SMTRX vs. LMSMX

Last updated Jun 4, 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 0.87 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: 0.10%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LMSMX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.11%
• 6M: 1.33%
• 1Y: 8.61%
• 3Y*: 4.81%
• 5Y*: -1.89%
• 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	0.10%
LMSMX Western Asset SMASh Series M Fund	0.00%

Correlation

The correlation between SMTRX and LMSMX is 0.87, 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	0.87

Return for Risk

SMTRX vs. LMSMX — Risk / Return Rank

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

LMSMX

LMSMX Risk / Return Rank: 43
LMSMX Sharpe Ratio Rank: 31
LMSMX Sortino Ratio Rank: 36
LMSMX Omega Ratio Rank: 36
LMSMX Calmar Ratio Rank: 71
LMSMX Martin Ratio Rank: 41

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.

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

Sharpe Ratios by Period

	SMTRX	LMSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.61	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.86	0.17	+5.69

Drawdowns

SMTRX vs. LMSMX - Drawdown Comparison

The maximum SMTRX drawdown since its inception was -0.10%, 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	-0.10%	-30.76%	+30.66%
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	0.00%	-12.55%	+12.55%
Average Drawdown Average peak-to-trough decline	-0.03%	-10.12%	+10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.99%	—

Volatility

Volatility by Period

	SMTRX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	5.41%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.90%	10.38%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	8.16%	-6.26%

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 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMSMX Western Asset SMASh Series M Fund	4.40%	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?

SMTRX and LMSMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.