LMECX vs. ARMGX

Last updated Jun 23, 2026

LMECX (Western Asset SMASh Series Core Plus Completion Fund) and ARMGX (Western Asset Ultra-Short Income Fund) are both mutual funds - LMECX is a High Yield Bonds fund managed by Legg Mason, while ARMGX is a Ultrashort Bond fund managed by Legg Mason. Over the past 10 years, LMECX returned 0.74%/yr vs 2.22%/yr for ARMGX. At a 0.22 correlation, their price movements are largely independent. LMECX charges 0.00%/yr vs 1.32%/yr for ARMGX.

Performance

LMECX vs. ARMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset SMASh Series Core Plus Completion Fund (LMECX) and Western Asset Ultra-Short Income Fund (ARMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMECX achieves a 0.58% return, which is significantly lower than ARMGX's 1.07% return. Over the past 10 years, LMECX has underperformed ARMGX with an annualized return of 0.74%, while ARMGX has yielded a comparatively higher 2.22% annualized return.

LMECX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 0.58%
• 6M: 1.09%
• 1Y: 5.83%
• 3Y*: 2.92%
• 5Y*: -3.94%
• 10Y*: 0.74%

ARMGX

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.07%
• 6M: 1.35%
• 1Y: 3.59%
• 3Y*: 4.34%
• 5Y*: 2.66%
• 10Y*: 2.22%

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

LMECX vs. ARMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMECX Western Asset SMASh Series Core Plus Completion Fund	0.58%	9.89%	-3.64%	7.36%	-29.11%	0.34%	1.70%	19.29%	-2.74%	8.93%
ARMGX Western Asset Ultra-Short Income Fund	1.07%	4.20%	4.67%	5.25%	-1.91%	0.06%	0.80%	3.38%	0.91%	3.09%

Correlation

The correlation between LMECX and ARMGX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 23, 2012	0.22

The correlation between LMECX and ARMGX shifts across timeframes, from 0.22 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LMECX vs. ARMGX — Risk / Return Rank

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

LMECX

LMECX Risk / Return Rank: 21
LMECX Sharpe Ratio Rank: 21
LMECX Sortino Ratio Rank: 20
LMECX Omega Ratio Rank: 27
LMECX Calmar Ratio Rank: 16
LMECX Martin Ratio Rank: 23

ARMGX

ARMGX Risk / Return Rank: 98
ARMGX Sharpe Ratio Rank: 95
ARMGX Sortino Ratio Rank: 98
ARMGX Omega Ratio Rank: 99
ARMGX Calmar Ratio Rank: 99
ARMGX Martin Ratio Rank: 99

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.

LMECX vs. ARMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series Core Plus Completion Fund (LMECX) and Western Asset Ultra-Short Income Fund (ARMGX). 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.

	LMECX	ARMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	3.03	-1.79
Sortino ratio: Return per unit of downside risk	1.76	6.95	-5.19
Omega ratio: Gain probability vs. loss probability	1.25	2.48	-1.23
Calmar ratio: Return relative to maximum drawdown	1.33	11.07	-9.74
Martin ratio: Return relative to average drawdown	5.28	49.49	-44.21

LMECX vs. ARMGX - Sharpe Ratio Comparison

The current LMECX Sharpe Ratio is 1.23, which is lower than the ARMGX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of LMECX and ARMGX, 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

LMECX vs. ARMGX - Drawdown Comparison

The maximum LMECX drawdown since its inception was -36.92%, which is greater than ARMGX's maximum drawdown of -21.79%. Use the drawdown chart below to compare losses from any high point for LMECX and ARMGX.

Drawdown Indicators

	LMECX	ARMGX	Difference
Max Drawdown Largest peak-to-trough decline	-36.92%	-21.79%	-15.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.26%	-0.33%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-0.55%	-12.76%
Max Drawdown (5Y) Largest decline over 5 years	-36.92%	-3.23%	-33.69%
Max Drawdown (10Y) Largest decline over 10 years	-36.92%	-9.09%	-27.83%
Current Drawdown Current decline from peak	-20.36%	-0.11%	-20.25%
Average Drawdown Average peak-to-trough decline	-9.54%	-1.53%	-8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.07%	+1.00%

Volatility

LMECX vs. ARMGX - Volatility Comparison

Western Asset SMASh Series Core Plus Completion Fund (LMECX) has a higher volatility of 1.40% compared to Western Asset Ultra-Short Income Fund (ARMGX) at 0.39%. This indicates that LMECX's price experiences larger fluctuations and is considered to be riskier than ARMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMECX	ARMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	0.39%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	0.88%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.61%	1.19%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	1.26%	+7.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.34%	1.62%	+6.72%

LMECX vs. ARMGX - Expense Ratio Comparison

LMECX has a 0.00% expense ratio, which is lower than ARMGX's 1.32% expense ratio.

Dividends

LMECX vs. ARMGX - Dividend Comparison

LMECX's dividend yield for the trailing twelve months is around 4.50%, more than ARMGX's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARMGX Western Asset Ultra-Short Income Fund	2.87%	3.00%	2.43%	2.23%	1.37%	0.17%	1.45%	2.32%	1.92%	1.37%	0.96%	0.48%
LMECX Western Asset SMASh Series Core Plus Completion Fund	4.50%	4.90%	6.36%	6.13%	0.94%	6.37%	1.45%	8.12%	4.65%	7.29%	5.70%	6.43%

Frequently Asked Questions

Can I hold both LMECX and ARMGX in my portfolio?

LMECX and ARMGX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMECX or ARMGX?

LMECX has higher volatility (1.40%) compared to ARMGX (0.39%). In terms of maximum drawdown, LMECX dropped -36.92% vs ARMGX's -21.79%.

Which has better risk-adjusted returns?

ARMGX currently has the higher Sharpe Ratio (3.02 vs 1.23), 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.