PBBBX vs. LMLCX
PBBBX (PIA BBB Bond Fund) and LMLCX (Western Asset SMASh Series C Fund) are both Corporate Bonds funds. Over the past 10 years, PBBBX returned 2.82%/yr vs 4.60%/yr for LMLCX. A 0.54 correlation means they provide meaningful diversification when combined. PBBBX charges 0.15%/yr vs 0.00%/yr for LMLCX.
Performance
PBBBX vs. LMLCX - Performance Comparison
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Returns By Period
In the year-to-date period, PBBBX achieves a 0.25% return, which is significantly lower than LMLCX's 1.68% return. Over the past 10 years, PBBBX has underperformed LMLCX with an annualized return of 2.82%, while LMLCX has yielded a comparatively higher 4.60% annualized return.
PBBBX
- 1D
- -0.35%
- 1M
- 0.81%
- YTD
- 0.25%
- 6M
- 0.56%
- 1Y
- 4.93%
- 3Y*
- 5.45%
- 5Y*
- 0.41%
- 10Y*
- 2.82%
LMLCX
- 1D
- -0.44%
- 1M
- 1.32%
- YTD
- 1.68%
- 6M
- 1.80%
- 1Y
- 8.89%
- 3Y*
- 6.12%
- 5Y*
- 4.41%
- 10Y*
- 4.60%
PBBBX vs. LMLCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBBBX PIA BBB Bond Fund | 0.25% | 8.14% | 2.41% | 9.19% | -16.35% | -1.20% | 9.37% | 16.49% | -3.02% | 7.16% |
LMLCX Western Asset SMASh Series C Fund | 1.68% | 12.22% | -2.21% | 12.93% | -3.51% | 3.08% | 2.93% | 15.10% | -4.24% | 7.20% |
Correlation
The correlation between PBBBX and LMLCX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since May 23, 2012 | 0.54 |
Over the past year, PBBBX and LMLCX have become more correlated (0.91) than their long-term average of 0.54, meaning their price movements have been converging.
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Return for Risk
PBBBX vs. LMLCX — Risk / Return Rank
PBBBX
LMLCX
PBBBX vs. LMLCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIA BBB Bond Fund (PBBBX) and Western Asset SMASh Series C Fund (LMLCX). 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.
| PBBBX | LMLCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.26 | -0.69 |
| Martin ratioReturn relative to average drawdown | 4.74 | 7.77 | -3.03 |
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Drawdowns
PBBBX vs. LMLCX - Drawdown Comparison
The maximum PBBBX drawdown since its inception was -23.00%, roughly equal to the maximum LMLCX drawdown of -23.45%. Use the drawdown chart below to compare losses from any high point for PBBBX and LMLCX.
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Drawdown Indicators
| PBBBX | LMLCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.00% | -23.45% | +0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -4.22% | +0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -6.39% | -11.77% | +5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -23.00% | -11.77% | -11.23% |
Max Drawdown (10Y)Largest decline over 10 years | -23.00% | -23.45% | +0.45% |
Current DrawdownCurrent decline from peak | -1.37% | -0.44% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -1.94% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.23% | -0.14% |
Volatility
PBBBX vs. LMLCX - Volatility Comparison
The current volatility for PIA BBB Bond Fund (PBBBX) is 1.16%, while Western Asset SMASh Series C Fund (LMLCX) has a volatility of 1.85%. This indicates that PBBBX experiences smaller price fluctuations and is considered to be less risky than LMLCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBBBX | LMLCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.85% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 4.65% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 6.74% | -2.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 7.82% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.03% | 7.21% | -1.18% |
PBBBX vs. LMLCX - Expense Ratio Comparison
PBBBX has a 0.15% expense ratio, which is higher than LMLCX's 0.00% 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
PBBBX vs. LMLCX - Dividend Comparison
PBBBX's dividend yield for the trailing twelve months is around 3.79%, less than LMLCX's 6.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMLCX Western Asset SMASh Series C Fund | 6.21% | 6.11% | 6.58% | 5.78% | 4.46% | 5.42% | 3.54% | 4.16% | 5.59% | 4.04% | 3.75% | 5.64% |
PBBBX PIA BBB Bond Fund | 3.79% | 4.02% | 3.82% | 3.57% | 3.24% | 2.85% | 3.16% | 3.78% | 4.20% | 3.75% | 3.95% | 4.12% |
Frequently Asked Questions
With a correlation of 0.91, PBBBX and LMLCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
LMLCX has higher volatility (1.85%) compared to PBBBX (1.16%). In terms of maximum drawdown, PBBBX dropped -23.00% vs LMLCX's -23.45%.
LMLCX currently has the higher Sharpe Ratio (1.42 vs 1.27), 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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