LMECX vs. ICMUX

Last updated Aug 1, 2026

LMECX (Western Asset SMASh Series Core Plus Completion Fund) and ICMUX (Intrepid Income Fund) are both mutual funds - LMECX is a High Yield Bonds fund managed by Legg Mason, while ICMUX is a Multisector Bonds fund actively managed by Intrepid. Over the past 10 years, LMECX returned 0.46%/yr vs 5.73%/yr for ICMUX. Their 0.32 correlation means their historical movements had little consistent relationship. LMECX charges 0.00%/yr vs 1.01%/yr for ICMUX.

Performance

LMECX vs. ICMUX - 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 Intrepid Income Fund (ICMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMECX achieves a 0.40% return, which is significantly lower than ICMUX's 2.85% return. Over the past 10 years, LMECX has underperformed ICMUX with an annualized return of 0.46%, while ICMUX has yielded a comparatively higher 5.73% annualized return.

LMECX

• 1D: 0.34%
• 1M: -0.51%
• 6M: -0.49%
• YTD: 0.40%
• 1Y: 4.43%
• 3Y*: 2.30%
• 5Y*: -4.15%
• 10Y*: 0.46%
• ALL TIME*: 2.68%

ICMUX

• 1D: 0.11%
• 1M: 0.34%
• 6M: 2.35%
• YTD: 2.85%
• 1Y: 6.60%
• 3Y*: 8.93%
• 5Y*: 6.14%
• 10Y*: 5.73%
• ALL TIME*: 4.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICMUX Intrepid Income Fund	$0.00	$0.00	$0.00
LMECX Western Asset SMASh Series Core Plus Completion Fund	$0.00	$0.00	$0.00

LMECX vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMECX Western Asset SMASh Series Core Plus Completion Fund	0.40%	9.89%	-3.64%	7.36%	-29.11%	0.34%	1.70%	19.29%	-2.74%	8.93%
ICMUX Intrepid Income Fund	2.85%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	4.65%	0.53%	3.79%

Correlation

The correlation between LMECX and ICMUX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since May 23, 2012	0.32

Over the past year, LMECX and ICMUX have become more correlated (0.55) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

LMECX vs. ICMUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LMECX

LMECX Risk / Return Rank: 26
LMECX Sharpe Ratio Rank: 28
LMECX Sortino Ratio Rank: 26
LMECX Omega Ratio Rank: 31
LMECX Calmar Ratio Rank: 21
LMECX Martin Ratio Rank: 26

ICMUX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LMECX vs. ICMUX - 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 Intrepid Income Fund (ICMUX). 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	ICMUX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	3.34	-2.34
Sortino ratio: Return per unit of downside risk	1.43	5.45	-4.02
Omega ratio: Gain probability vs. loss probability	1.20	1.79	-0.59
Calmar ratio: Return relative to maximum drawdown	1.08	4.83	-3.74
Martin ratio: Return relative to average drawdown	3.99	16.75	-12.76

LMECX vs. ICMUX - Sharpe Ratio Comparison

The current LMECX Sharpe Ratio is 1.00, which is lower than the ICMUX Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of LMECX and ICMUX, 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. ICMUX - Drawdown Comparison

The maximum LMECX drawdown since its inception was -36.92%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for LMECX and ICMUX.

Drawdown Indicators

	LMECX	ICMUX	Difference
Max Drawdown Largest peak-to-trough decline	-36.92%	-8.77%	-28.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.26%	-1.34%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-10.43%	-3.11%	-7.32%
Max Drawdown (5Y) Largest decline over 5 years	-36.92%	-5.64%	-31.28%
Max Drawdown (10Y) Largest decline over 10 years	-36.92%	-8.77%	-28.15%
Current Drawdown Current decline from peak	-20.50%	-0.11%	-20.39%
Average Drawdown Average peak-to-trough decline	-9.62%	-0.73%	-8.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.39%	+0.77%

Volatility

LMECX vs. ICMUX - Volatility Comparison

Western Asset SMASh Series Core Plus Completion Fund (LMECX) has a higher volatility of 0.93% compared to Intrepid Income Fund (ICMUX) at 0.48%. This indicates that LMECX's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMECX	ICMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.48%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	4.11%	1.45%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.63%	1.94%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.05%	2.65%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.33%	2.57%	+5.76%

LMECX vs. ICMUX - Expense Ratio Comparison

LMECX has a 0.00% expense ratio, which is lower than ICMUX's 1.01% expense ratio.

Dividends

LMECX vs. ICMUX - Dividend Comparison

LMECX's dividend yield for the trailing twelve months is around 4.20%, less than ICMUX's 6.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMUX Intrepid Income Fund	6.89%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%
LMECX Western Asset SMASh Series Core Plus Completion Fund	4.20%	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 ICMUX in my portfolio?

LMECX and ICMUX have a correlation of 0.55, 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 ICMUX?

LMECX has higher volatility (0.93%) compared to ICMUX (0.48%). In terms of maximum drawdown, LMECX dropped -36.92% vs ICMUX's -8.77%.

Which has better risk-adjusted returns?

ICMUX currently has the higher Sharpe Ratio (3.34 vs 1.00), 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.