SIGAX vs. SMARX
SIGAX (Western Asset Corporate Bond Fund) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds. Over the past 10 years, SIGAX returned 2.11%/yr vs 2.67%/yr for SMARX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SIGAX charges 0.88%/yr vs 0.00%/yr for SMARX.
Performance
SIGAX vs. SMARX - Performance Comparison
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Returns By Period
In the year-to-date period, SIGAX achieves a -1.55% return, which is significantly lower than SMARX's -0.12% return. Over the past 10 years, SIGAX has underperformed SMARX with an annualized return of 2.11%, while SMARX has yielded a comparatively higher 2.67% annualized return.
SIGAX
- 1D
- -0.10%
- 1M
- -1.98%
- 6M
- -1.94%
- YTD
- -1.55%
- 1Y
- 1.19%
- 3Y*
- 3.95%
- 5Y*
- -1.21%
- 10Y*
- 2.11%
- ALL TIME*
- 5.05%
SMARX
- 1D
- -0.26%
- 1M
- -1.39%
- 6M
- -0.18%
- YTD
- -0.12%
- 1Y
- 2.32%
- 3Y*
- 5.06%
- 5Y*
- 1.28%
- 10Y*
- 2.67%
- ALL TIME*
- 1.93%
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 |
SIGAX vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIGAX Western Asset Corporate Bond Fund | -1.55% | 8.16% | 1.19% | 6.96% | -17.20% | -1.17% | 10.81% | 14.42% | -3.64% | 7.20% |
SMARX Brandes Separately Managed Account Reserve Trust | -0.12% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
Correlation
The correlation between SIGAX and SMARX is 0.92, 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. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2005 | 0.77 |
The correlation between SIGAX and SMARX shifts across timeframes, from 0.77 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SIGAX vs. SMARX — Risk / Return Rank
SIGAX
SMARX
SIGAX vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Corporate Bond Fund (SIGAX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.
| SIGAX | SMARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.13 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.04 | -0.52 |
| Martin ratioReturn relative to average drawdown | 1.54 | 3.43 | -1.89 |
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Drawdowns
SIGAX vs. SMARX - Drawdown Comparison
The maximum SIGAX drawdown since its inception was -30.99%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for SIGAX and SMARX.
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Drawdown Indicators
| SIGAX | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.99% | -47.07% | +16.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -2.61% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -6.40% | -4.59% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -16.20% | -7.42% |
Max Drawdown (10Y)Largest decline over 10 years | -23.62% | -16.20% | -7.42% |
Current DrawdownCurrent decline from peak | -6.25% | -1.51% | -4.74% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -6.92% | +1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 0.79% | +0.41% |
Volatility
SIGAX vs. SMARX - Volatility Comparison
Western Asset Corporate Bond Fund (SIGAX) has a higher volatility of 1.05% compared to Brandes Separately Managed Account Reserve Trust (SMARX) at 0.99%. This indicates that SIGAX's price experiences larger fluctuations and is considered to be riskier than SMARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SIGAX | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 0.99% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 3.01% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 3.72% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 5.17% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.14% | 4.39% | +1.75% |
SIGAX vs. SMARX - Expense Ratio Comparison
SIGAX has a 0.88% expense ratio, which is higher than SMARX's 0.00% expense ratio.
Dividends
SIGAX vs. SMARX - Dividend Comparison
SIGAX's dividend yield for the trailing twelve months is around 4.14%, less than SMARX's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIGAX Western Asset Corporate Bond Fund | 4.14% | 4.86% | 4.15% | 4.17% | 3.30% | 3.03% | 4.33% | 3.78% | 3.85% | 3.44% | 3.82% | 4.34% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.40% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
With a correlation of 0.92, SIGAX and SMARX 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.
SIGAX has higher volatility (1.05%) compared to SMARX (0.99%). In terms of maximum drawdown, SIGAX dropped -30.99% vs SMARX's -47.07%.
SMARX currently has the higher Sharpe Ratio (0.74 vs 0.45), 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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