SMTRX vs. LMSMX

Last updated Jun 24, 2026

SMTRX (ALPS/Smith Total Return Bond Fund) and LMSMX (Western Asset SMASh Series M Fund) are both Intermediate Core-Plus Bond funds. Their correlation of 0.90 suggests significant overlap in exposure. SMTRX charges 0.99%/yr vs 0.00%/yr for LMSMX.

Performance

SMTRX vs. LMSMX - Performance Comparison

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

Returns By Period

SMTRX

• 1D: -0.31%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LMSMX

• 1D: -0.25%
• 1M: 0.10%
• YTD: 0.70%
• 6M: 0.95%
• 1Y: 6.38%
• 3Y*: 4.98%
• 5Y*: -1.98%
• 10Y*: —

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

SMTRX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)
SMTRX ALPS/Smith Total Return Bond Fund	0.00%
LMSMX Western Asset SMASh Series M Fund	-0.28%

Correlation

The correlation between SMTRX and LMSMX is 0.90, 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 28, 2026	0.90

Return for Risk

SMTRX vs. LMSMX — Risk / Return Rank

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

SMTRX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

LMSMX

LMSMX Risk / Return Rank: 36
LMSMX Sharpe Ratio Rank: 28
LMSMX Sortino Ratio Rank: 34
LMSMX Omega Ratio Rank: 31
LMSMX Calmar Ratio Rank: 54
LMSMX Martin Ratio Rank: 32

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.

SMTRX vs. LMSMX - Risk-Adjusted Trends Comparison

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

	SMTRX	LMSMX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.41	—
Sortino ratio: Return per unit of downside risk	—	2.23	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.69	—
Martin ratio: Return relative to average drawdown	—	6.90	—

Drawdowns

SMTRX vs. LMSMX - Drawdown Comparison

The maximum SMTRX drawdown since its inception was -0.62%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for SMTRX and LMSMX.

Drawdown Indicators

	SMTRX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-0.62%	-30.76%	+30.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.64%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.18%	—
Current Drawdown Current decline from peak	-0.31%	-12.90%	+12.59%
Average Drawdown Average peak-to-trough decline	-0.18%	-10.13%	+9.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.03%	—

Volatility

Volatility by Period

	SMTRX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	5.05%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	10.38%	-6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	8.14%	-4.50%

SMTRX vs. LMSMX - Expense Ratio Comparison

SMTRX has a 0.99% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

Dividends

SMTRX vs. LMSMX - Dividend Comparison

SMTRX's dividend yield for the trailing twelve months is around 0.36%, less than LMSMX's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMSMX Western Asset SMASh Series M Fund	4.43%	4.20%	5.24%	4.68%	3.40%	3.78%	6.84%	7.19%	3.18%	3.24%
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%

Frequently Asked Questions

Can I hold both SMTRX and LMSMX in my portfolio?

With a correlation of 0.90, SMTRX and LMSMX 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.