PIGIX vs. LMLCX

Last updated Jun 4, 2026

PIGIX (PIMCO Investment Grade Credit Bond Fund) and LMLCX (Western Asset SMASh Series C Fund) are both Corporate Bonds funds. Over the past 10 years, PIGIX returned 2.85%/yr vs 4.65%/yr for LMLCX. A 0.53 correlation means they provide meaningful diversification when combined. PIGIX charges 0.51%/yr vs 0.00%/yr for LMLCX.

Performance

PIGIX vs. LMLCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Investment Grade Credit Bond Fund (PIGIX) and Western Asset SMASh Series C Fund (LMLCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIGIX achieves a 0.51% return, which is significantly lower than LMLCX's 1.82% return. Over the past 10 years, PIGIX has underperformed LMLCX with an annualized return of 2.85%, while LMLCX has yielded a comparatively higher 4.65% annualized return.

PIGIX

• 1D: 0.00%
• 1M: 0.87%
• YTD: 0.51%
• 6M: 0.39%
• 1Y: 6.47%
• 3Y*: 5.63%
• 5Y*: 0.58%
• 10Y*: 2.85%

LMLCX

• 1D: 0.22%
• 1M: 1.85%
• YTD: 1.82%
• 6M: 1.66%
• 1Y: 11.29%
• 3Y*: 6.50%
• 5Y*: 4.57%
• 10Y*: 4.65%

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

PIGIX vs. LMLCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIGIX PIMCO Investment Grade Credit Bond Fund	0.51%	8.52%	3.28%	7.97%	-16.67%	-1.03%	7.53%	14.75%	-1.99%	7.96%
LMLCX Western Asset SMASh Series C Fund	1.82%	12.22%	-2.21%	12.93%	-3.51%	3.08%	2.93%	15.10%	-4.24%	7.20%

Correlation

The correlation between PIGIX 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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 24, 2012	0.53

Over the past year, PIGIX and LMLCX have become more correlated (0.91) than their long-term average of 0.53, meaning their price movements have been converging.

Return for Risk

PIGIX vs. LMLCX — Risk / Return Rank

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

PIGIX

PIGIX Risk / Return Rank: 23
PIGIX Sharpe Ratio Rank: 24
PIGIX Sortino Ratio Rank: 25
PIGIX Omega Ratio Rank: 25
PIGIX Calmar Ratio Rank: 21
PIGIX Martin Ratio Rank: 21

LMLCX

LMLCX Risk / Return Rank: 40
LMLCX Sharpe Ratio Rank: 34
LMLCX Sortino Ratio Rank: 37
LMLCX Omega Ratio Rank: 34
LMLCX Calmar Ratio Rank: 52
LMLCX Martin Ratio Rank: 44

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.

PIGIX vs. LMLCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Credit Bond Fund (PIGIX) 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.

	PIGIX	LMLCX	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.68	-0.27
Sortino ratio Return per unit of downside risk	2.06	2.52	-0.46
Omega ratio Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio Return relative to maximum drawdown	1.67	2.75	-1.08
Martin ratio Return relative to average drawdown	5.47	9.40	-3.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIGIX vs. LMLCX - Sharpe Ratio Comparison

The current PIGIX Sharpe Ratio is 1.41, which is comparable to the LMLCX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PIGIX and LMLCX, 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

	PIGIX	LMLCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.68	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.59	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.65	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.78	+0.27

Drawdowns

PIGIX vs. LMLCX - Drawdown Comparison

The maximum PIGIX drawdown since its inception was -23.09%, roughly equal to the maximum LMLCX drawdown of -23.45%. Use the drawdown chart below to compare losses from any high point for PIGIX and LMLCX.

Drawdown Indicators

	PIGIX	LMLCX	Difference
Max Drawdown Largest peak-to-trough decline	-23.09%	-23.45%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-4.22%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-11.77%	+5.18%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-11.77%	-11.32%
Max Drawdown (10Y) Largest decline over 10 years	-23.09%	-23.45%	+0.36%
Current Drawdown Current decline from peak	-1.35%	0.00%	-1.35%
Average Drawdown Average peak-to-trough decline	-3.07%	-1.94%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.23%	-0.02%

Volatility

PIGIX vs. LMLCX - Volatility Comparison

The current volatility for PIMCO Investment Grade Credit Bond Fund (PIGIX) is 1.67%, while Western Asset SMASh Series C Fund (LMLCX) has a volatility of 2.07%. This indicates that PIGIX 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.

Volatility by Period

	PIGIX	LMLCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	2.07%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	4.47%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.72%	6.91%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.42%	7.79%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	7.19%	-1.38%

PIGIX vs. LMLCX - Expense Ratio Comparison

PIGIX has a 0.51% expense ratio, which is higher than LMLCX's 0.00% expense ratio.

Dividends

PIGIX vs. LMLCX - Dividend Comparison

PIGIX's dividend yield for the trailing twelve months is around 4.86%, less than LMLCX's 6.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMLCX Western Asset SMASh Series C Fund	6.18%	6.11%	6.58%	5.78%	4.46%	5.42%	3.54%	4.16%	5.59%	4.04%	3.75%	5.64%
PIGIX PIMCO Investment Grade Credit Bond Fund	4.86%	4.69%	4.37%	3.48%	3.37%	4.50%	3.81%	3.93%	4.22%	4.47%	3.91%	6.70%

Frequently Asked Questions

Can I hold both PIGIX and LMLCX in my portfolio?

With a correlation of 0.91, PIGIX 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.

Which is riskier, PIGIX or LMLCX?

LMLCX has higher volatility (2.07%) compared to PIGIX (1.67%). In terms of maximum drawdown, PIGIX dropped -23.09% vs LMLCX's -23.45%.

Which has better risk-adjusted returns?

LMLCX currently has the higher Sharpe Ratio (1.68 vs 1.41), 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.