LMSMX vs. LMVTX

Last updated Jun 4, 2026

LMSMX (Western Asset SMASh Series M Fund) and LMVTX (ClearBridge Value Trust) are both mutual funds - LMSMX is a Intermediate Core-Plus Bond fund managed by Legg Mason, while LMVTX is a Large Cap Value Equities fund managed by Legg Mason. Over the past 5 years, LMSMX returned -1.89%/yr vs 9.14%/yr for LMVTX. At a correlation of -0.01, they often move in opposite directions. LMSMX charges 0.00%/yr vs 1.74%/yr for LMVTX.

Performance

LMSMX vs. LMVTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset SMASh Series M Fund (LMSMX) and ClearBridge Value Trust (LMVTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMSMX achieves a 1.11% return, which is significantly lower than LMVTX's 11.19% return.

LMSMX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.11%
• 6M: 1.33%
• 1Y: 8.61%
• 3Y*: 4.81%
• 5Y*: -1.89%
• 10Y*: —

LMVTX

• 1D: 0.42%
• 1M: 2.45%
• YTD: 11.19%
• 6M: 12.45%
• 1Y: 23.43%
• 3Y*: 16.39%
• 5Y*: 9.14%
• 10Y*: 11.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LMSMX vs. LMVTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMSMX Western Asset SMASh Series M Fund	1.11%	12.15%	-1.72%	5.13%	-23.44%	-2.32%	12.86%	7.71%	1.46%	5.52%
LMVTX ClearBridge Value Trust	11.19%	9.80%	14.22%	18.80%	-7.00%	26.93%	10.63%	26.25%	-13.50%	12.71%

Correlation

The correlation between LMSMX and LMVTX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	-0.01

The correlation between LMSMX and LMVTX shifts across timeframes, from -0.01 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LMSMX vs. LMVTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LMSMX

LMSMX Risk / Return Rank: 43
LMSMX Sharpe Ratio Rank: 31
LMSMX Sortino Ratio Rank: 36
LMSMX Omega Ratio Rank: 36
LMSMX Calmar Ratio Rank: 71
LMSMX Martin Ratio Rank: 41

LMVTX

LMVTX Risk / Return Rank: 51
LMVTX Sharpe Ratio Rank: 46
LMVTX Sortino Ratio Rank: 43
LMVTX Omega Ratio Rank: 44
LMVTX Calmar Ratio Rank: 64
LMVTX Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LMSMX vs. LMVTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series M Fund (LMSMX) and ClearBridge Value Trust (LMVTX). 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.

	LMSMX	LMVTX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.99	-0.38
Sortino ratio: Return per unit of downside risk	2.50	2.77	-0.27
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	3.28	3.10	+0.18
Martin ratio: Return relative to average drawdown	8.74	11.77	-3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMSMX vs. LMVTX - Sharpe Ratio Comparison

The current LMSMX Sharpe Ratio is 1.61, which is comparable to the LMVTX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of LMSMX and LMVTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LMSMX	LMVTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.99	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.52	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.58	-0.40

Drawdowns

LMSMX vs. LMVTX - Drawdown Comparison

The maximum LMSMX drawdown since its inception was -30.76%, smaller than the maximum LMVTX drawdown of -72.54%. Use the drawdown chart below to compare losses from any high point for LMSMX and LMVTX.

Drawdown Indicators

	LMSMX	LMVTX	Difference
Max Drawdown Largest peak-to-trough decline	-30.76%	-72.54%	+41.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-7.87%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-10.50%	-19.28%	+8.78%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	-20.79%	-9.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.47%	—
Current Drawdown Current decline from peak	-12.55%	0.00%	-12.55%
Average Drawdown Average peak-to-trough decline	-10.12%	-11.96%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	2.07%	-1.08%

Volatility

LMSMX vs. LMVTX - Volatility Comparison

The current volatility for Western Asset SMASh Series M Fund (LMSMX) is 1.31%, while ClearBridge Value Trust (LMVTX) has a volatility of 3.32%. This indicates that LMSMX experiences smaller price fluctuations and is considered to be less risky than LMVTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMSMX	LMVTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	3.32%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	9.10%	-6.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.41%	12.27%	-6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	17.73%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.16%	19.23%	-11.07%

LMSMX vs. LMVTX - Expense Ratio Comparison

LMSMX has a 0.00% expense ratio, which is lower than LMVTX's 1.74% expense ratio.

Dividends

LMSMX vs. LMVTX - Dividend Comparison

LMSMX's dividend yield for the trailing twelve months is around 4.40%, less than LMVTX's 9.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
LMSMX Western Asset SMASh Series M Fund	4.40%	4.20%	5.24%	4.68%	3.40%	3.78%	6.84%	7.19%	3.18%	3.24%	0.00%
LMVTX ClearBridge Value Trust	9.29%	10.33%	10.32%	12.03%	7.85%	18.06%	5.41%	0.00%	1.34%	0.00%	0.10%

Frequently Asked Questions

Can I hold both LMSMX and LMVTX in my portfolio?

LMSMX and LMVTX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMSMX or LMVTX?

LMVTX has higher volatility (3.32%) compared to LMSMX (1.31%). In terms of maximum drawdown, LMSMX dropped -30.76% vs LMVTX's -72.54%.

Which has better risk-adjusted returns?

LMVTX currently has the higher Sharpe Ratio (1.99 vs 1.61), 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.