LMASX vs. LMISX

Last updated Jun 23, 2026

LMASX (ClearBridge Small Cap Fund) and LMISX (Franklin U.S. Large Cap Equity Fund) are both mutual funds - LMASX is a Small Cap Blend Equities fund managed by Legg Mason, while LMISX is a Large Cap Blend Equities fund managed by Legg Mason. Over the past 10 years, LMASX returned 7.85%/yr vs 15.33%/yr for LMISX. Their correlation of 0.85 suggests significant overlap in exposure. LMASX charges 1.85%/yr vs 0.70%/yr for LMISX.

Performance

LMASX vs. LMISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Small Cap Fund (LMASX) and Franklin U.S. Large Cap Equity Fund (LMISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMASX achieves a 12.65% return, which is significantly higher than LMISX's 10.11% return. Over the past 10 years, LMASX has underperformed LMISX with an annualized return of 7.85%, while LMISX has yielded a comparatively higher 15.33% annualized return.

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%

LMISX

• 1D: 0.92%
• 1M: 1.69%
• YTD: 10.11%
• 6M: 9.16%
• 1Y: 29.79%
• 3Y*: 23.50%
• 5Y*: 14.42%
• 10Y*: 15.33%

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

LMASX vs. LMISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
LMISX Franklin U.S. Large Cap Equity Fund	10.11%	18.05%	29.58%	27.88%	-20.61%	31.69%	17.20%	25.95%	-7.57%	23.50%

Correlation

The correlation between LMASX and LMISX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 30, 2008	0.85

The correlation between LMASX and LMISX shifts across timeframes, from 0.70 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LMASX vs. LMISX — Risk / Return Rank

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

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

LMISX

LMISX Risk / Return Rank: 77
LMISX Sharpe Ratio Rank: 78
LMISX Sortino Ratio Rank: 73
LMISX Omega Ratio Rank: 68
LMISX Calmar Ratio Rank: 79
LMISX Martin Ratio Rank: 87

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.

LMASX vs. LMISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Small Cap Fund (LMASX) and Franklin U.S. Large Cap Equity Fund (LMISX). 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.

	LMASX	LMISX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.36	-0.75
Sortino ratio: Return per unit of downside risk	2.38	3.22	-0.84
Omega ratio: Gain probability vs. loss probability	1.28	1.42	-0.14
Calmar ratio: Return relative to maximum drawdown	2.77	3.41	-0.65
Martin ratio: Return relative to average drawdown	8.77	15.51	-6.74

LMASX vs. LMISX - Sharpe Ratio Comparison

The current LMASX Sharpe Ratio is 1.61, which is lower than the LMISX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of LMASX and LMISX, 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

LMASX vs. LMISX - Drawdown Comparison

The maximum LMASX drawdown since its inception was -69.22%, which is greater than LMISX's maximum drawdown of -50.34%. Use the drawdown chart below to compare losses from any high point for LMASX and LMISX.

Drawdown Indicators

	LMASX	LMISX	Difference
Max Drawdown Largest peak-to-trough decline	-69.22%	-50.34%	-18.88%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-8.69%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-26.38%	-20.22%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-26.11%	-3.96%
Max Drawdown (10Y) Largest decline over 10 years	-47.13%	-35.27%	-11.86%
Current Drawdown Current decline from peak	-0.35%	-0.93%	+0.58%
Average Drawdown Average peak-to-trough decline	-10.44%	-7.60%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	1.91%	+1.25%

Volatility

LMASX vs. LMISX - Volatility Comparison

ClearBridge Small Cap Fund (LMASX) and Franklin U.S. Large Cap Equity Fund (LMISX) have volatilities of 4.67% and 4.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMASX	LMISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	4.91%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	9.89%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	12.55%	+4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.01%	17.76%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.57%	18.82%	+3.75%

LMASX vs. LMISX - Expense Ratio Comparison

LMASX has a 1.85% expense ratio, which is higher than LMISX's 0.70% expense ratio.

Dividends

LMASX vs. LMISX - Dividend Comparison

LMASX's dividend yield for the trailing twelve months is around 10.53%, more than LMISX's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LMISX Franklin U.S. Large Cap Equity Fund	5.35%	4.11%	3.97%	7.68%	0.95%	25.55%	3.53%	8.42%	17.16%	6.53%	1.42%	6.23%

Frequently Asked Questions

Can I hold both LMASX and LMISX in my portfolio?

LMASX and LMISX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMASX or LMISX?

LMISX has higher volatility (4.91%) compared to LMASX (4.67%). In terms of maximum drawdown, LMASX dropped -69.22% vs LMISX's -50.34%.

Which has better risk-adjusted returns?

LMISX currently has the higher Sharpe Ratio (2.36 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.