LSMSX vs. FSMNX

Last updated Apr 1, 2026

Compare and contrast key facts about Western Asset SMASh Series TF Fund (LSMSX) and Fidelity SAI Municipal Income Fund (FSMNX).

LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015. FSMNX is managed by Fidelity. It was launched on Oct 2, 2018.

Performance

LSMSX vs. FSMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset SMASh Series TF Fund (LSMSX) and Fidelity SAI Municipal Income Fund (FSMNX). The values are adjusted to include any dividend payments, if applicable.

LSMSX vs. FSMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LSMSX Western Asset SMASh Series TF Fund	-0.27%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	1.59%
FSMNX Fidelity SAI Municipal Income Fund	-0.80%	5.30%	2.12%	7.55%	-10.43%	1.84%	3.45%	8.74%	2.37%

Returns By Period

In the year-to-date period, LSMSX achieves a -0.27% return, which is significantly higher than FSMNX's -0.80% return.

LSMSX

• 1D: 0.21%
• 1M: -2.62%
• YTD: -0.27%
• 6M: 1.22%
• 1Y: 3.63%
• 3Y*: 3.26%
• 5Y*: 1.12%
• 10Y*: —

FSMNX

• 1D: 0.10%
• 1M: -2.97%
• YTD: -0.80%
• 6M: 0.67%
• 1Y: 4.07%
• 3Y*: 3.62%
• 5Y*: 1.01%
• 10Y*: —

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

LSMSX vs. FSMNX - Expense Ratio Comparison

LSMSX has a 0.01% expense ratio, which is lower than FSMNX's 0.36% expense ratio.

FSMNX

Fidelity SAI Municipal Income Fund

LSMSX

Western Asset SMASh Series TF Fund

Return for Risk

LSMSX vs. FSMNX — Risk / Return Rank

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

LSMSX

LSMSX Risk / Return Rank: 26
LSMSX Sharpe Ratio Rank: 26
LSMSX Sortino Ratio Rank: 20
LSMSX Omega Ratio Rank: 44
LSMSX Calmar Ratio Rank: 23
LSMSX Martin Ratio Rank: 19

FSMNX

FSMNX Risk / Return Rank: 53
FSMNX Sharpe Ratio Rank: 58
FSMNX Sortino Ratio Rank: 52
FSMNX Omega Ratio Rank: 78
FSMNX Calmar Ratio Rank: 40
FSMNX Martin Ratio Rank: 36

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.

LSMSX vs. FSMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series TF Fund (LSMSX) and Fidelity SAI Municipal Income Fund (FSMNX). 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	FSMNX	Difference
Sharpe ratio Return per unit of total volatility	0.67	1.05	-0.38
Sortino ratio Return per unit of downside risk	0.89	1.43	-0.55
Omega ratio Gain probability vs. loss probability	1.20	1.30	-0.10
Calmar ratio Return relative to maximum drawdown	0.71	1.05	-0.34
Martin ratio Return relative to average drawdown	1.98	3.79	-1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LSMSX vs. FSMNX - Sharpe Ratio Comparison

The current LSMSX Sharpe Ratio is 0.67, which is lower than the FSMNX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of LSMSX and FSMNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LSMSX	FSMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	1.05	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.25	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.55	+0.03

Correlation

The correlation between LSMSX and FSMNX is 0.84, 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

LSMSX vs. FSMNX - Dividend Comparison

LSMSX's dividend yield for the trailing twelve months is around 3.97%, more than FSMNX's 3.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FSMNX Fidelity SAI Municipal Income Fund	3.37%	4.38%	3.52%	2.98%	1.74%	1.55%	1.96%	3.57%	0.65%	0.00%

Drawdowns

LSMSX vs. FSMNX - Drawdown Comparison

The maximum LSMSX drawdown since its inception was -15.00%, smaller than the maximum FSMNX drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for LSMSX and FSMNX.

Drawdown Indicators

	LSMSX	FSMNX	Difference
Max Drawdown Largest peak-to-trough decline	-15.00%	-15.85%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-4.57%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-15.00%	-15.85%	+0.85%
Current Drawdown Current decline from peak	-2.62%	-2.97%	+0.35%
Average Drawdown Average peak-to-trough decline	-2.88%	-3.72%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.26%	+0.95%

Volatility

LSMSX vs. FSMNX - Volatility Comparison

Western Asset SMASh Series TF Fund (LSMSX) and Fidelity SAI Municipal Income Fund (FSMNX) have volatilities of 1.10% and 1.11%, 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.

Volatility by Period

	LSMSX	FSMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.11%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	1.78%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	4.71%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.44%	4.09%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.52%	4.64%	-0.12%