SLMMX vs. MUC
SLMMX (Western Asset Massachusetts Municipals Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 10 years, SLMMX returned 1.18%/yr vs 1.15%/yr for MUC. At a 0.25 correlation, their price movements are largely independent. SLMMX charges 0.75%/yr vs 2.14%/yr for MUC.
Performance
SLMMX vs. MUC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SLMMX achieves a 2.29% return, which is significantly lower than MUC's 7.14% return. Both investments have delivered pretty close results over the past 10 years, with SLMMX having a 1.18% annualized return and MUC not far behind at 1.15%.
SLMMX
- 1D
- 0.00%
- 1M
- 0.38%
- 6M
- 1.94%
- YTD
- 2.29%
- 1Y
- 8.49%
- 3Y*
- 3.41%
- 5Y*
- 0.02%
- 10Y*
- 1.18%
MUC
- 1D
- 0.03%
- 1M
- 2.54%
- 6M
- 4.58%
- YTD
- 7.14%
- 1Y
- 13.61%
- 3Y*
- 6.33%
- 5Y*
- -2.54%
- 10Y*
- 1.15%
SLMMX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLMMX Western Asset Massachusetts Municipals Fund | 2.29% | 3.76% | 1.22% | 5.51% | -11.55% | 1.73% | 3.31% | 6.85% | 0.02% | 5.10% |
MUC BlackRock MuniHoldings California Quality Fund | 7.14% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between SLMMX and MUC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 1998 | 0.25 |
Over the past year, SLMMX and MUC have become more correlated (0.47) than their long-term average of 0.25, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SLMMX vs. MUC — Risk / Return Rank
SLMMX
MUC
SLMMX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Massachusetts Municipals Fund (SLMMX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| SLMMX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.32 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.09 | +0.81 |
| Martin ratioReturn relative to average drawdown | 11.29 | 9.03 | +2.27 |
Loading charts...
Drawdowns
SLMMX vs. MUC - Drawdown Comparison
The maximum SLMMX drawdown since its inception was -16.75%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for SLMMX and MUC.
Loading charts...
Drawdown Indicators
| SLMMX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.75% | -48.97% | +32.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -6.53% | +3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -6.79% | -14.51% | +7.72% |
Max Drawdown (5Y)Largest decline over 5 years | -16.75% | -38.29% | +21.54% |
Max Drawdown (10Y)Largest decline over 10 years | -16.75% | -38.29% | +21.54% |
Current DrawdownCurrent decline from peak | -0.60% | -14.03% | +13.43% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -9.92% | +7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 1.54% | -0.80% |
Volatility
SLMMX vs. MUC - Volatility Comparison
The current volatility for Western Asset Massachusetts Municipals Fund (SLMMX) is 0.58%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 1.46%. This indicates that SLMMX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SLMMX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 1.46% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 6.21% | -3.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 8.19% | -5.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.54% | 11.49% | -6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.32% | 11.88% | -7.56% |
SLMMX vs. MUC - Expense Ratio Comparison
SLMMX has a 0.75% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
SLMMX vs. MUC - Dividend Comparison
SLMMX's dividend yield for the trailing twelve months is around 2.34%, less than MUC's 5.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUC BlackRock MuniHoldings California Quality Fund | 5.85% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
SLMMX Western Asset Massachusetts Municipals Fund | 2.34% | 3.27% | 2.62% | 2.34% | 1.81% | 1.40% | 2.29% | 3.02% | 3.13% | 3.12% | 3.10% | 3.32% |
Frequently Asked Questions
SLMMX and MUC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (1.46%) compared to SLMMX (0.58%). In terms of maximum drawdown, SLMMX dropped -16.75% vs MUC's -48.97%.
SLMMX currently has the higher Sharpe Ratio (2.74 vs 1.67), 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.
Find the right allocation for SLMMX and MUC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer