SBLGX vs. SHMMX

Last updated Jun 4, 2026

SBLGX (ClearBridge Large Cap Growth Fund) and SHMMX (Western Asset Managed Municipals Fund) are both mutual funds - SBLGX is a Large Cap Growth Equities fund managed by Franklin Templeton, while SHMMX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, SBLGX returned 14.55%/yr vs 2.30%/yr for SHMMX. At a correlation of -0.01, they often move in opposite directions. SBLGX charges 0.99%/yr vs 0.67%/yr for SHMMX.

Performance

SBLGX vs. SHMMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Large Cap Growth Fund (SBLGX) and Western Asset Managed Municipals Fund (SHMMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBLGX achieves a 5.90% return, which is significantly higher than SHMMX's 2.01% return. Over the past 10 years, SBLGX has outperformed SHMMX with an annualized return of 14.55%, while SHMMX has yielded a comparatively lower 2.30% annualized return.

SBLGX

• 1D: -0.59%
• 1M: 5.99%
• YTD: 5.90%
• 6M: 5.60%
• 1Y: 13.35%
• 3Y*: 19.02%
• 5Y*: 10.45%
• 10Y*: 14.55%

SHMMX

• 1D: 0.20%
• 1M: 0.97%
• YTD: 2.01%
• 6M: 2.46%
• 1Y: 8.04%
• 3Y*: 4.44%
• 5Y*: 1.23%
• 10Y*: 2.30%

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

SBLGX vs. SHMMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBLGX ClearBridge Large Cap Growth Fund	5.90%	8.44%	27.60%	45.00%	-32.96%	21.71%	30.84%	31.69%	-0.44%	25.06%
SHMMX Western Asset Managed Municipals Fund	2.01%	4.42%	2.90%	7.17%	-10.11%	2.74%	4.23%	7.49%	0.44%	5.54%

Correlation

The correlation between SBLGX and SHMMX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	-0.01

The correlation between SBLGX and SHMMX shifts across timeframes, from -0.01 (all time) to 0.13 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SBLGX vs. SHMMX — Risk / Return Rank

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

SBLGX

SBLGX Risk / Return Rank: 10
SBLGX Sharpe Ratio Rank: 12
SBLGX Sortino Ratio Rank: 11
SBLGX Omega Ratio Rank: 12
SBLGX Calmar Ratio Rank: 8
SBLGX Martin Ratio Rank: 8

SHMMX

SHMMX Risk / Return Rank: 75
SHMMX Sharpe Ratio Rank: 85
SHMMX Sortino Ratio Rank: 90
SHMMX Omega Ratio Rank: 92
SHMMX Calmar Ratio Rank: 59
SHMMX Martin Ratio Rank: 50

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.

SBLGX vs. SHMMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Large Cap Growth Fund (SBLGX) and Western Asset Managed Municipals Fund (SHMMX). 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.

	SBLGX	SHMMX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	2.75	-1.83
Sortino ratio: Return per unit of downside risk	1.32	4.43	-3.10
Omega ratio: Gain probability vs. loss probability	1.17	1.68	-0.51
Calmar ratio: Return relative to maximum drawdown	0.83	2.95	-2.12
Martin ratio: Return relative to average drawdown	2.53	10.18	-7.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBLGX vs. SHMMX - Sharpe Ratio Comparison

The current SBLGX Sharpe Ratio is 0.93, which is lower than the SHMMX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of SBLGX and SHMMX, 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

	SBLGX	SHMMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	2.75	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.30	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.54	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.10	-0.62

Drawdowns

SBLGX vs. SHMMX - Drawdown Comparison

The maximum SBLGX drawdown since its inception was -53.64%, which is greater than SHMMX's maximum drawdown of -16.40%. Use the drawdown chart below to compare losses from any high point for SBLGX and SHMMX.

Drawdown Indicators

	SBLGX	SHMMX	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-16.40%	-37.24%
Max Drawdown (1Y) Largest decline over 1 year	-16.95%	-2.71%	-14.24%
Max Drawdown (3Y) Largest decline over 3 years	-20.98%	-5.75%	-15.23%
Max Drawdown (5Y) Largest decline over 5 years	-38.28%	-14.96%	-23.32%
Max Drawdown (10Y) Largest decline over 10 years	-38.28%	-14.96%	-23.32%
Current Drawdown Current decline from peak	-0.59%	-0.05%	-0.54%
Average Drawdown Average peak-to-trough decline	-12.92%	-1.86%	-11.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	0.78%	+4.75%

Volatility

SBLGX vs. SHMMX - Volatility Comparison

ClearBridge Large Cap Growth Fund (SBLGX) has a higher volatility of 3.60% compared to Western Asset Managed Municipals Fund (SHMMX) at 1.19%. This indicates that SBLGX's price experiences larger fluctuations and is considered to be riskier than SHMMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBLGX	SHMMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	1.19%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	2.11%	+9.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	2.92%	+12.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.15%	4.20%	+16.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	4.26%	+16.19%

SBLGX vs. SHMMX - Expense Ratio Comparison

SBLGX has a 0.99% expense ratio, which is higher than SHMMX's 0.67% expense ratio.

Dividends

SBLGX vs. SHMMX - Dividend Comparison

SBLGX's dividend yield for the trailing twelve months is around 11.97%, more than SHMMX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBLGX ClearBridge Large Cap Growth Fund	11.97%	12.68%	5.39%	12.39%	9.34%	12.48%	6.17%	5.12%	4.00%	4.41%	2.08%	2.94%
SHMMX Western Asset Managed Municipals Fund	3.45%	4.53%	3.87%	3.73%	2.82%	2.05%	2.73%	3.59%	3.82%	3.89%	3.79%	3.84%

Frequently Asked Questions

Can I hold both SBLGX and SHMMX in my portfolio?

SBLGX and SHMMX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBLGX or SHMMX?

SBLGX has higher volatility (3.60%) compared to SHMMX (1.19%). In terms of maximum drawdown, SBLGX dropped -53.64% vs SHMMX's -16.40%.

Which has better risk-adjusted returns?

SHMMX currently has the higher Sharpe Ratio (2.75 vs 0.93), 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.