SGVAX vs. SMTRX

Last updated Jun 5, 2026

SGVAX (Western Asset Mortgage Total Return Fund) and SMTRX (ALPS/Smith Total Return Bond Fund) are both Intermediate Core-Plus Bond funds. Their correlation of 0.95 suggests significant overlap in exposure. SGVAX charges 0.94%/yr vs 0.99%/yr for SMTRX.

Performance

SGVAX vs. SMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Mortgage Total Return Fund (SGVAX) and ALPS/Smith Total Return Bond Fund (SMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SGVAX

• 1D: -0.24%
• 1M: 0.20%
• YTD: 0.63%
• 6M: 0.84%
• 1Y: 5.46%
• 3Y*: 4.00%
• 5Y*: -0.28%
• 10Y*: 1.26%

SMTRX

• 1D: -0.21%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SGVAX vs. SMTRX - Yearly Performance Comparison

	2026 (YTD)
SGVAX Western Asset Mortgage Total Return Fund	0.32%
SMTRX ALPS/Smith Total Return Bond Fund	-0.10%

Correlation

The correlation between SGVAX and SMTRX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.95

Return for Risk

SGVAX vs. SMTRX — Risk / Return Rank

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

SGVAX

SGVAX Risk / Return Rank: 30
SGVAX Sharpe Ratio Rank: 28
SGVAX Sortino Ratio Rank: 29
SGVAX Omega Ratio Rank: 27
SGVAX Calmar Ratio Rank: 34
SGVAX Martin Ratio Rank: 29

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.

SGVAX vs. SMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Mortgage Total Return Fund (SGVAX) and ALPS/Smith Total Return Bond Fund (SMTRX). 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.

	SGVAX	SMTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	2.17	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.13	—	—
Martin ratio: Return relative to average drawdown	6.63	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SGVAX	SMTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	-2.96	+3.71

Drawdowns

SGVAX vs. SMTRX - Drawdown Comparison

The maximum SGVAX drawdown since its inception was -20.70%, which is greater than SMTRX's maximum drawdown of -0.21%. Use the drawdown chart below to compare losses from any high point for SGVAX and SMTRX.

Drawdown Indicators

	SGVAX	SMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-0.21%	-20.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.70%	—	—
Current Drawdown Current decline from peak	-2.86%	-0.21%	-2.65%
Average Drawdown Average peak-to-trough decline	-2.62%	-0.08%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	—	—

Volatility

Volatility by Period

	SGVAX	SMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	2.47%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	2.47%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	2.47%	+2.64%

SGVAX vs. SMTRX - Expense Ratio Comparison

SGVAX has a 0.94% expense ratio, which is lower than SMTRX's 0.99% expense ratio.

Dividends

SGVAX vs. SMTRX - Dividend Comparison

SGVAX's dividend yield for the trailing twelve months is around 4.61%, more than SMTRX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGVAX Western Asset Mortgage Total Return Fund	4.61%	4.83%	3.88%	3.67%	3.22%	2.29%	3.38%	4.39%	5.39%	3.79%	3.55%	3.85%
SMTRX ALPS/Smith Total Return Bond Fund	0.36%	0.00%	0.00%	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 SGVAX and SMTRX in my portfolio?

With a correlation of 0.95, SGVAX and SMTRX 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.