LCSMX vs. LMSMX

Last updated Jun 23, 2026

LCSMX (Martin Currie SMA-Shares Series EM Fund) and LMSMX (Western Asset SMASh Series M Fund) are both mutual funds - LCSMX is a Emerging Markets Diversified fund managed by Legg Mason, while LMSMX is a Intermediate Core-Plus Bond fund managed by Legg Mason. Over the past 5 years, LCSMX returned 13.05%/yr vs -1.97%/yr for LMSMX. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.00% expense ratio.

Performance

LCSMX vs. LMSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Martin Currie SMA-Shares Series EM Fund (LCSMX) and Western Asset SMASh Series M Fund (LMSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCSMX achieves a 70.59% return, which is significantly higher than LMSMX's 0.95% return.

LCSMX

• 1D: 5.38%
• 1M: 13.52%
• YTD: 70.59%
• 6M: 78.21%
• 1Y: 131.44%
• 3Y*: 31.04%
• 5Y*: 13.05%
• 10Y*: —

LMSMX

• 1D: 0.25%
• 1M: 0.35%
• YTD: 0.95%
• 6M: 1.08%
• 1Y: 7.34%
• 3Y*: 5.07%
• 5Y*: -1.97%
• 10Y*: —

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

LCSMX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LCSMX Martin Currie SMA-Shares Series EM Fund	70.59%	51.52%	-13.60%	16.26%	-27.25%	4.73%	35.72%	6.81%	1.42%
LMSMX Western Asset SMASh Series M Fund	0.95%	12.15%	-1.72%	5.13%	-23.44%	-2.32%	12.86%	7.71%	2.30%

Correlation

The correlation between LCSMX and LMSMX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.05

The correlation between LCSMX and LMSMX shifts across timeframes, from 0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LCSMX vs. LMSMX — Risk / Return Rank

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

LCSMX

LCSMX Risk / Return Rank: 97
LCSMX Sharpe Ratio Rank: 99
LCSMX Sortino Ratio Rank: 94
LCSMX Omega Ratio Rank: 96
LCSMX Calmar Ratio Rank: 98
LCSMX Martin Ratio Rank: 98

LMSMX

LMSMX Risk / Return Rank: 41
LMSMX Sharpe Ratio Rank: 32
LMSMX Sortino Ratio Rank: 38
LMSMX Omega Ratio Rank: 36
LMSMX Calmar Ratio Rank: 62
LMSMX Martin Ratio Rank: 36

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.

LCSMX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Martin Currie SMA-Shares Series EM Fund (LCSMX) 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.

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.

	LCSMX	LMSMX	Difference
Sharpe ratio: Return per unit of total volatility	4.51	1.52	+2.99
Sortino ratio: Return per unit of downside risk	4.57	2.41	+2.16
Omega ratio: Gain probability vs. loss probability	1.78	1.29	+0.48
Calmar ratio: Return relative to maximum drawdown	8.59	2.90	+5.69
Martin ratio: Return relative to average drawdown	31.02	7.47	+23.55

LCSMX vs. LMSMX - Sharpe Ratio Comparison

The current LCSMX Sharpe Ratio is 4.51, which is higher than the LMSMX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of LCSMX and LMSMX, 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

LCSMX vs. LMSMX - Drawdown Comparison

The maximum LCSMX drawdown since its inception was -39.72%, which is greater than LMSMX's maximum drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for LCSMX and LMSMX.

Drawdown Indicators

	LCSMX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.72%	-30.76%	-8.96%
Max Drawdown (1Y) Largest decline over 1 year	-15.39%	-2.64%	-12.75%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-10.50%	-12.81%
Max Drawdown (5Y) Largest decline over 5 years	-39.72%	-30.18%	-9.54%
Current Drawdown Current decline from peak	0.00%	-12.68%	+12.68%
Average Drawdown Average peak-to-trough decline	-13.68%	-10.13%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	1.02%	+3.23%

Volatility

LCSMX vs. LMSMX - Volatility Comparison

Martin Currie SMA-Shares Series EM Fund (LCSMX) has a higher volatility of 17.18% compared to Western Asset SMASh Series M Fund (LMSMX) at 1.29%. This indicates that LCSMX'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

	LCSMX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.18%	1.29%	+15.89%
Volatility (6M) Calculated over the trailing 6-month period	27.15%	2.81%	+24.34%
Volatility (1Y) Calculated over the trailing 1-year period	29.33%	5.04%	+24.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	10.38%	+9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	8.14%	+12.49%

LCSMX vs. LMSMX - Expense Ratio Comparison

LCSMX has a 0.00% expense ratio, which is lower than LMSMX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LCSMX vs. LMSMX - Dividend Comparison

LCSMX's dividend yield for the trailing twelve months is around 0.58%, less than LMSMX's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCSMX Martin Currie SMA-Shares Series EM Fund	0.58%	1.00%	1.29%	1.22%	1.11%	3.03%	0.48%	0.88%	1.40%	0.00%
LMSMX Western Asset SMASh Series M Fund	4.42%	4.20%	5.24%	4.68%	3.40%	3.78%	6.84%	7.19%	3.18%	3.24%

Frequently Asked Questions

Can I hold both LCSMX and LMSMX in my portfolio?

LCSMX and LMSMX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCSMX or LMSMX?

LCSMX has higher volatility (17.18%) compared to LMSMX (1.29%). In terms of maximum drawdown, LCSMX dropped -39.72% vs LMSMX's -30.76%.

Which has better risk-adjusted returns?

LCSMX currently has the higher Sharpe Ratio (4.51 vs 1.52), 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.