LMASX vs. LMVTX

Last updated Jun 3, 2026

LMASX (ClearBridge Small Cap Fund) and LMVTX (ClearBridge Value Trust) are both mutual funds - LMASX is a Small Cap Blend Equities fund managed by Legg Mason, while LMVTX is a Large Cap Value Equities fund managed by Legg Mason. Over the past 10 years, LMASX returned 7.66%/yr vs 11.25%/yr for LMVTX. Their correlation of 0.85 suggests significant overlap in exposure. LMASX charges 1.85%/yr vs 1.74%/yr for LMVTX.

Performance

LMASX vs. LMVTX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with LMASX having a 10.81% return and LMVTX slightly lower at 10.73%. Over the past 10 years, LMASX has underperformed LMVTX with an annualized return of 7.66%, while LMVTX has yielded a comparatively higher 11.25% annualized return.

LMASX

• 1D: 0.27%
• 1M: 0.05%
• YTD: 10.81%
• 6M: 11.33%
• 1Y: 28.40%
• 3Y*: 10.13%
• 5Y*: 2.20%
• 10Y*: 7.66%

LMVTX

• 1D: -0.14%
• 1M: 1.60%
• YTD: 10.73%
• 6M: 13.03%
• 1Y: 23.76%
• 3Y*: 16.23%
• 5Y*: 8.98%
• 10Y*: 11.25%

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

LMASX vs. LMVTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMASX ClearBridge Small Cap Fund	10.81%	5.38%	6.61%	16.09%	-21.19%	17.67%	2.44%	29.75%	-9.81%	10.94%
LMVTX ClearBridge Value Trust	10.73%	9.80%	14.22%	18.80%	-7.00%	26.93%	10.63%	26.25%	-13.50%	13.76%

Correlation

The correlation between LMASX and LMVTX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 31, 1985	0.85

The correlation between LMASX and LMVTX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

LMASX vs. LMVTX — Risk / Return Rank

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

LMASX

LMASX Risk / Return Rank: 38
LMASX Sharpe Ratio Rank: 32
LMASX Sortino Ratio Rank: 34
LMASX Omega Ratio Rank: 29
LMASX Calmar Ratio Rank: 52
LMASX Martin Ratio Rank: 41

LMVTX

LMVTX Risk / Return Rank: 51
LMVTX Sharpe Ratio Rank: 46
LMVTX Sortino Ratio Rank: 43
LMVTX Omega Ratio Rank: 44
LMVTX Calmar Ratio Rank: 63
LMVTX Martin Ratio Rank: 58

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. LMVTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Small Cap Fund (LMASX) and ClearBridge Value Trust (LMVTX). 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.

	LMASX	LMVTX	Difference
Sharpe ratio Return per unit of total volatility	1.64	1.99	-0.34
Sortino ratio Return per unit of downside risk	2.42	2.77	-0.35
Omega ratio Gain probability vs. loss probability	1.28	1.36	-0.07
Calmar ratio Return relative to maximum drawdown	2.77	3.07	-0.30
Martin ratio Return relative to average drawdown	8.79	11.69	-2.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMASX vs. LMVTX - Sharpe Ratio Comparison

The current LMASX Sharpe Ratio is 1.64, which is comparable to the LMVTX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of LMASX and LMVTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LMASX	LMVTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.99	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.51	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.59	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.58	-0.13

Drawdowns

LMASX vs. LMVTX - Drawdown Comparison

The maximum LMASX drawdown since its inception was -69.22%, roughly equal to the maximum LMVTX drawdown of -72.54%. Use the drawdown chart below to compare losses from any high point for LMASX and LMVTX.

Drawdown Indicators

	LMASX	LMVTX	Difference
Max Drawdown Largest peak-to-trough decline	-69.22%	-72.54%	+3.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-7.87%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-26.38%	-19.28%	-7.10%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-20.79%	-9.28%
Max Drawdown (10Y) Largest decline over 10 years	-47.13%	-40.47%	-6.66%
Current Drawdown Current decline from peak	-0.70%	-0.34%	-0.36%
Average Drawdown Average peak-to-trough decline	-10.45%	-11.96%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.07%	+1.10%

Volatility

LMASX vs. LMVTX - Volatility Comparison

ClearBridge Small Cap Fund (LMASX) has a higher volatility of 4.31% compared to ClearBridge Value Trust (LMVTX) at 3.35%. This indicates that LMASX's price experiences larger fluctuations and is considered to be riskier than LMVTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMASX	LMVTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	3.35%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	9.11%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	12.29%	+4.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.98%	17.73%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.56%	19.23%	+3.33%

LMASX vs. LMVTX - Expense Ratio Comparison

LMASX has a 1.85% expense ratio, which is higher than LMVTX's 1.74% expense ratio.

Dividends

LMASX vs. LMVTX - Dividend Comparison

LMASX's dividend yield for the trailing twelve months is around 10.70%, more than LMVTX's 9.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMASX ClearBridge Small Cap Fund	10.70%	11.86%	6.98%	1.81%	0.00%	18.14%	0.05%	4.15%	13.81%	6.78%	3.35%	5.67%
LMVTX ClearBridge Value Trust	9.33%	10.33%	10.32%	12.03%	7.85%	18.06%	5.41%	0.00%	1.34%	0.00%	0.10%	0.00%

Frequently Asked Questions

Can I hold both LMASX and LMVTX in my portfolio?

LMASX and LMVTX have a correlation of 0.83, 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 LMVTX?

LMASX has higher volatility (4.31%) compared to LMVTX (3.35%). In terms of maximum drawdown, LMASX dropped -69.22% vs LMVTX's -72.54%.

Which has better risk-adjusted returns?

LMVTX currently has the higher Sharpe Ratio (1.99 vs 1.64), 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.