NEFRX vs. LMSMX

Last updated Jun 4, 2026

NEFRX (Loomis Sayles Core Plus Bond Fund) and LMSMX (Western Asset SMASh Series M Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, NEFRX returned 0.04%/yr vs -1.89%/yr for LMSMX. Their correlation of 0.81 suggests significant overlap in exposure. NEFRX charges 0.71%/yr vs 0.00%/yr for LMSMX.

Performance

NEFRX vs. LMSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Loomis Sayles Core Plus Bond Fund (NEFRX) 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, NEFRX achieves a 0.31% return, which is significantly lower than LMSMX's 1.11% return.

NEFRX

• 1D: 0.09%
• 1M: 0.45%
• YTD: 0.31%
• 6M: 0.08%
• 1Y: 5.38%
• 3Y*: 3.62%
• 5Y*: 0.04%
• 10Y*: 2.17%

LMSMX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.11%
• 6M: 1.33%
• 1Y: 8.61%
• 3Y*: 4.81%
• 5Y*: -1.89%
• 10Y*: —

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

NEFRX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEFRX Loomis Sayles Core Plus Bond Fund	0.31%	7.24%	0.60%	5.91%	-12.94%	-1.68%	10.29%	8.76%	-0.86%	4.29%
LMSMX Western Asset SMASh Series M Fund	1.11%	12.15%	-1.72%	5.13%	-23.44%	-2.32%	12.86%	7.71%	1.46%	5.52%

Correlation

The correlation between NEFRX and LMSMX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.81

The correlation between NEFRX and LMSMX shifts across timeframes, from 0.72 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NEFRX vs. LMSMX — Risk / Return Rank

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

NEFRX

NEFRX Risk / Return Rank: 31
NEFRX Sharpe Ratio Rank: 29
NEFRX Sortino Ratio Rank: 33
NEFRX Omega Ratio Rank: 29
NEFRX Calmar Ratio Rank: 35
NEFRX Martin Ratio Rank: 27

LMSMX

LMSMX Risk / Return Rank: 43
LMSMX Sharpe Ratio Rank: 31
LMSMX Sortino Ratio Rank: 36
LMSMX Omega Ratio Rank: 36
LMSMX Calmar Ratio Rank: 71
LMSMX Martin Ratio Rank: 41

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.

NEFRX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Loomis Sayles Core Plus Bond Fund (NEFRX) 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.

	NEFRX	LMSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.61	-0.05
Sortino ratio: Return per unit of downside risk	2.40	2.50	-0.10
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.22	3.28	-1.06
Martin ratio: Return relative to average drawdown	6.44	8.74	-2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEFRX vs. LMSMX - Sharpe Ratio Comparison

The current NEFRX Sharpe Ratio is 1.55, which is comparable to the LMSMX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of NEFRX 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.

Sharpe Ratios by Period

	NEFRX	LMSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.61	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.18	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.17	+0.56

Drawdowns

NEFRX vs. LMSMX - Drawdown Comparison

The maximum NEFRX drawdown since its inception was -25.45%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for NEFRX and LMSMX.

Drawdown Indicators

	NEFRX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-30.76%	+5.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-2.64%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-7.95%	-10.50%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-30.18%	+11.63%
Max Drawdown (10Y) Largest decline over 10 years	-18.76%	—	—
Current Drawdown Current decline from peak	-1.89%	-12.55%	+10.66%
Average Drawdown Average peak-to-trough decline	-3.97%	-10.12%	+6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.99%	+0.18%

Volatility

NEFRX vs. LMSMX - Volatility Comparison

Loomis Sayles Core Plus Bond Fund (NEFRX) and Western Asset SMASh Series M Fund (LMSMX) have volatilities of 1.36% and 1.31%, 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.

Volatility by Period

	NEFRX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.31%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.68%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	5.41%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.23%	10.38%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	8.16%	-3.12%

NEFRX vs. LMSMX - Expense Ratio Comparison

NEFRX has a 0.71% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

Dividends

NEFRX vs. LMSMX - Dividend Comparison

NEFRX's dividend yield for the trailing twelve months is around 3.61%, less than LMSMX's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMSMX Western Asset SMASh Series M Fund	4.40%	4.20%	5.24%	4.68%	3.40%	3.78%	6.84%	7.19%	3.18%	3.24%	0.00%	0.00%
NEFRX Loomis Sayles Core Plus Bond Fund	3.61%	3.97%	3.90%	3.58%	3.10%	2.34%	4.04%	2.51%	2.87%	2.68%	3.17%	2.58%

Frequently Asked Questions

Can I hold both NEFRX and LMSMX in my portfolio?

NEFRX and LMSMX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEFRX or LMSMX?

NEFRX has higher volatility (1.36%) compared to LMSMX (1.31%). In terms of maximum drawdown, NEFRX dropped -25.45% vs LMSMX's -30.76%.

Which has better risk-adjusted returns?

LMSMX currently has the higher Sharpe Ratio (1.61 vs 1.55), 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.