LMLCX vs. VLCIX
LMLCX (Western Asset SMASh Series C Fund) and VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) are both Corporate Bonds funds. Over the past 10 years, LMLCX returned 4.61%/yr vs 2.38%/yr for VLCIX. At a 0.48 correlation, their price movements are largely independent. LMLCX charges 0.00%/yr vs 0.05%/yr for VLCIX.
Performance
LMLCX vs. VLCIX - Performance Comparison
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Returns By Period
In the year-to-date period, LMLCX achieves a 1.37% return, which is significantly higher than VLCIX's 0.79% return. Over the past 10 years, LMLCX has outperformed VLCIX with an annualized return of 4.61%, while VLCIX has yielded a comparatively lower 2.38% annualized return.
LMLCX
- 1D
- -0.44%
- 1M
- 0.84%
- YTD
- 1.37%
- 6M
- 1.43%
- 1Y
- 9.54%
- 3Y*
- 6.34%
- 5Y*
- 4.46%
- 10Y*
- 4.61%
VLCIX
- 1D
- -0.44%
- 1M
- 0.84%
- YTD
- 0.79%
- 6M
- 0.14%
- 1Y
- 6.42%
- 3Y*
- 4.55%
- 5Y*
- -1.73%
- 10Y*
- 2.38%
LMLCX vs. VLCIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LMLCX Western Asset SMASh Series C Fund | 1.37% | 12.22% | -2.21% | 12.93% | -3.51% | 3.08% | 2.93% | 15.10% | -4.24% | 7.20% |
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 0.79% | 7.27% | -1.43% | 11.06% | -25.75% | -1.24% | 13.74% | 23.18% | -6.86% | 12.42% |
Correlation
The correlation between LMLCX and VLCIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 24, 2012 | 0.48 |
Over the past year, LMLCX and VLCIX have become more correlated (0.96) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
LMLCX vs. VLCIX — Risk / Return Rank
LMLCX
VLCIX
LMLCX vs. VLCIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series C Fund (LMLCX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX). 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.
| LMLCX | VLCIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.18 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.47 | +1.10 |
| Martin ratioReturn relative to average drawdown | 8.79 | 3.61 | +5.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LMLCX | VLCIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 1.01 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | -0.15 | +0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.23 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.44 | +0.34 |
Drawdowns
LMLCX vs. VLCIX - Drawdown Comparison
The maximum LMLCX drawdown since its inception was -23.45%, smaller than the maximum VLCIX drawdown of -34.56%. Use the drawdown chart below to compare losses from any high point for LMLCX and VLCIX.
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Drawdown Indicators
| LMLCX | VLCIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.45% | -34.56% | +11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -5.26% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -11.77% | -12.86% | +1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -11.77% | -34.56% | +22.79% |
Max Drawdown (10Y)Largest decline over 10 years | -23.45% | -34.56% | +11.11% |
Current DrawdownCurrent decline from peak | -0.44% | -14.12% | +13.68% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -8.04% | +6.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 2.14% | -0.91% |
Volatility
LMLCX vs. VLCIX - Volatility Comparison
The current volatility for Western Asset SMASh Series C Fund (LMLCX) is 2.03%, while Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a volatility of 2.42%. This indicates that LMLCX experiences smaller price fluctuations and is considered to be less risky than VLCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMLCX | VLCIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.42% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 5.43% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.91% | 7.65% | -0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.79% | 11.88% | -4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.19% | 10.61% | -3.42% |
LMLCX vs. VLCIX - Expense Ratio Comparison
LMLCX has a 0.00% expense ratio, which is lower than VLCIX's 0.05% 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
LMLCX vs. VLCIX - Dividend Comparison
LMLCX's dividend yield for the trailing twelve months is around 6.21%, more than VLCIX's 5.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMLCX Western Asset SMASh Series C Fund | 6.21% | 6.11% | 6.58% | 5.78% | 4.46% | 5.42% | 3.54% | 4.16% | 5.59% | 4.04% | 3.75% | 5.64% |
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 5.55% | 5.50% | 5.60% | 4.67% | 4.43% | 2.95% | 3.17% | 3.83% | 4.58% | 4.03% | 4.39% | 4.73% |
Frequently Asked Questions
With a correlation of 0.96, LMLCX and VLCIX 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.
VLCIX has higher volatility (2.42%) compared to LMLCX (2.03%). In terms of maximum drawdown, LMLCX dropped -23.45% vs VLCIX's -34.56%.
LMLCX currently has the higher Sharpe Ratio (1.57 vs 1.01), 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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