LSMSX vs. NCATX
Compare and contrast key facts about Western Asset SMASh Series TF Fund (LSMSX) and Northern California Tax Exempt Fund (NCATX).
LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015. NCATX is managed by Northern Funds. It was launched on Apr 7, 1997.
Performance
LSMSX vs. NCATX - Performance Comparison
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LSMSX vs. NCATX - 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% |
NCATX Northern California Tax Exempt Fund | -0.37% | 3.65% | 1.89% | 5.74% | -11.26% | 0.74% | 4.85% | 7.67% | 1.00% | 4.88% |
Returns By Period
In the year-to-date period, LSMSX achieves a -0.27% return, which is significantly higher than NCATX's -0.37% return.
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
NCATX
- 1D
- 0.10%
- 1M
- -2.46%
- YTD
- -0.37%
- 6M
- 1.15%
- 1Y
- 4.46%
- 3Y*
- 2.69%
- 5Y*
- 0.05%
- 10Y*
- 1.53%
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LSMSX vs. NCATX - Expense Ratio Comparison
LSMSX has a 0.01% expense ratio, which is lower than NCATX's 0.45% expense ratio.
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.
| LSMSX | NCATX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.67 | 0.89 | -0.22 |
Sortino ratioReturn per unit of downside risk | 0.89 | 1.20 | -0.31 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 0.71 | 1.02 | -0.31 |
Martin ratioReturn relative to average drawdown | 1.98 | 4.01 | -2.03 |
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 | NCATX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.89 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.01 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.04 | -0.46 |
Correlation
The correlation between LSMSX and NCATX is 0.80, 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. NCATX - Dividend Comparison
LSMSX's dividend yield for the trailing twelve months is around 3.97%, more than NCATX's 3.76% 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% |
NCATX Northern California Tax Exempt Fund | 3.76% | 2.85% | 3.39% | 2.46% | 1.47% | 2.18% | 2.85% | 3.82% | 3.51% | 3.19% | 4.08% | 3.21% |
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 | -6.21% | -4.58% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.00% | -16.55% | +1.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.55% | — |
Current DrawdownCurrent decline from peak | -2.62% | -2.46% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -2.42% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.16% | +1.05% |
Volatility
LSMSX vs. NCATX - Volatility Comparison
Western Asset SMASh Series TF Fund (LSMSX) has a higher volatility of 1.10% compared to Northern California Tax Exempt Fund (NCATX) at 0.89%. 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 | 1.10% | 0.89% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 1.69% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 5.43% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.44% | 4.10% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 4.24% | +0.28% |