LMLCX vs. PBDCX
LMLCX (Western Asset SMASh Series C Fund) and PBDCX (PIMCO Investment Grade Credit Bond Fund Class C) are both Corporate Bonds funds. Over the past 10 years, LMLCX returned 4.61%/yr vs 1.68%/yr for PBDCX. A 0.54 correlation means they provide meaningful diversification when combined. LMLCX charges 0.00%/yr vs 2.19%/yr for PBDCX.
Performance
LMLCX vs. PBDCX - Performance Comparison
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Returns By Period
In the year-to-date period, LMLCX achieves a 1.80% return, which is significantly higher than PBDCX's -0.19% return. Over the past 10 years, LMLCX has outperformed PBDCX with an annualized return of 4.61%, while PBDCX has yielded a comparatively lower 1.68% annualized return.
LMLCX
- 1D
- 0.11%
- 1M
- 1.43%
- YTD
- 1.80%
- 6M
- 1.69%
- 1Y
- 8.27%
- 3Y*
- 6.16%
- 5Y*
- 4.41%
- 10Y*
- 4.61%
PBDCX
- 1D
- 0.11%
- 1M
- 0.77%
- YTD
- -0.19%
- 6M
- -0.09%
- 1Y
- 3.74%
- 3Y*
- 4.33%
- 5Y*
- -0.71%
- 10Y*
- 1.68%
LMLCX vs. PBDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LMLCX Western Asset SMASh Series C Fund | 1.80% | 12.22% | -2.21% | 12.93% | -3.51% | 3.08% | 2.93% | 15.10% | -4.24% | 7.20% |
PBDCX PIMCO Investment Grade Credit Bond Fund Class C | -0.19% | 7.27% | 2.10% | 6.82% | -17.38% | -2.01% | 6.29% | 13.44% | -3.12% | 6.73% |
Correlation
The correlation between LMLCX and PBDCX is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 23, 2012 | 0.54 |
Over the past year, LMLCX and PBDCX have become more correlated (0.92) than their long-term average of 0.54, meaning their price movements have been converging.
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Return for Risk
LMLCX vs. PBDCX — Risk / Return Rank
LMLCX
PBDCX
LMLCX vs. PBDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series C Fund (LMLCX) and PIMCO Investment Grade Credit Bond Fund Class C (PBDCX). 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.
| LMLCX | PBDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 1.07 | +1.08 |
| Martin ratioReturn relative to average drawdown | 7.36 | 3.16 | +4.20 |
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Drawdowns
LMLCX vs. PBDCX - Drawdown Comparison
The maximum LMLCX drawdown since its inception was -23.45%, roughly equal to the maximum PBDCX drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for LMLCX and PBDCX.
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Drawdown Indicators
| LMLCX | PBDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.45% | -23.73% | +0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -3.98% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -11.77% | -6.87% | -4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -11.77% | -23.70% | +11.93% |
Max Drawdown (10Y)Largest decline over 10 years | -23.45% | -23.73% | +0.28% |
Current DrawdownCurrent decline from peak | -0.33% | -5.46% | +5.13% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -4.02% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.34% | -0.11% |
Volatility
LMLCX vs. PBDCX - Volatility Comparison
Western Asset SMASh Series C Fund (LMLCX) has a higher volatility of 1.84% compared to PIMCO Investment Grade Credit Bond Fund Class C (PBDCX) at 1.41%. This indicates that LMLCX's price experiences larger fluctuations and is considered to be riskier than PBDCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMLCX | PBDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.41% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 3.66% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 4.62% | +2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.82% | 6.37% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.21% | 5.76% | +1.45% |
LMLCX vs. PBDCX - Expense Ratio Comparison
LMLCX has a 0.00% expense ratio, which is lower than PBDCX's 2.19% expense ratio.
Dividends
LMLCX vs. PBDCX - Dividend Comparison
LMLCX's dividend yield for the trailing twelve months is around 6.20%, more than PBDCX's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMLCX Western Asset SMASh Series C Fund | 6.20% | 6.11% | 6.58% | 5.78% | 4.46% | 5.42% | 3.54% | 4.16% | 5.59% | 4.04% | 3.75% | 5.64% |
PBDCX PIMCO Investment Grade Credit Bond Fund Class C | 3.71% | 3.55% | 3.21% | 2.45% | 2.46% | 3.48% | 2.69% | 2.82% | 3.04% | 3.33% | 2.76% | 5.47% |
Frequently Asked Questions
With a correlation of 0.92, LMLCX and PBDCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
LMLCX has higher volatility (1.84%) compared to PBDCX (1.41%). In terms of maximum drawdown, LMLCX dropped -23.45% vs PBDCX's -23.73%.
LMLCX currently has the higher Sharpe Ratio (1.35 vs 0.92), 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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