PTIMX vs. LSMSX
PTIMX (Performance Trust Municipal Bond Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, PTIMX returned 0.43%/yr vs 0.70%/yr for LSMSX. Their correlation of 0.86 means they have usually moved in the same direction. PTIMX charges 0.48%/yr vs 0.01%/yr for LSMSX.
Performance
PTIMX vs. LSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, PTIMX achieves a 1.21% return, which is significantly higher than LSMSX's 1.12% return.
PTIMX
- 1D
- -0.27%
- 1M
- -1.86%
- 6M
- 0.30%
- YTD
- 1.21%
- 1Y
- 6.82%
- 3Y*
- 3.88%
- 5Y*
- 0.43%
- 10Y*
- 2.11%
- ALL TIME*
- 3.67%
LSMSX
- 1D
- -0.21%
- 1M
- -1.78%
- 6M
- 0.26%
- YTD
- 1.12%
- 1Y
- 6.64%
- 3Y*
- 3.47%
- 5Y*
- 0.70%
- 10Y*
- —
- ALL TIME*
- 2.68%
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 |
PTIMX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTIMX Performance Trust Municipal Bond Fund | 1.21% | 4.03% | 1.63% | 8.66% | -12.14% | 2.26% | 6.34% | 8.62% | 0.55% | 6.68% |
LSMSX Western Asset SMASh Series TF Fund | 1.12% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Correlation
The correlation between PTIMX and LSMSX is 0.84, 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. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.86 |
The correlation between PTIMX and LSMSX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
PTIMX vs. LSMSX — Risk / Return Rank
PTIMX
LSMSX
PTIMX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Performance Trust Municipal Bond Fund (PTIMX) 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.
| PTIMX | LSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.63 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.65 | -0.17 |
| Martin ratioReturn relative to average drawdown | 8.67 | 8.88 | -0.21 |
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Drawdowns
PTIMX vs. LSMSX - Drawdown Comparison
The maximum PTIMX drawdown since its inception was -16.69%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for PTIMX and LSMSX.
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Drawdown Indicators
| PTIMX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.69% | -15.00% | -1.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -2.82% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.43% | -7.49% | +1.06% |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | -14.92% | -1.68% |
Max Drawdown (10Y)Largest decline over 10 years | -16.69% | — | — |
Current DrawdownCurrent decline from peak | -1.90% | -1.78% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -2.81% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.84% | +0.02% |
Volatility
PTIMX vs. LSMSX - Volatility Comparison
Performance Trust Municipal Bond Fund (PTIMX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 1.02% and 1.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTIMX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.01% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 2.28% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.83% | 2.89% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 4.51% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.47% | 4.48% | -0.01% |
PTIMX vs. LSMSX - Expense Ratio Comparison
PTIMX has a 0.48% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Dividends
PTIMX vs. LSMSX - Dividend Comparison
PTIMX's dividend yield for the trailing twelve months is around 3.98%, more than LSMSX's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 3.94% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
PTIMX Performance Trust Municipal Bond Fund | 3.98% | 4.02% | 3.66% | 3.68% | 2.46% | 2.35% | 2.71% | 3.08% | 2.87% | 2.58% | 2.41% | 2.46% |
Frequently Asked Questions
PTIMX and LSMSX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTIMX has higher volatility (1.02%) compared to LSMSX (1.01%). In terms of maximum drawdown, PTIMX dropped -16.69% vs LSMSX's -15.00%.
PTIMX currently has the higher Sharpe Ratio (2.64 vs 2.59), 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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