PMFLX vs. LSMSX

Last updated Jun 4, 2026

PMFLX (PIMCO Flexible Municipal Income Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. With a 1.00 correlation, they move nearly in lockstep. PMFLX charges 0.70%/yr vs 0.01%/yr for LSMSX.

Performance

PMFLX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Municipal Income Fund (PMFLX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PMFLX

• 1D: 0.20%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LSMSX

• 1D: 0.31%
• 1M: 1.07%
• YTD: 2.18%
• 6M: 2.48%
• 1Y: 8.53%
• 3Y*: 4.03%
• 5Y*: 1.20%
• 10Y*: —

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

PMFLX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)
PMFLX PIMCO Flexible Municipal Income Fund	0.66%
LSMSX Western Asset SMASh Series TF Fund	0.51%

Correlation

The correlation between PMFLX and LSMSX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

PMFLX vs. LSMSX — Risk / Return Rank

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

LSMSX

LSMSX Risk / Return Rank: 77
LSMSX Sharpe Ratio Rank: 89
LSMSX Sortino Ratio Rank: 92
LSMSX Omega Ratio Rank: 94
LSMSX Calmar Ratio Rank: 61
LSMSX Martin Ratio Rank: 49

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.

PMFLX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Municipal Income Fund (PMFLX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PMFLX	LSMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	17.21	0.63	+16.58

Drawdowns

PMFLX vs. LSMSX - Drawdown Comparison

The maximum PMFLX drawdown since its inception was -0.10%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for PMFLX and LSMSX.

Drawdown Indicators

	PMFLX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-15.00%	+14.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.00%	—
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-0.03%	-2.85%	+2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.84%	—

Volatility

Volatility by Period

	PMFLX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	2.88%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.22%	4.49%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	4.51%	+0.71%

PMFLX vs. LSMSX - Expense Ratio Comparison

PMFLX has a 0.70% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

PMFLX vs. LSMSX - Dividend Comparison

PMFLX's dividend yield for the trailing twelve months is around 0.36%, less than LSMSX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSMSX Western Asset SMASh Series TF Fund	3.86%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%
PMFLX PIMCO Flexible Municipal Income Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMFLX and LSMSX in my portfolio?

With a correlation of 1.00, PMFLX and LSMSX 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.