LMECX vs. LMSMX
LMECX (Western Asset SMASh Series Core Plus Completion Fund) and LMSMX (Western Asset SMASh Series M Fund) are both mutual funds - LMECX is a High Yield Bonds fund managed by Legg Mason, while LMSMX is a Intermediate Core-Plus Bond fund managed by Legg Mason. Over the past 5 years, LMECX returned -4.15%/yr vs -2.43%/yr for LMSMX. Their 0.50 correlation means their historical movements had little consistent relationship. Both charge a 0.00% expense ratio.
Performance
LMECX vs. LMSMX - Performance Comparison
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Returns By Period
In the year-to-date period, LMECX achieves a 0.40% return, which is significantly lower than LMSMX's 0.82% 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%
LMSMX
- 1D
- 0.00%
- 1M
- -0.51%
- 6M
- 0.18%
- YTD
- 0.82%
- 1Y
- 4.29%
- 3Y*
- 5.35%
- 5Y*
- -2.43%
- 10Y*
- —
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LMECX vs. LMSMX - 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% | 8.33% |
LMSMX Western Asset SMASh Series M Fund | 0.82% | 12.15% | -1.72% | 5.13% | -23.44% | -2.32% | 12.86% | 7.71% | 1.46% | 5.52% |
Correlation
The correlation between LMECX and LMSMX is 0.68, 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. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.50 |
The correlation between LMECX and LMSMX shifts across timeframes, from 0.50 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LMECX vs. LMSMX — Risk / Return Rank
LMECX
LMSMX
LMECX vs. LMSMX - 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 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.
| LMECX | LMSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.26 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 2.35 | -1.27 |
| Martin ratioReturn relative to average drawdown | 3.99 | 5.83 | -1.84 |
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Drawdowns
LMECX vs. LMSMX - Drawdown Comparison
The maximum LMECX drawdown since its inception was -36.92%, which is greater than LMSMX's maximum drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for LMECX and LMSMX.
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Drawdown Indicators
| LMECX | LMSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.92% | -30.76% | -6.16% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -2.64% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -10.43% | -10.50% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -36.92% | -30.12% | -6.80% |
Max Drawdown (10Y)Largest decline over 10 years | -36.92% | — | — |
Current DrawdownCurrent decline from peak | -20.50% | -12.80% | -7.70% |
Average DrawdownAverage peak-to-trough decline | -9.62% | -10.16% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.06% | +0.10% |
Volatility
LMECX vs. LMSMX - Volatility Comparison
The current volatility for Western Asset SMASh Series Core Plus Completion Fund (LMECX) is 0.93%, while Western Asset SMASh Series M Fund (LMSMX) has a volatility of 1.14%. This indicates that LMECX experiences smaller price fluctuations and is considered to be less risky than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMECX | LMSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 1.14% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.11% | 2.99% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.63% | 4.68% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.05% | 10.37% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.33% | 8.11% | +0.22% |
LMECX vs. LMSMX - Expense Ratio Comparison
LMECX 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
LMECX vs. LMSMX - Dividend Comparison
LMECX's dividend yield for the trailing twelve months is around 4.20%, less than LMSMX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
LMSMX Western Asset SMASh Series M Fund | 4.52% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% | 0.00% | 0.00% |
Frequently Asked Questions
LMECX and LMSMX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LMSMX has higher volatility (1.14%) compared to LMECX (0.93%). In terms of maximum drawdown, LMECX dropped -36.92% vs LMSMX's -30.76%.
LMSMX currently has the higher Sharpe Ratio (1.33 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.
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