MCEMX vs. LMSMX

Last updated Jun 23, 2026

MCEMX (Martin Currie Emerging Markets Fund) and LMSMX (Western Asset SMASh Series M Fund) are both mutual funds - MCEMX is a Emerging Markets Diversified fund managed by Legg Mason, while LMSMX is a Intermediate Core-Plus Bond fund managed by Legg Mason. Over the past 5 years, MCEMX returned 5.84%/yr vs -1.97%/yr for LMSMX. At a 0.03 correlation, their price movements are largely independent. MCEMX charges 0.85%/yr vs 0.00%/yr for LMSMX.

Performance

MCEMX vs. LMSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, MCEMX achieves a 31.58% return, which is significantly higher than LMSMX's 0.95% return.

MCEMX

• 1D: 3.74%
• 1M: 8.24%
• YTD: 31.58%
• 6M: 34.81%
• 1Y: 64.02%
• 3Y*: 20.94%
• 5Y*: 5.84%
• 10Y*: 11.05%

LMSMX

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

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

MCEMX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCEMX Martin Currie Emerging Markets Fund	31.58%	36.77%	2.89%	6.28%	-26.82%	-5.00%	27.81%	29.29%	-18.82%	37.49%
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%

Correlation

The correlation between MCEMX and LMSMX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.03

The correlation between MCEMX and LMSMX shifts across timeframes, from 0.03 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MCEMX vs. LMSMX — Risk / Return Rank

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

MCEMX

MCEMX Risk / Return Rank: 86
MCEMX Sharpe Ratio Rank: 89
MCEMX Sortino Ratio Rank: 74
MCEMX Omega Ratio Rank: 83
MCEMX Calmar Ratio Rank: 91
MCEMX Martin Ratio Rank: 91

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

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.

MCEMX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Martin Currie Emerging Markets Fund (MCEMX) and Western Asset SMASh Series M Fund (LMSMX). 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.

	MCEMX	LMSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.52	+1.19
Sortino ratio: Return per unit of downside risk	3.28	2.41	+0.87
Omega ratio: Gain probability vs. loss probability	1.51	1.29	+0.21
Calmar ratio: Return relative to maximum drawdown	4.44	2.90	+1.53
Martin ratio: Return relative to average drawdown	16.96	7.47	+9.48

MCEMX vs. LMSMX - Sharpe Ratio Comparison

The current MCEMX Sharpe Ratio is 2.71, which is higher than the LMSMX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MCEMX and LMSMX, 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

MCEMX vs. LMSMX - Drawdown Comparison

The maximum MCEMX drawdown since its inception was -46.45%, which is greater than LMSMX's maximum drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for MCEMX and LMSMX.

Drawdown Indicators

	MCEMX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-46.45%	-30.76%	-15.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-2.64%	-11.70%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-10.50%	-7.69%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-30.18%	-12.87%
Max Drawdown (10Y) Largest decline over 10 years	-46.45%	—	—
Current Drawdown Current decline from peak	-0.27%	-12.68%	+12.41%
Average Drawdown Average peak-to-trough decline	-17.06%	-10.13%	-6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	1.02%	+2.73%

Volatility

MCEMX vs. LMSMX - Volatility Comparison

Martin Currie Emerging Markets Fund (MCEMX) has a higher volatility of 12.78% compared to Western Asset SMASh Series M Fund (LMSMX) at 1.29%. This indicates that MCEMX's price experiences larger fluctuations and is considered to be riskier than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCEMX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.78%	1.29%	+11.49%
Volatility (6M) Calculated over the trailing 6-month period	21.24%	2.81%	+18.43%
Volatility (1Y) Calculated over the trailing 1-year period	23.50%	5.04%	+18.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.37%	10.38%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	8.14%	+12.25%

MCEMX vs. LMSMX - Expense Ratio Comparison

MCEMX has a 0.85% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

Dividends

MCEMX vs. LMSMX - Dividend Comparison

MCEMX's dividend yield for the trailing twelve months is around 0.47%, less than LMSMX's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
MCEMX Martin Currie Emerging Markets Fund	0.47%	0.68%	0.62%	1.41%	0.70%	0.23%	0.54%	2.54%	1.03%	0.17%	2.04%

Frequently Asked Questions

Can I hold both MCEMX and LMSMX in my portfolio?

MCEMX and LMSMX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCEMX or LMSMX?

MCEMX has higher volatility (12.78%) compared to LMSMX (1.29%). In terms of maximum drawdown, MCEMX dropped -46.45% vs LMSMX's -30.76%.

Which has better risk-adjusted returns?

MCEMX currently has the higher Sharpe Ratio (2.71 vs 1.52), 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.