TEPAX vs. LSMSX
Compare and contrast key facts about American Funds Tax-Exempt Preservation Portfolio (TEPAX) and Western Asset SMASh Series TF Fund (LSMSX).
TEPAX is managed by American Funds. It was launched on May 17, 2012. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
TEPAX vs. LSMSX - Performance Comparison
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TEPAX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TEPAX American Funds Tax-Exempt Preservation Portfolio | -0.02% | 4.36% | 2.14% | 3.63% | -4.36% | -0.03% | 3.52% | 4.14% | 0.90% | 2.09% |
LSMSX Western Asset SMASh Series TF Fund | 0.04% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Returns By Period
In the year-to-date period, TEPAX achieves a -0.02% return, which is significantly lower than LSMSX's 0.04% return.
TEPAX
- 1D
- 0.10%
- 1M
- -1.42%
- YTD
- -0.02%
- 6M
- 0.67%
- 1Y
- 3.50%
- 3Y*
- 2.87%
- 5Y*
- 1.14%
- 10Y*
- 1.51%
LSMSX
- 1D
- 0.31%
- 1M
- -2.02%
- YTD
- 0.04%
- 6M
- 1.43%
- 1Y
- 3.42%
- 3Y*
- 3.36%
- 5Y*
- 1.17%
- 10Y*
- —
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TEPAX vs. LSMSX - Expense Ratio Comparison
TEPAX has a 0.34% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Return for Risk
TEPAX vs. LSMSX — Risk / Return Rank
TEPAX
LSMSX
TEPAX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Exempt Preservation Portfolio (TEPAX) and Western Asset SMASh Series TF Fund (LSMSX). 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.
| TEPAX | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.75 | 0.69 | +1.06 |
Sortino ratioReturn per unit of downside risk | 2.30 | 0.91 | +1.40 |
Omega ratioGain probability vs. loss probability | 1.52 | 1.20 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 1.85 | 0.67 | +1.17 |
Martin ratioReturn relative to average drawdown | 7.26 | 1.88 | +5.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TEPAX | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.75 | 0.69 | +1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.26 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.59 | +0.24 |
Correlation
The correlation between TEPAX and LSMSX is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TEPAX vs. LSMSX - Dividend Comparison
TEPAX's dividend yield for the trailing twelve months is around 2.40%, less than LSMSX's 3.96% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TEPAX American Funds Tax-Exempt Preservation Portfolio | 2.40% | 2.39% | 2.44% | 1.96% | 1.11% | 0.87% | 1.44% | 1.79% | 1.72% | 1.79% | 2.22% | 2.36% |
LSMSX Western Asset SMASh Series TF Fund | 3.96% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
Drawdowns
TEPAX vs. LSMSX - Drawdown Comparison
The maximum TEPAX drawdown since its inception was -7.13%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for TEPAX and LSMSX.
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Drawdown Indicators
| TEPAX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.13% | -15.00% | +7.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.07% | -6.21% | +4.14% |
Max Drawdown (5Y)Largest decline over 5 years | -7.12% | -15.00% | +7.88% |
Max Drawdown (10Y)Largest decline over 10 years | -7.13% | — | — |
Current DrawdownCurrent decline from peak | -1.62% | -2.32% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -2.88% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.22% | -1.69% |
Volatility
TEPAX vs. LSMSX - Volatility Comparison
The current volatility for American Funds Tax-Exempt Preservation Portfolio (TEPAX) is 0.62%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 1.16%. This indicates that TEPAX experiences smaller price fluctuations and is considered to be less risky than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TEPAX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 1.16% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 0.99% | 1.63% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.14% | 5.77% | -3.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.93% | 4.45% | -2.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.06% | 4.52% | -2.46% |