PRNMX vs. LSMSX
PRNMX (PGIM National Muni Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, PRNMX returned 0.57%/yr vs 0.67%/yr for LSMSX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. PRNMX charges 0.61%/yr vs 0.01%/yr for LSMSX.
Performance
PRNMX vs. LSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, PRNMX achieves a 0.19% return, which is significantly lower than LSMSX's 1.01% return.
PRNMX
- 1D
- 0.00%
- 1M
- -1.63%
- 6M
- -0.93%
- YTD
- 0.19%
- 1Y
- 3.79%
- 3Y*
- 3.67%
- 5Y*
- 0.57%
- 10Y*
- 1.69%
- ALL TIME*
- 4.32%
LSMSX
- 1D
- 0.00%
- 1M
- -1.89%
- 6M
- 0.06%
- YTD
- 1.01%
- 1Y
- 6.53%
- 3Y*
- 3.86%
- 5Y*
- 0.67%
- 10Y*
- —
- ALL TIME*
- 2.66%
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 |
PRNMX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRNMX PGIM National Muni Fund | 0.19% | 5.76% | 1.77% | 5.10% | -8.55% | 0.97% | 4.08% | 7.13% | 0.55% | 4.21% |
LSMSX Western Asset SMASh Series TF Fund | 1.01% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Correlation
The correlation between PRNMX and LSMSX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.74 |
The correlation between PRNMX and LSMSX shifts across timeframes, from 0.66 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRNMX vs. LSMSX — Risk / Return Rank
PRNMX
LSMSX
PRNMX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM National Muni Fund (PRNMX) 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.
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.
| PRNMX | LSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.55 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 2.32 | -0.86 |
| Martin ratioReturn relative to average drawdown | 4.58 | 7.64 | -3.06 |
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Drawdowns
PRNMX vs. LSMSX - Drawdown Comparison
The maximum PRNMX drawdown since its inception was -12.72%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for PRNMX and LSMSX.
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Drawdown Indicators
| PRNMX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.72% | -15.00% | +2.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.82% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -3.72% | -7.49% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -12.44% | -14.85% | +2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -12.72% | — | — |
Current DrawdownCurrent decline from peak | -1.87% | -1.89% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -2.81% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.86% | -0.01% |
Volatility
PRNMX vs. LSMSX - Volatility Comparison
The current volatility for PGIM National Muni Fund (PRNMX) is 0.73%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 0.99%. This indicates that PRNMX 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
| PRNMX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.99% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 2.28% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.10% | 2.85% | -0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.03% | 4.51% | -1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.54% | 4.48% | -0.94% |
PRNMX vs. LSMSX - Expense Ratio Comparison
PRNMX has a 0.61% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Dividends
PRNMX vs. LSMSX - Dividend Comparison
PRNMX's dividend yield for the trailing twelve months is around 3.03%, less than LSMSX's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 3.95% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
PRNMX PGIM National Muni Fund | 3.03% | 4.17% | 2.98% | 1.97% | 1.71% | 1.69% | 2.50% | 2.80% | 3.35% | 3.39% | 3.61% | 3.31% |
Frequently Asked Questions
PRNMX and LSMSX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSMSX has higher volatility (0.99%) compared to PRNMX (0.73%). In terms of maximum drawdown, PRNMX dropped -12.72% vs LSMSX's -15.00%.
LSMSX currently has the higher Sharpe Ratio (2.30 vs 1.85), 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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