MWIGX vs. LMSMX

Last updated Apr 2, 2026

Compare and contrast key facts about Metropolitan West Investment Grade Credit Fund (MWIGX) and Western Asset SMASh Series M Fund (LMSMX).

MWIGX is managed by Metropolitan West Funds. It was launched on Jun 29, 2018. LMSMX is managed by Legg Mason. It was launched on Dec 27, 2006.

Performance

MWIGX vs. LMSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Metropolitan West Investment Grade Credit Fund (MWIGX) and Western Asset SMASh Series M Fund (LMSMX). The values are adjusted to include any dividend payments, if applicable.

MWIGX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MWIGX Metropolitan West Investment Grade Credit Fund	-0.48%	7.99%	3.82%	6.55%	-13.01%	-1.13%	8.41%	11.21%	4.27%
LMSMX Western Asset SMASh Series M Fund	0.56%	12.15%	-1.72%	5.13%	-23.44%	-2.32%	12.86%	7.71%	2.27%

Returns By Period

In the year-to-date period, MWIGX achieves a -0.48% return, which is significantly lower than LMSMX's 0.56% return.

MWIGX

• 1D: 0.38%
• 1M: -1.36%
• YTD: -0.48%
• 6M: 0.45%
• 1Y: 4.76%
• 3Y*: 4.93%
• 5Y*: 0.77%
• 10Y*: —

LMSMX

• 1D: 0.38%
• 1M: -1.28%
• YTD: 0.56%
• 6M: 2.13%
• 1Y: 7.08%
• 3Y*: 3.86%
• 5Y*: -1.85%
• 10Y*: —

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

MWIGX vs. LMSMX - Expense Ratio Comparison

MWIGX has a 1.87% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

MWIGX

Metropolitan West Investment Grade Credit Fund

LMSMX

Western Asset SMASh Series M Fund

Return for Risk

MWIGX vs. LMSMX — Risk / Return Rank

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

MWIGX

MWIGX Risk / Return Rank: 74
MWIGX Sharpe Ratio Rank: 72
MWIGX Sortino Ratio Rank: 77
MWIGX Omega Ratio Rank: 64
MWIGX Calmar Ratio Rank: 83
MWIGX Martin Ratio Rank: 75

LMSMX

LMSMX Risk / Return Rank: 52
LMSMX Sharpe Ratio Rank: 53
LMSMX Sortino Ratio Rank: 55
LMSMX Omega Ratio Rank: 48
LMSMX Calmar Ratio Rank: 58
LMSMX Martin Ratio Rank: 46

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.

MWIGX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Metropolitan West Investment Grade Credit Fund (MWIGX) 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.

	MWIGX	LMSMX	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.10	+0.28
Sortino ratio Return per unit of downside risk	2.07	1.64	+0.42
Omega ratio Gain probability vs. loss probability	1.27	1.22	+0.04
Calmar ratio Return relative to maximum drawdown	2.24	1.61	+0.63
Martin ratio Return relative to average drawdown	8.14	5.40	+2.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MWIGX vs. LMSMX - Sharpe Ratio Comparison

The current MWIGX Sharpe Ratio is 1.38, which is comparable to the LMSMX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of MWIGX and LMSMX, 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

	MWIGX	LMSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.10	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.18	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.17	+0.53

Correlation

The correlation between MWIGX and LMSMX is 0.81, 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

MWIGX vs. LMSMX - Dividend Comparison

MWIGX's dividend yield for the trailing twelve months is around 3.39%, less than LMSMX's 4.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MWIGX Metropolitan West Investment Grade Credit Fund	3.39%	3.70%	4.52%	4.97%	6.33%	4.25%	9.21%	12.03%	3.98%	0.00%
LMSMX Western Asset SMASh Series M Fund	4.38%	4.20%	5.24%	4.68%	3.40%	3.78%	6.84%	7.19%	3.18%	3.24%

Drawdowns

MWIGX vs. LMSMX - Drawdown Comparison

The maximum MWIGX drawdown since its inception was -18.32%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for MWIGX and LMSMX.

Drawdown Indicators

	MWIGX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-18.32%	-30.76%	+12.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-4.83%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-30.18%	+11.86%
Current Drawdown Current decline from peak	-1.73%	-13.02%	+11.29%
Average Drawdown Average peak-to-trough decline	-4.54%	-10.07%	+5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	1.44%	-0.79%

Volatility

MWIGX vs. LMSMX - Volatility Comparison

The current volatility for Metropolitan West Investment Grade Credit Fund (MWIGX) is 1.26%, while Western Asset SMASh Series M Fund (LMSMX) has a volatility of 1.52%. This indicates that MWIGX experiences smaller price fluctuations and is considered to be less risky than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MWIGX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.52%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	2.47%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	6.95%	-3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.91%	10.39%	-5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.78%	8.22%	-3.44%