MCFIX vs. LMSMX
Compare and contrast key facts about Mercer Core Fixed Income Fund (MCFIX) and Western Asset SMASh Series M Fund (LMSMX).
MCFIX is managed by Mercer Funds. It was launched on Aug 15, 2005. LMSMX is managed by Legg Mason. It was launched on Dec 27, 2006.
Performance
MCFIX vs. LMSMX - Performance Comparison
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MCFIX vs. LMSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MCFIX Mercer Core Fixed Income Fund | -0.76% | 6.64% | 2.02% | 6.47% | -13.69% | -1.05% | 4.75% | 3.31% |
LMSMX Western Asset SMASh Series M Fund | 0.68% | 12.15% | -1.72% | 5.13% | -23.44% | -2.32% | 12.86% | 4.20% |
Returns By Period
In the year-to-date period, MCFIX achieves a -0.76% return, which is significantly lower than LMSMX's 0.68% return.
MCFIX
- 1D
- 0.11%
- 1M
- -1.66%
- YTD
- -0.76%
- 6M
- -0.68%
- 1Y
- 2.77%
- 3Y*
- 3.66%
- 5Y*
- 0.19%
- 10Y*
- —
LMSMX
- 1D
- 0.13%
- 1M
- -1.03%
- YTD
- 0.68%
- 6M
- 2.13%
- 1Y
- 7.50%
- 3Y*
- 3.91%
- 5Y*
- -1.83%
- 10Y*
- —
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MCFIX vs. LMSMX - Expense Ratio Comparison
MCFIX has a 0.16% expense ratio, which is higher than LMSMX's 0.00% expense ratio. However, 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
MCFIX vs. LMSMX — Risk / Return Rank
MCFIX
LMSMX
MCFIX vs. LMSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mercer Core Fixed Income Fund (MCFIX) 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.
| MCFIX | LMSMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.64 | 1.05 | -0.40 |
Sortino ratioReturn per unit of downside risk | 0.93 | 1.56 | -0.63 |
Omega ratioGain probability vs. loss probability | 1.12 | 1.21 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.61 | -0.03 |
Martin ratioReturn relative to average drawdown | 4.51 | 5.39 | -0.88 |
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
| MCFIX | LMSMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.64 | 1.05 | -0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | -0.18 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.17 | -0.02 |
Correlation
The correlation between MCFIX and LMSMX is 0.83, 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
MCFIX vs. LMSMX - Dividend Comparison
MCFIX's dividend yield for the trailing twelve months is around 4.30%, less than LMSMX's 4.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCFIX Mercer Core Fixed Income Fund | 4.30% | 3.89% | 4.54% | 3.68% | 3.31% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% |
LMSMX Western Asset SMASh Series M Fund | 4.37% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% |
Drawdowns
MCFIX vs. LMSMX - Drawdown Comparison
The maximum MCFIX drawdown since its inception was -21.68%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for MCFIX and LMSMX.
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Drawdown Indicators
| MCFIX | LMSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.68% | -30.76% | +9.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -4.83% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -18.72% | -30.18% | +11.46% |
Current DrawdownCurrent decline from peak | -5.76% | -12.91% | +7.15% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -10.07% | +1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.44% | -0.36% |
Volatility
MCFIX vs. LMSMX - Volatility Comparison
Mercer Core Fixed Income Fund (MCFIX) and Western Asset SMASh Series M Fund (LMSMX) have volatilities of 1.55% and 1.53%, 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.
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Volatility by Period
| MCFIX | LMSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 1.53% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 2.47% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 6.95% | -2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 10.38% | -4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.16% | 8.22% | -2.06% |