LSMSX vs. NCATX
LSMSX (Western Asset SMASh Series TF Fund) and NCATX (Northern California Tax Exempt Fund) are both Municipal Bonds funds. Over the past 5 years, LSMSX returned 0.70%/yr vs -0.36%/yr for NCATX. Their correlation of 0.80 means they have usually moved in the same direction. LSMSX charges 0.01%/yr vs 0.45%/yr for NCATX.
Performance
LSMSX vs. NCATX - Performance Comparison
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Returns By Period
In the year-to-date period, LSMSX achieves a 1.12% return, which is significantly higher than NCATX's -0.08% return.
LSMSX
- 1D
- -0.21%
- 1M
- -1.78%
- 6M
- 0.26%
- YTD
- 1.12%
- 1Y
- 6.64%
- 3Y*
- 3.47%
- 5Y*
- 0.70%
- 10Y*
- —
- ALL TIME*
- 2.68%
NCATX
- 1D
- -0.19%
- 1M
- -1.54%
- 6M
- -0.90%
- YTD
- -0.08%
- 1Y
- 4.70%
- 3Y*
- 2.83%
- 5Y*
- -0.36%
- 10Y*
- 1.32%
- ALL TIME*
- 4.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LSMSX vs. NCATX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 1.12% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
NCATX Northern California Tax Exempt Fund | -0.08% | 3.65% | 1.89% | 5.74% | -11.26% | 0.74% | 4.85% | 7.67% | 1.00% | 4.79% |
Correlation
The correlation between LSMSX and NCATX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.80 |
The correlation between LSMSX and NCATX shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LSMSX vs. NCATX — Risk / Return Rank
LSMSX
NCATX
LSMSX vs. NCATX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset SMASh Series TF Fund (LSMSX) and Northern California Tax Exempt Fund (NCATX). 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.
| LSMSX | NCATX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.46 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.77 | +0.88 |
| Martin ratioReturn relative to average drawdown | 8.88 | 4.80 | +4.08 |
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Drawdowns
LSMSX vs. NCATX - Drawdown Comparison
The maximum LSMSX drawdown since its inception was -15.00%, smaller than the maximum NCATX drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for LSMSX and NCATX.
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Drawdown Indicators
| LSMSX | NCATX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.00% | -16.55% | +1.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.80% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -7.49% | -5.80% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -16.48% | +1.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.55% | — |
Current DrawdownCurrent decline from peak | -1.78% | -2.17% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -2.41% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.03% | -0.19% |
Volatility
LSMSX vs. NCATX - Volatility Comparison
Western Asset SMASh Series TF Fund (LSMSX) has a higher volatility of 1.01% compared to Northern California Tax Exempt Fund (NCATX) at 0.68%. This indicates that LSMSX's price experiences larger fluctuations and is considered to be riskier than NCATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LSMSX | NCATX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.68% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 2.07% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.89% | 2.58% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 4.14% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 4.25% | +0.23% |
LSMSX vs. NCATX - Expense Ratio Comparison
LSMSX has a 0.01% expense ratio, which is lower than NCATX's 0.45% expense ratio.
Dividends
LSMSX vs. NCATX - Dividend Comparison
LSMSX's dividend yield for the trailing twelve months is around 3.94%, more than NCATX's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 3.94% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
NCATX Northern California Tax Exempt Fund | 2.77% | 2.85% | 3.39% | 2.46% | 1.47% | 2.18% | 2.85% | 3.82% | 3.51% | 3.19% | 4.08% | 3.21% |
Frequently Asked Questions
LSMSX and NCATX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSMSX has higher volatility (1.01%) compared to NCATX (0.68%). In terms of maximum drawdown, LSMSX dropped -15.00% vs NCATX's -16.55%.
LSMSX currently has the higher Sharpe Ratio (2.59 vs 1.92), 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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