OLCAX vs. LSMSX
Compare and contrast key facts about Invesco Limited Term California Municipal Fund (OLCAX) and Western Asset SMASh Series TF Fund (LSMSX).
OLCAX is managed by Invesco. It was launched on Feb 24, 2004. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
OLCAX vs. LSMSX - Performance Comparison
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OLCAX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OLCAX Invesco Limited Term California Municipal Fund | -0.64% | 4.22% | 2.70% | 3.60% | -6.16% | 1.76% | 3.78% | 7.51% | 7.27% | -1.37% |
LSMSX Western Asset SMASh Series TF Fund | -0.27% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Returns By Period
In the year-to-date period, OLCAX achieves a -0.64% return, which is significantly lower than LSMSX's -0.27% return.
OLCAX
- 1D
- 0.00%
- 1M
- -1.59%
- YTD
- -0.64%
- 6M
- 0.27%
- 1Y
- 2.54%
- 3Y*
- 2.84%
- 5Y*
- 1.08%
- 10Y*
- 2.33%
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
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OLCAX vs. LSMSX - Expense Ratio Comparison
OLCAX has a 0.83% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Return for Risk
OLCAX vs. LSMSX — Risk / Return Rank
OLCAX
LSMSX
OLCAX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Limited Term California Municipal Fund (OLCAX) 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.
| OLCAX | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | 0.67 | +0.47 |
Sortino ratioReturn per unit of downside risk | 1.64 | 0.89 | +0.76 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.20 | +0.21 |
Calmar ratioReturn relative to maximum drawdown | 1.03 | 0.71 | +0.33 |
Martin ratioReturn relative to average drawdown | 3.86 | 1.98 | +1.88 |
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
| OLCAX | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 0.67 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.25 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.96 | 0.58 | +0.38 |
Correlation
The correlation between OLCAX and LSMSX is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
OLCAX vs. LSMSX - Dividend Comparison
OLCAX's dividend yield for the trailing twelve months is around 2.16%, less than LSMSX's 3.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OLCAX Invesco Limited Term California Municipal Fund | 2.16% | 3.76% | 3.32% | 2.54% | 1.71% | 2.35% | 2.46% | 2.61% | 2.48% | 3.51% | 3.57% | 3.75% |
LSMSX Western Asset SMASh Series TF Fund | 3.97% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
Drawdowns
OLCAX vs. LSMSX - Drawdown Comparison
The maximum OLCAX drawdown since its inception was -14.66%, roughly equal to the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for OLCAX and LSMSX.
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Drawdown Indicators
| OLCAX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.66% | -15.00% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -6.21% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -10.04% | -15.00% | +4.96% |
Max Drawdown (10Y)Largest decline over 10 years | -10.04% | — | — |
Current DrawdownCurrent decline from peak | -1.59% | -2.62% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -1.69% | -2.88% | +1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.21% | -1.43% |
Volatility
OLCAX vs. LSMSX - Volatility Comparison
The current volatility for Invesco Limited Term California Municipal Fund (OLCAX) is 0.79%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 1.10%. This indicates that OLCAX experiences smaller price fluctuations and is considered to be less risky 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
| OLCAX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.10% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 1.60% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 5.78% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.97% | 4.44% | -1.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 4.52% | -1.22% |