LMSMX vs. PIM
LMSMX (Western Asset SMASh Series M Fund) and PIM (Putnam Master Intermediate Income Trust) are both Intermediate Core-Plus Bond funds. Over the past 5 years, LMSMX returned -1.97%/yr vs 2.22%/yr for PIM. At a 0.17 correlation, their price movements are largely independent. LMSMX charges 0.00%/yr vs 1.09%/yr for PIM.
Performance
LMSMX vs. PIM - Performance Comparison
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Returns By Period
In the year-to-date period, LMSMX achieves a 0.95% return, which is significantly higher than PIM's -1.81% return.
LMSMX
- 1D
- 0.25%
- 1M
- 0.35%
- YTD
- 0.95%
- 6M
- 1.08%
- 1Y
- 7.34%
- 3Y*
- 5.07%
- 5Y*
- -1.97%
- 10Y*
- —
PIM
- 1D
- 0.00%
- 1M
- 0.96%
- YTD
- -1.81%
- 6M
- 1.53%
- 1Y
- 3.05%
- 3Y*
- 8.58%
- 5Y*
- 2.22%
- 10Y*
- 4.35%
LMSMX vs. PIM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LMSMX Western Asset SMASh Series M Fund | 0.95% | 12.15% | -1.72% | 5.13% | -23.44% | -2.32% | 12.86% | 7.71% | 1.46% | 5.52% |
PIM Putnam Master Intermediate Income Trust | -1.81% | 10.91% | 10.88% | 8.45% | -12.49% | -0.44% | -2.97% | 20.68% | -5.10% | 7.79% |
Correlation
The correlation between LMSMX and PIM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.17 |
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Return for Risk
LMSMX vs. PIM — Risk / Return Rank
LMSMX
PIM
LMSMX vs. PIM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series M Fund (LMSMX) and Putnam Master Intermediate Income Trust (PIM). 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 | PIM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.06 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 0.47 | +2.43 |
| Martin ratioReturn relative to average drawdown | 7.47 | 1.07 | +6.40 |
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Drawdowns
LMSMX vs. PIM - Drawdown Comparison
The maximum LMSMX drawdown since its inception was -30.76%, smaller than the maximum PIM drawdown of -43.27%. Use the drawdown chart below to compare losses from any high point for LMSMX and PIM.
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Drawdown Indicators
| LMSMX | PIM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.76% | -43.27% | +12.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -6.45% | +3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -10.50% | -7.91% | -2.59% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -17.66% | -12.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.15% | — |
Current DrawdownCurrent decline from peak | -12.68% | -3.82% | -8.86% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -9.52% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.85% | -1.83% |
Volatility
LMSMX vs. PIM - Volatility Comparison
The current volatility for Western Asset SMASh Series M Fund (LMSMX) is 1.29%, while Putnam Master Intermediate Income Trust (PIM) has a volatility of 2.32%. This indicates that LMSMX experiences smaller price fluctuations and is considered to be less risky than PIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMSMX | PIM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 2.32% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 8.68% | -5.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.04% | 11.38% | -6.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.38% | 10.74% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.14% | 13.12% | -4.98% |
LMSMX vs. PIM - Expense Ratio Comparison
LMSMX has a 0.00% expense ratio, which is lower than PIM's 1.09% expense ratio.
Dividends
LMSMX vs. PIM - Dividend Comparison
LMSMX's dividend yield for the trailing twelve months is around 4.42%, less than PIM's 7.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMSMX Western Asset SMASh Series M Fund | 4.42% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% | 0.00% | 0.00% |
PIM Putnam Master Intermediate Income Trust | 7.63% | 7.90% | 8.10% | 8.28% | 8.25% | 6.68% | 8.32% | 7.59% | 6.82% | 6.54% | 6.77% | 6.86% |
Frequently Asked Questions
LMSMX and PIM have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIM has higher volatility (2.32%) compared to LMSMX (1.29%). In terms of maximum drawdown, LMSMX dropped -30.76% vs PIM's -43.27%.
LMSMX currently has the higher Sharpe Ratio (1.52 vs 0.27), 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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