LMSMX vs. PIOBX

Last updated Jun 23, 2026

LMSMX (Western Asset SMASh Series M Fund) and PIOBX (Pioneer Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, LMSMX returned -1.97%/yr vs -0.16%/yr for PIOBX. Their correlation of 0.85 suggests significant overlap in exposure. LMSMX charges 0.00%/yr vs 0.79%/yr for PIOBX.

Performance

LMSMX vs. PIOBX - Performance Comparison

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

Returns By Period

In the year-to-date period, LMSMX achieves a 0.95% return, which is significantly higher than PIOBX's 0.45% return.

LMSMX

• 1D: 0.25%
• 1M: 0.35%
• YTD: 0.95%
• 6M: 1.08%
• 1Y: 7.34%
• 3Y*: 5.07%
• 5Y*: -1.97%
• 10Y*: —

PIOBX

• 1D: 0.60%
• 1M: 0.94%
• YTD: 0.45%
• 6M: 0.90%
• 1Y: 5.02%
• 3Y*: 4.18%
• 5Y*: -0.16%
• 10Y*: 2.01%

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

LMSMX vs. PIOBX - 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%
PIOBX Pioneer Bond Fund	0.45%	8.09%	1.22%	5.68%	-14.96%	0.36%	8.51%	8.95%	-0.87%	3.89%

Correlation

The correlation between LMSMX and PIOBX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.85

The correlation between LMSMX and PIOBX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

LMSMX vs. PIOBX — Risk / Return Rank

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

LMSMX

LMSMX Risk / Return Rank: 41
LMSMX Sharpe Ratio Rank: 32
LMSMX Sortino Ratio Rank: 38
LMSMX Omega Ratio Rank: 36
LMSMX Calmar Ratio Rank: 62
LMSMX Martin Ratio Rank: 36

PIOBX

PIOBX Risk / Return Rank: 24
PIOBX Sharpe Ratio Rank: 24
PIOBX Sortino Ratio Rank: 26
PIOBX Omega Ratio Rank: 23
PIOBX Calmar Ratio Rank: 24
PIOBX Martin Ratio Rank: 21

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. PIOBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series M Fund (LMSMX) and Pioneer Bond Fund (PIOBX). 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	PIOBX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.30	+0.21
Sortino ratio: Return per unit of downside risk	2.41	1.95	+0.45
Omega ratio: Gain probability vs. loss probability	1.29	1.23	+0.06
Calmar ratio: Return relative to maximum drawdown	2.90	1.69	+1.21
Martin ratio: Return relative to average drawdown	7.47	4.97	+2.51

LMSMX vs. PIOBX - Sharpe Ratio Comparison

The current LMSMX Sharpe Ratio is 1.52, which is comparable to the PIOBX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of LMSMX and PIOBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LMSMX vs. PIOBX - Drawdown Comparison

The maximum LMSMX drawdown since its inception was -30.76%, which is greater than PIOBX's maximum drawdown of -21.80%. Use the drawdown chart below to compare losses from any high point for LMSMX and PIOBX.

Drawdown Indicators

	LMSMX	PIOBX	Difference
Max Drawdown Largest peak-to-trough decline	-30.76%	-21.80%	-8.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-3.06%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-10.50%	-7.11%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	-19.64%	-10.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.64%	—
Current Drawdown Current decline from peak	-12.68%	-2.20%	-10.48%
Average Drawdown Average peak-to-trough decline	-10.13%	-3.55%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.04%	-0.02%

Volatility

LMSMX vs. PIOBX - Volatility Comparison

The current volatility for Western Asset SMASh Series M Fund (LMSMX) is 1.29%, while Pioneer Bond Fund (PIOBX) has a volatility of 1.55%. This indicates that LMSMX experiences smaller price fluctuations and is considered to be less risky than PIOBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMSMX	PIOBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	1.55%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	3.02%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	3.96%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	6.03%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.14%	4.95%	+3.19%

LMSMX vs. PIOBX - Expense Ratio Comparison

LMSMX has a 0.00% expense ratio, which is lower than PIOBX's 0.79% expense ratio.

Dividends

LMSMX vs. PIOBX - Dividend Comparison

LMSMX's dividend yield for the trailing twelve months is around 4.42%, more than PIOBX's 3.73% 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%
PIOBX Pioneer Bond Fund	3.73%	3.78%	3.31%	2.46%	1.62%	5.71%	4.62%	3.02%	3.13%	3.01%	2.97%	3.05%

Frequently Asked Questions

Can I hold both LMSMX and PIOBX in my portfolio?

LMSMX and PIOBX have a correlation of 0.86, 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 PIOBX?

PIOBX has higher volatility (1.55%) compared to LMSMX (1.29%). In terms of maximum drawdown, LMSMX dropped -30.76% vs PIOBX's -21.80%.

Which has better risk-adjusted returns?

LMSMX currently has the higher Sharpe Ratio (1.52 vs 1.30), 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.