratio Comparison

LCILX has a 0.75% expense ratio, which is lower than LMASX's 1.85% expense ratio.

Dividends

LCILX vs. LMASX - Dividend Comparison

LCILX's dividend yield for the trailing twelve months is around 4.40%, less than LMASX's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCILX ClearBridge Sustainability Leaders Fund	4.40%	4.87%	6.02%	0.75%	0.42%	1.42%	4.18%	0.61%	0.56%	0.73%	0.80%	0.00%
LMASX ClearBridge Small Cap Fund	10.53%	11.86%	6.98%	1.81%	0.00%	18.14%	0.05%	4.15%	13.81%	6.78%	3.35%	5.67%

Frequently Asked Questions

Can I hold both LCILX and LMASX in my portfolio?

LCILX and LMASX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCILX or LMASX?

LMASX has higher volatility (4.67%) compared to LCILX (4.13%). In terms of maximum drawdown, LCILX dropped -31.70% vs LMASX's -69.22%.

Which has better risk-adjusted returns?

LCILX currently has the higher Sharpe Ratio (1.76 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.