SMMOX vs. SBI
SMMOX (Western Asset Managed Municipals Fund Class 1) and SBI (Western Asset Intermediate Muni Fund Inc.) are both mutual funds - SMMOX is a Municipal Bonds fund actively managed by Western Asset, while SBI is a Intermediate Core Bond fund managed by Western Asset. Over the past 10 years, SMMOX returned 2.29%/yr vs 1.40%/yr for SBI. At a 0.18 correlation, their price movements are largely independent.
Performance
SMMOX vs. SBI - Performance Comparison
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Returns By Period
In the year-to-date period, SMMOX achieves a 1.89% return, which is significantly lower than SBI's 5.17% return. Over the past 10 years, SMMOX has outperformed SBI with an annualized return of 2.29%, while SBI has yielded a comparatively lower 1.40% annualized return.
SMMOX
- 1D
- -0.07%
- 1M
- -0.30%
- 6M
- 1.41%
- YTD
- 1.89%
- 1Y
- 8.65%
- 3Y*
- 4.33%
- 5Y*
- 1.13%
- 10Y*
- 2.29%
- ALL TIME*
- 3.99%
SBI
- 1D
- -0.26%
- 1M
- 0.41%
- 6M
- 3.68%
- YTD
- 5.17%
- 1Y
- 8.78%
- 3Y*
- 6.57%
- 5Y*
- 0.37%
- 10Y*
- 1.40%
- ALL TIME*
- 3.07%
SMMOX vs. SBI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMOX Western Asset Managed Municipals Fund Class 1 | 1.89% | 4.53% | 3.02% | 7.41% | -9.95% | 2.87% | 4.30% | 7.65% | 0.64% | 5.60% |
SBI Western Asset Intermediate Muni Fund Inc. | 5.17% | 5.95% | 6.83% | 5.37% | -18.45% | 7.91% | 4.62% | 12.78% | -6.59% | 2.42% |
Correlation
The correlation between SMMOX and SBI is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.18 |
The correlation between SMMOX and SBI shifts across timeframes, from 0.18 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMMOX vs. SBI — Risk / Return Rank
SMMOX
SBI
SMMOX vs. SBI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Managed Municipals Fund Class 1 (SMMOX) and Western Asset Intermediate Muni Fund Inc. (SBI). 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.
| SMMOX | SBI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.24 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 1.85 | +1.24 |
| Martin ratioReturn relative to average drawdown | 11.65 | 6.46 | +5.19 |
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Drawdowns
SMMOX vs. SBI - Drawdown Comparison
The maximum SMMOX drawdown since its inception was -16.33%, smaller than the maximum SBI drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for SMMOX and SBI.
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Drawdown Indicators
| SMMOX | SBI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.33% | -33.70% | +17.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -4.77% | +2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | -8.47% | +2.77% |
Max Drawdown (5Y)Largest decline over 5 years | -14.81% | -25.21% | +10.40% |
Max Drawdown (10Y)Largest decline over 10 years | -14.83% | -25.21% | +10.38% |
Current DrawdownCurrent decline from peak | -0.93% | -0.64% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -7.67% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 1.36% | -0.64% |
Volatility
SMMOX vs. SBI - Volatility Comparison
The current volatility for Western Asset Managed Municipals Fund Class 1 (SMMOX) is 0.63%, while Western Asset Intermediate Muni Fund Inc. (SBI) has a volatility of 1.50%. This indicates that SMMOX experiences smaller price fluctuations and is considered to be less risky than SBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMMOX | SBI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 1.50% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 5.29% | -3.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 6.74% | -3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.22% | 8.88% | -4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 9.69% | -5.41% |
Dividends
SMMOX vs. SBI - Dividend Comparison
SMMOX's dividend yield for the trailing twelve months is around 3.53%, less than SBI's 6.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SBI Western Asset Intermediate Muni Fund Inc. | 6.45% | 6.56% | 6.23% | 3.76% | 3.72% | 2.93% | 3.07% | 3.59% | 4.32% | 4.58% | 5.01% | 4.70% |
SMMOX Western Asset Managed Municipals Fund Class 1 | 3.53% | 4.43% | 4.06% | 3.87% | 2.99% | 2.17% | 2.85% | 3.72% | 3.97% | 4.00% | 3.89% | 3.95% |
Frequently Asked Questions
SMMOX and SBI have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBI has higher volatility (1.50%) compared to SMMOX (0.63%). In terms of maximum drawdown, SMMOX dropped -16.33% vs SBI's -33.70%.
SMMOX currently has the higher Sharpe Ratio (2.98 vs 1.31), 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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