LMSMX vs. MCFIX
Compare and contrast key facts about Western Asset SMASh Series M Fund (LMSMX) and Mercer Core Fixed Income Fund (MCFIX).
LMSMX is managed by Legg Mason. It was launched on Dec 27, 2006. MCFIX is managed by Mercer Funds. It was launched on Aug 15, 2005.
Performance
LMSMX vs. MCFIX - Performance Comparison
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LMSMX vs. MCFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
LMSMX Western Asset SMASh Series M Fund | 0.56% | 12.15% | -1.72% | 5.13% | -23.44% | -2.32% | 12.86% | 4.20% |
MCFIX Mercer Core Fixed Income Fund | -0.88% | 6.64% | 2.02% | 6.47% | -13.69% | -1.05% | 4.75% | 3.31% |
Returns By Period
In the year-to-date period, LMSMX achieves a 0.56% return, which is significantly higher than MCFIX's -0.88% return.
LMSMX
- 1D
- 0.38%
- 1M
- -1.28%
- YTD
- 0.56%
- 6M
- 2.13%
- 1Y
- 7.08%
- 3Y*
- 3.86%
- 5Y*
- -1.85%
- 10Y*
- —
MCFIX
- 1D
- 0.23%
- 1M
- -1.88%
- YTD
- -0.88%
- 6M
- -0.58%
- 1Y
- 2.54%
- 3Y*
- 3.62%
- 5Y*
- 0.17%
- 10Y*
- —
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LMSMX vs. MCFIX - Expense Ratio Comparison
LMSMX has a 0.00% expense ratio, which is lower than MCFIX's 0.16% 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%.
Return for Risk
LMSMX vs. MCFIX — Risk / Return Rank
LMSMX
MCFIX
LMSMX vs. MCFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series M Fund (LMSMX) and Mercer Core Fixed Income Fund (MCFIX). 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 | MCFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.10 | 0.70 | +0.41 |
Sortino ratioReturn per unit of downside risk | 1.64 | 1.01 | +0.64 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.13 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.73 | -0.12 |
Martin ratioReturn relative to average drawdown | 5.40 | 5.00 | +0.41 |
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
| LMSMX | MCFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 0.70 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.18 | 0.03 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.15 | +0.02 |
Correlation
The correlation between LMSMX and MCFIX is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
LMSMX vs. MCFIX - Dividend Comparison
LMSMX's dividend yield for the trailing twelve months is around 4.38%, more than MCFIX's 4.30% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LMSMX Western Asset SMASh Series M Fund | 4.38% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% |
MCFIX Mercer Core Fixed Income Fund | 4.30% | 3.89% | 4.54% | 3.68% | 3.31% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
LMSMX vs. MCFIX - Drawdown Comparison
The maximum LMSMX drawdown since its inception was -30.76%, which is greater than MCFIX's maximum drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for LMSMX and MCFIX.
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Drawdown Indicators
| LMSMX | MCFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.76% | -21.68% | -9.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.83% | -3.09% | -1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -18.72% | -11.46% |
Current DrawdownCurrent decline from peak | -13.02% | -5.87% | -7.15% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -8.61% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.07% | +0.37% |
Volatility
LMSMX vs. MCFIX - Volatility Comparison
Western Asset SMASh Series M Fund (LMSMX) and Mercer Core Fixed Income Fund (MCFIX) have volatilities of 1.52% and 1.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMSMX | MCFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.54% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.68% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.95% | 4.81% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.39% | 6.01% | +4.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.22% | 6.16% | +2.06% |