PLIIX vs. LMSMX
PLIIX (Pacific Funds Core Income) and LMSMX (Western Asset SMASh Series M Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, PLIIX returned 0.79%/yr vs -2.43%/yr for LMSMX. Their correlation of 0.80 means they have usually moved in the same direction. PLIIX charges 0.55%/yr vs 0.00%/yr for LMSMX.
Performance
PLIIX vs. LMSMX - Performance Comparison
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Returns By Period
In the year-to-date period, PLIIX achieves a -0.34% return, which is significantly lower than LMSMX's 0.82% return.
PLIIX
- 1D
- 0.11%
- 1M
- -1.04%
- 6M
- -0.50%
- YTD
- -0.34%
- 1Y
- 2.28%
- 3Y*
- 4.54%
- 5Y*
- 0.79%
- 10Y*
- 2.57%
- ALL TIME*
- 3.54%
LMSMX
- 1D
- 0.00%
- 1M
- -0.51%
- 6M
- 0.18%
- YTD
- 0.82%
- 1Y
- 4.29%
- 3Y*
- 5.35%
- 5Y*
- -2.43%
- 10Y*
- —
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PLIIX vs. LMSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PLIIX Pacific Funds Core Income | -0.34% | 7.38% | 2.85% | 8.23% | -12.16% | -0.13% | 8.71% | 11.31% | -1.64% | 4.66% |
LMSMX Western Asset SMASh Series M Fund | 0.82% | 12.15% | -1.72% | 5.13% | -23.44% | -2.32% | 12.86% | 7.71% | 1.46% | 5.52% |
Correlation
The correlation between PLIIX and LMSMX is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.80 |
The correlation between PLIIX and LMSMX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.
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Return for Risk
PLIIX vs. LMSMX — Risk / Return Rank
PLIIX
LMSMX
PLIIX vs. LMSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacific Funds Core Income (PLIIX) 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.
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.
| PLIIX | LMSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.26 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.35 | -1.16 |
| Martin ratioReturn relative to average drawdown | 3.42 | 5.83 | -2.41 |
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Drawdowns
PLIIX vs. LMSMX - Drawdown Comparison
The maximum PLIIX drawdown since its inception was -16.99%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for PLIIX and LMSMX.
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Drawdown Indicators
| PLIIX | LMSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.99% | -30.76% | +13.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -2.64% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.28% | -10.50% | +6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -16.99% | -30.06% | +13.07% |
Max Drawdown (10Y)Largest decline over 10 years | -16.99% | — | — |
Current DrawdownCurrent decline from peak | -1.75% | -12.80% | +11.05% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -10.16% | +7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 1.06% | -0.17% |
Volatility
PLIIX vs. LMSMX - Volatility Comparison
The current volatility for Pacific Funds Core Income (PLIIX) is 0.99%, while Western Asset SMASh Series M Fund (LMSMX) has a volatility of 1.14%. This indicates that PLIIX experiences smaller price fluctuations and is considered to be less risky than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PLIIX | LMSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.14% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.99% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.54% | 4.68% | -1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 10.37% | -5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 8.11% | -3.56% |
PLIIX vs. LMSMX - Expense Ratio Comparison
PLIIX has a 0.55% expense ratio, which is higher than LMSMX's 0.00% expense ratio.
Dividends
PLIIX vs. LMSMX - Dividend Comparison
PLIIX's dividend yield for the trailing twelve months is around 4.45%, less than LMSMX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMSMX Western Asset SMASh Series M Fund | 4.52% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% | 0.00% | 0.00% |
PLIIX Pacific Funds Core Income | 4.45% | 4.81% | 4.94% | 4.27% | 3.32% | 4.29% | 3.04% | 3.07% | 3.50% | 2.90% | 2.96% | 3.32% |
Frequently Asked Questions
PLIIX and LMSMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LMSMX has higher volatility (1.14%) compared to PLIIX (0.99%). In terms of maximum drawdown, PLIIX dropped -16.99% vs LMSMX's -30.76%.
LMSMX currently has the higher Sharpe Ratio (1.33 vs 0.86), 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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