LMSMX vs. HOBIX
LMSMX (Western Asset SMASh Series M Fund) and HOBIX (Holbrook Income Fund Class I) are both Intermediate Core-Plus Bond funds. Over the past 5 years, LMSMX returned -2.43%/yr vs 4.13%/yr for HOBIX. Their 0.26 correlation means their historical movements had little consistent relationship. LMSMX charges 0.00%/yr vs 1.05%/yr for HOBIX.
Performance
LMSMX vs. HOBIX - Performance Comparison
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Returns By Period
In the year-to-date period, LMSMX achieves a 0.82% return, which is significantly lower than HOBIX's 2.33% return.
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%
HOBIX
- 1D
- 0.00%
- 1M
- -0.31%
- 6M
- 1.72%
- YTD
- 2.33%
- 1Y
- 5.00%
- 3Y*
- 6.48%
- 5Y*
- 4.13%
- 10Y*
- —
- ALL TIME*
- 4.77%
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 |
LMSMX vs. HOBIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
HOBIX Holbrook Income Fund Class I | 2.33% | 7.67% | 7.66% | 5.65% | -2.91% | 6.13% | 7.45% | 7.70% | 1.74% | 1.94% |
Correlation
The correlation between LMSMX and HOBIX is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.26 |
The correlation between LMSMX and HOBIX shifts across timeframes, from 0.26 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LMSMX vs. HOBIX — Risk / Return Rank
LMSMX
HOBIX
LMSMX vs. HOBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series M Fund (LMSMX) and Holbrook Income Fund Class I (HOBIX). 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.
| LMSMX | HOBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -6.19 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 3.36 | -2.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 11.19 | -8.84 |
| Martin ratioReturn relative to average drawdown | 5.83 | 33.21 | -27.38 |
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Drawdowns
LMSMX vs. HOBIX - Drawdown Comparison
The maximum LMSMX drawdown since its inception was -30.76%, which is greater than HOBIX's maximum drawdown of -23.52%. Use the drawdown chart below to compare losses from any high point for LMSMX and HOBIX.
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Drawdown Indicators
| LMSMX | HOBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.76% | -23.52% | -7.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -0.51% | -2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -10.50% | -2.77% | -7.73% |
Max Drawdown (5Y)Largest decline over 5 years | -30.12% | -4.16% | -25.96% |
Current DrawdownCurrent decline from peak | -12.80% | -0.41% | -12.39% |
Average DrawdownAverage peak-to-trough decline | -10.16% | -0.96% | -9.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.17% | +0.89% |
Volatility
LMSMX vs. HOBIX - Volatility Comparison
Western Asset SMASh Series M Fund (LMSMX) has a higher volatility of 1.14% compared to Holbrook Income Fund Class I (HOBIX) at 0.28%. This indicates that LMSMX's price experiences larger fluctuations and is considered to be riskier than HOBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMSMX | HOBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.28% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 1.33% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.68% | 2.05% | +2.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.37% | 2.65% | +7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.11% | 5.69% | +2.42% |
LMSMX vs. HOBIX - Expense Ratio Comparison
LMSMX has a 0.00% expense ratio, which is lower than HOBIX's 1.05% expense ratio.
Dividends
LMSMX vs. HOBIX - Dividend Comparison
LMSMX's dividend yield for the trailing twelve months is around 4.52%, less than HOBIX's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HOBIX Holbrook Income Fund Class I | 5.83% | 6.45% | 7.04% | 6.35% | 5.31% | 3.97% | 6.30% | 3.51% | 4.32% | 2.12% |
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% |
Frequently Asked Questions
LMSMX and HOBIX have a correlation of 0.36, 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 HOBIX (0.28%). In terms of maximum drawdown, LMSMX dropped -30.76% vs HOBIX's -23.52%.
HOBIX currently has the higher Sharpe Ratio (2.79 vs 1.33), 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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