LCILX vs. LMLCX

Last updated Jun 23, 2026

LCILX (ClearBridge Sustainability Leaders Fund) and LMLCX (Western Asset SMASh Series C Fund) are both mutual funds - LCILX is a Large Cap Blend Equities fund managed by Legg Mason, while LMLCX is a Corporate Bonds fund managed by Legg Mason. Over the past 10 years, LCILX returned 14.50%/yr vs 4.66%/yr for LMLCX. At a 0.39 correlation, their price movements are largely independent. LCILX charges 0.75%/yr vs 0.00%/yr for LMLCX.

Performance

LCILX vs. LMLCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Sustainability Leaders Fund (LCILX) and Western Asset SMASh Series C Fund (LMLCX). 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 higher than LMLCX's 2.13% return. Over the past 10 years, LCILX has outperformed LMLCX with an annualized return of 14.50%, while LMLCX has yielded a comparatively lower 4.66% 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%

LMLCX

• 1D: 0.33%
• 1M: 1.77%
• YTD: 2.13%
• 6M: 2.36%
• 1Y: 10.00%
• 3Y*: 6.32%
• 5Y*: 4.48%
• 10Y*: 4.66%

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

LCILX vs. LMLCX - 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%
LMLCX Western Asset SMASh Series C Fund	2.13%	12.22%	-2.21%	12.93%	-3.51%	3.08%	2.93%	15.10%	-4.24%	7.20%

Correlation

The correlation between LCILX and LMLCX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.39

The correlation between LCILX and LMLCX shifts across timeframes, from 0.38 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LCILX vs. LMLCX — 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

LMLCX

LMLCX Risk / Return Rank: 37
LMLCX Sharpe Ratio Rank: 33
LMLCX Sortino Ratio Rank: 35
LMLCX Omega Ratio Rank: 32
LMLCX Calmar Ratio Rank: 45
LMLCX Martin Ratio Rank: 41

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. LMLCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Sustainability Leaders Fund (LCILX) and Western Asset SMASh Series C Fund (LMLCX). 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	LMLCX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.53	+0.23
Sortino ratio: Return per unit of downside risk	2.48	2.31	+0.17
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.48	2.44	+0.04
Martin ratio: Return relative to average drawdown	10.78	8.37	+2.41

LCILX vs. LMLCX - Sharpe Ratio Comparison

The current LCILX Sharpe Ratio is 1.76, which is comparable to the LMLCX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of LCILX and LMLCX, 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. LMLCX - Drawdown Comparison

The maximum LCILX drawdown since its inception was -31.70%, which is greater than LMLCX's maximum drawdown of -23.45%. Use the drawdown chart below to compare losses from any high point for LCILX and LMLCX.

Drawdown Indicators

	LCILX	LMLCX	Difference
Max Drawdown Largest peak-to-trough decline	-31.70%	-23.45%	-8.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-4.22%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-11.77%	-7.86%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-11.77%	-15.42%
Max Drawdown (10Y) Largest decline over 10 years	-31.70%	-23.45%	-8.25%
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-5.26%	-1.94%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.23%	+0.78%

Volatility

LCILX vs. LMLCX - Volatility Comparison

ClearBridge Sustainability Leaders Fund (LCILX) has a higher volatility of 4.13% compared to Western Asset SMASh Series C Fund (LMLCX) at 1.88%. This indicates that LCILX's price experiences larger fluctuations and is considered to be riskier than LMLCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCILX	LMLCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	1.88%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	4.63%	+5.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	6.72%	+5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	7.82%	+9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	7.20%	+10.97%

LCILX vs. LMLCX - Expense Ratio Comparison

LCILX has a 0.75% expense ratio, which is higher than LMLCX's 0.00% expense ratio.

Dividends

LCILX vs. LMLCX - Dividend Comparison

LCILX's dividend yield for the trailing twelve months is around 4.40%, less than LMLCX's 6.18% 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%
LMLCX Western Asset SMASh Series C Fund	6.18%	6.11%	6.58%	5.78%	4.46%	5.42%	3.54%	4.16%	5.59%	4.04%	3.75%	5.64%

Frequently Asked Questions

Can I hold both LCILX and LMLCX in my portfolio?

LCILX and LMLCX have a correlation of 0.51, 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 LMLCX?

LCILX has higher volatility (4.13%) compared to LMLCX (1.88%). In terms of maximum drawdown, LCILX dropped -31.70% vs LMLCX's -23.45%.

Which has better risk-adjusted returns?

LCILX currently has the higher Sharpe Ratio (1.76 vs 1.53), 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.