NCA vs. LSMSX
NCA (Nuveen California Municipal Value Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, NCA returned 1.26%/yr vs 1.17%/yr for LSMSX. At a 0.25 correlation, their price movements are largely independent. NCA charges 0.03%/yr vs 0.01%/yr for LSMSX.
Performance
NCA vs. LSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, NCA achieves a 4.99% return, which is significantly higher than LSMSX's 2.18% return.
NCA
- 1D
- 0.11%
- 1M
- 0.42%
- YTD
- 4.99%
- 6M
- 6.29%
- 1Y
- 13.95%
- 3Y*
- 6.16%
- 5Y*
- 1.26%
- 10Y*
- 2.06%
LSMSX
- 1D
- 0.00%
- 1M
- 0.97%
- YTD
- 2.18%
- 6M
- 2.48%
- 1Y
- 8.19%
- 3Y*
- 4.03%
- 5Y*
- 1.17%
- 10Y*
- —
NCA vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCA Nuveen California Municipal Value Fund | 4.99% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 3.61% |
LSMSX Western Asset SMASh Series TF Fund | 2.18% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Correlation
The correlation between NCA and LSMSX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017 | 0.25 |
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Return for Risk
NCA vs. LSMSX — Risk / Return Rank
NCA
LSMSX
NCA vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and Western Asset SMASh Series TF Fund (LSMSX). 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.
| NCA | LSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.74 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 3.04 | -1.18 |
| Martin ratioReturn relative to average drawdown | 5.83 | 10.21 | -4.38 |
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
| NCA | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 2.99 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.26 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.63 | -0.39 |
Drawdowns
NCA vs. LSMSX - Drawdown Comparison
The maximum NCA drawdown since its inception was -37.14%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for NCA and LSMSX.
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Drawdown Indicators
| NCA | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.14% | -15.00% | -22.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -2.82% | -4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -7.49% | -3.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.97% | -15.00% | -7.97% |
Max Drawdown (10Y)Largest decline over 10 years | -22.97% | — | — |
Current DrawdownCurrent decline from peak | -4.54% | -0.23% | -4.31% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -2.85% | -5.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 0.84% | +1.56% |
Volatility
NCA vs. LSMSX - Volatility Comparison
Nuveen California Municipal Value Fund (NCA) has a higher volatility of 3.54% compared to Western Asset SMASh Series TF Fund (LSMSX) at 1.19%. This indicates that NCA's price experiences larger fluctuations and is considered to be riskier than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCA | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 1.19% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 2.06% | +9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.79% | 2.87% | +9.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.30% | 4.49% | +7.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.48% | 4.51% | +7.97% |
NCA vs. LSMSX - Expense Ratio Comparison
NCA has a 0.03% expense ratio, which is higher than LSMSX's 0.01% 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%.
Dividends
NCA vs. LSMSX - Dividend Comparison
NCA's dividend yield for the trailing twelve months is around 3.79%, less than LSMSX's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 3.86% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
NCA Nuveen California Municipal Value Fund | 3.79% | 3.89% | 4.12% | 3.88% | 3.66% | 3.02% | 2.98% | 3.21% | 3.79% | 5.33% | 4.36% | 4.34% |
Frequently Asked Questions
NCA and LSMSX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCA has higher volatility (3.54%) compared to LSMSX (1.19%). In terms of maximum drawdown, NCA dropped -37.14% vs LSMSX's -15.00%.
LSMSX currently has the higher Sharpe Ratio (2.99 vs 1.10), 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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