LMGEX vs. LMLCX

Last updated Aug 1, 2026

LMGEX (Franklin International Equity Fund) and LMLCX (Western Asset SMASh Series C Fund) are both mutual funds - LMGEX is a Foreign Large Cap Equities fund managed by Legg Mason, while LMLCX is a Corporate Bonds fund managed by Legg Mason. Over the past 10 years, LMGEX returned 8.34%/yr vs 4.17%/yr for LMLCX. Their 0.39 correlation means their historical movements had little consistent relationship. LMGEX charges 2.05%/yr vs 0.00%/yr for LMLCX.

Performance

LMGEX vs. LMLCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin International Equity Fund (LMGEX) and Western Asset SMASh Series C Fund (LMLCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMGEX achieves a 11.82% return, which is significantly higher than LMLCX's -0.54% return. Over the past 10 years, LMGEX has outperformed LMLCX with an annualized return of 8.34%, while LMLCX has yielded a comparatively lower 4.17% annualized return.

LMGEX

• 1D: 2.74%
• 1M: 2.28%
• 6M: 6.76%
• YTD: 11.82%
• 1Y: 25.09%
• 3Y*: 16.43%
• 5Y*: 9.59%
• 10Y*: 8.34%
• ALL TIME*: 4.86%

LMLCX

• 1D: 0.11%
• 1M: -2.29%
• 6M: -0.85%
• YTD: -0.54%
• 1Y: 3.77%
• 3Y*: 4.92%
• 5Y*: 3.91%
• 10Y*: 4.17%
• ALL TIME*: 4.66%

*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)
LMGEX Franklin International Equity Fund	$0.00	$0.00	$0.00
LMLCX Western Asset SMASh Series C Fund	$0.00	$0.00	$0.00

LMGEX vs. LMLCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMGEX Franklin International Equity Fund	11.82%	32.05%	3.42%	18.48%	-13.55%	12.87%	2.74%	17.61%	-16.67%	23.58%
LMLCX Western Asset SMASh Series C Fund	-0.54%	12.22%	-2.21%	12.93%	-3.51%	3.08%	2.93%	15.10%	-4.24%	7.20%

Correlation

The correlation between LMGEX and LMLCX 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.	0.42
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since May 23, 2012	0.39

The correlation between LMGEX and LMLCX shifts across timeframes, from 0.39 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LMGEX vs. LMLCX — Risk / Return Rank

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

LMGEX

LMGEX Risk / Return Rank: 58
LMGEX Sharpe Ratio Rank: 61
LMGEX Sortino Ratio Rank: 60
LMGEX Omega Ratio Rank: 58
LMGEX Calmar Ratio Rank: 59
LMGEX Martin Ratio Rank: 54

LMLCX

LMLCX Risk / Return Rank: 24
LMLCX Sharpe Ratio Rank: 22
LMLCX Sortino Ratio Rank: 23
LMLCX Omega Ratio Rank: 22
LMLCX Calmar Ratio Rank: 26
LMLCX Martin Ratio Rank: 27

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.

LMGEX vs. LMLCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin International Equity Fund (LMGEX) and Western Asset SMASh Series C Fund (LMLCX). 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.

	LMGEX	LMLCX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.83	+0.67
Sortino ratio: Return per unit of downside risk	2.16	1.26	+0.90
Omega ratio: Gain probability vs. loss probability	1.27	1.15	+0.12
Calmar ratio: Return relative to maximum drawdown	2.04	1.26	+0.78
Martin ratio: Return relative to average drawdown	7.30	4.02	+3.28

LMGEX vs. LMLCX - Sharpe Ratio Comparison

The current LMGEX Sharpe Ratio is 1.50, which is higher than the LMLCX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of LMGEX and LMLCX, 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

LMGEX vs. LMLCX - Drawdown Comparison

The maximum LMGEX drawdown since its inception was -63.37%, which is greater than LMLCX's maximum drawdown of -23.45%. Use the drawdown chart below to compare losses from any high point for LMGEX and LMLCX.

Drawdown Indicators

	LMGEX	LMLCX	Difference
Max Drawdown Largest peak-to-trough decline	-63.37%	-23.45%	-39.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-4.22%	-7.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.05%	-11.77%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-11.77%	-17.21%
Max Drawdown (10Y) Largest decline over 10 years	-39.79%	-23.45%	-16.34%
Current Drawdown Current decline from peak	0.00%	-2.94%	+2.94%
Average Drawdown Average peak-to-trough decline	-18.13%	-1.93%	-16.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	1.32%	+1.93%

Volatility

LMGEX vs. LMLCX - Volatility Comparison

Franklin International Equity Fund (LMGEX) has a higher volatility of 4.80% compared to Western Asset SMASh Series C Fund (LMLCX) at 1.49%. This indicates that LMGEX's price experiences larger fluctuations and is considered to be riskier than LMLCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMGEX	LMLCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	1.49%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	4.78%	+8.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	6.40%	+9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	7.85%	+8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	7.22%	+8.73%

LMGEX vs. LMLCX - Expense Ratio Comparison

LMGEX has a 2.05% expense ratio, which is higher than LMLCX's 0.00% expense ratio.

Dividends

LMGEX vs. LMLCX - Dividend Comparison

LMGEX's dividend yield for the trailing twelve months is around 7.40%, more than LMLCX's 6.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMGEX Franklin International Equity Fund	7.40%	8.28%	5.68%	1.51%	2.88%	5.10%	0.58%	0.49%	1.62%	1.60%	1.30%	0.91%
LMLCX Western Asset SMASh Series C Fund	6.39%	6.11%	6.58%	5.78%	4.46%	5.42%	3.54%	4.16%	5.59%	4.04%	3.75%	5.64%

Frequently Asked Questions

Can I hold both LMGEX and LMLCX in my portfolio?

LMGEX and LMLCX 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, LMGEX or LMLCX?

LMGEX has higher volatility (4.80%) compared to LMLCX (1.49%). In terms of maximum drawdown, LMGEX dropped -63.37% vs LMLCX's -23.45%.

Which has better risk-adjusted returns?

LMGEX currently has the higher Sharpe Ratio (1.50 vs 0.83), 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.