NCHRX vs. LSMSX

Last updated Jun 24, 2026

NCHRX (Nuveen California High Yield Municipal Bond Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, NCHRX returned -1.35%/yr vs 1.16%/yr for LSMSX. Their correlation of 0.82 suggests significant overlap in exposure. NCHRX charges 0.61%/yr vs 0.01%/yr for LSMSX.

Performance

NCHRX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen California High Yield Municipal Bond Fund (NCHRX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NCHRX having a 2.32% return and LSMSX slightly higher at 2.43%.

NCHRX

• 1D: -0.13%
• 1M: 2.47%
• YTD: 2.32%
• 6M: 2.98%
• 1Y: 9.50%
• 3Y*: 4.30%
• 5Y*: -1.35%
• 10Y*: 1.78%

LSMSX

• 1D: 0.00%
• 1M: 1.91%
• YTD: 2.43%
• 6M: 2.64%
• 1Y: 7.81%
• 3Y*: 3.84%
• 5Y*: 1.16%
• 10Y*: —

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

NCHRX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCHRX Nuveen California High Yield Municipal Bond Fund	2.32%	3.34%	5.17%	4.46%	-20.76%	5.41%	6.02%	12.21%	-0.33%	10.67%
LSMSX Western Asset SMASh Series TF Fund	2.43%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	4.92%

Correlation

The correlation between NCHRX and LSMSX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.82

The correlation between NCHRX and LSMSX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

NCHRX vs. LSMSX — Risk / Return Rank

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

NCHRX

NCHRX Risk / Return Rank: 68
NCHRX Sharpe Ratio Rank: 76
NCHRX Sortino Ratio Rank: 83
NCHRX Omega Ratio Rank: 85
NCHRX Calmar Ratio Rank: 53
NCHRX Martin Ratio Rank: 43

LSMSX

LSMSX Risk / Return Rank: 78
LSMSX Sharpe Ratio Rank: 92
LSMSX Sortino Ratio Rank: 93
LSMSX Omega Ratio Rank: 94
LSMSX Calmar Ratio Rank: 60
LSMSX Martin Ratio Rank: 49

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.

NCHRX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen California High Yield Municipal Bond Fund (NCHRX) 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.

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.

	NCHRX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.85	-0.51
Sortino ratio: Return per unit of downside risk	3.64	4.42	-0.78
Omega ratio: Gain probability vs. loss probability	1.53	1.70	-0.17
Calmar ratio: Return relative to maximum drawdown	2.67	2.86	-0.19
Martin ratio: Return relative to average drawdown	8.71	9.60	-0.89

NCHRX vs. LSMSX - Sharpe Ratio Comparison

The current NCHRX Sharpe Ratio is 2.34, which is comparable to the LSMSX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of NCHRX and LSMSX, 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

NCHRX vs. LSMSX - Drawdown Comparison

The maximum NCHRX drawdown since its inception was -39.64%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for NCHRX and LSMSX.

Drawdown Indicators

	NCHRX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.64%	-15.00%	-24.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-2.82%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	-7.49%	-4.14%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	-15.00%	-13.27%
Max Drawdown (10Y) Largest decline over 10 years	-28.27%	—	—
Current Drawdown Current decline from peak	-8.02%	0.00%	-8.02%
Average Drawdown Average peak-to-trough decline	-7.09%	-2.84%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.84%	+0.27%

Volatility

NCHRX vs. LSMSX - Volatility Comparison

Nuveen California High Yield Municipal Bond Fund (NCHRX) has a higher volatility of 1.11% compared to Western Asset SMASh Series TF Fund (LSMSX) at 0.79%. This indicates that NCHRX'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.

Volatility by Period

	NCHRX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.79%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.06%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	2.84%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.01%	4.48%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	4.49%	+2.99%

NCHRX vs. LSMSX - Expense Ratio Comparison

NCHRX has a 0.61% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

NCHRX vs. LSMSX - Dividend Comparison

NCHRX's dividend yield for the trailing twelve months is around 4.18%, more than LSMSX's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSMSX Western Asset SMASh Series TF Fund	3.84%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%	0.00%	0.00%
NCHRX Nuveen California High Yield Municipal Bond Fund	4.18%	4.59%	4.28%	4.40%	5.14%	3.90%	3.85%	4.17%	4.08%	3.94%	4.42%	4.45%

Frequently Asked Questions

Can I hold both NCHRX and LSMSX in my portfolio?

NCHRX and LSMSX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCHRX or LSMSX?

NCHRX has higher volatility (1.11%) compared to LSMSX (0.79%). In terms of maximum drawdown, NCHRX dropped -39.64% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

LSMSX currently has the higher Sharpe Ratio (2.85 vs 2.34), 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.