LSMSX vs. FMNDX
Compare and contrast key facts about Western Asset SMASh Series TF Fund (LSMSX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX).
LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015. FMNDX is managed by Fidelity. It was launched on Oct 15, 2013.
Performance
LSMSX vs. FMNDX - Performance Comparison
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LSMSX vs. FMNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | -0.27% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 0.30% | 3.31% | 3.04% | 3.37% | -0.09% | 0.03% | 0.86% | 2.00% | 1.58% | 0.83% |
Returns By Period
In the year-to-date period, LSMSX achieves a -0.27% return, which is significantly lower than FMNDX's 0.30% return.
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
FMNDX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.30%
- 6M
- 1.06%
- 1Y
- 2.78%
- 3Y*
- 3.04%
- 5Y*
- 1.98%
- 10Y*
- 1.55%
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LSMSX vs. FMNDX - Expense Ratio Comparison
LSMSX has a 0.01% expense ratio, which is lower than FMNDX's 0.25% 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
LSMSX vs. FMNDX — Risk / Return Rank
LSMSX
FMNDX
LSMSX vs. FMNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series TF Fund (LSMSX) and Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX). 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.
| LSMSX | FMNDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.67 | 3.03 | -2.36 |
Sortino ratioReturn per unit of downside risk | 0.89 | 7.14 | -6.26 |
Omega ratioGain probability vs. loss probability | 1.20 | 2.89 | -1.69 |
Calmar ratioReturn relative to maximum drawdown | 0.71 | 7.66 | -6.96 |
Martin ratioReturn relative to average drawdown | 1.98 | 29.53 | -27.55 |
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
| LSMSX | FMNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 3.03 | -2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 1.90 | -1.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.66 | -1.08 |
Correlation
The correlation between LSMSX and FMNDX is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
LSMSX vs. FMNDX - Dividend Comparison
LSMSX's dividend yield for the trailing twelve months is around 3.97%, more than FMNDX's 2.64% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 3.97% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
FMNDX Fidelity Conservative Income Municipal Bond Fund Institutional Class | 2.64% | 2.95% | 2.99% | 2.60% | 0.61% | 0.23% | 0.85% | 1.58% | 1.46% | 1.00% | 0.75% | 0.38% |
Drawdowns
LSMSX vs. FMNDX - Drawdown Comparison
The maximum LSMSX drawdown since its inception was -15.00%, which is greater than FMNDX's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for LSMSX and FMNDX.
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Drawdown Indicators
| LSMSX | FMNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.00% | -1.69% | -13.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.21% | -0.40% | -5.81% |
Max Drawdown (5Y)Largest decline over 5 years | -15.00% | -1.09% | -13.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.69% | — |
Current DrawdownCurrent decline from peak | -2.62% | -0.30% | -2.32% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -0.10% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.10% | +2.11% |
Volatility
LSMSX vs. FMNDX - Volatility Comparison
Western Asset SMASh Series TF Fund (LSMSX) has a higher volatility of 1.10% compared to Fidelity Conservative Income Municipal Bond Fund Institutional Class (FMNDX) at 0.16%. This indicates that LSMSX's price experiences larger fluctuations and is considered to be riskier than FMNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LSMSX | FMNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.16% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 0.62% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 1.01% | +4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.44% | 1.05% | +3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 0.90% | +3.62% |