TFCYX vs. LSMSX

Last updated Jun 23, 2026

TFCYX (SEI Institutional Managed Trust Tax-Free Conservative Income Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, TFCYX returned 2.07%/yr vs 1.14%/yr for LSMSX. At a 0.08 correlation, their price movements are largely independent. TFCYX charges 0.13%/yr vs 0.01%/yr for LSMSX.

Performance

TFCYX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFCYX achieves a 0.92% return, which is significantly lower than LSMSX's 2.43% return.

TFCYX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.92%
• 6M: 1.15%
• 1Y: 2.45%
• 3Y*: 2.83%
• 5Y*: 2.07%
• 10Y*: —

LSMSX

• 1D: 0.10%
• 1M: 1.91%
• YTD: 2.43%
• 6M: 2.64%
• 1Y: 8.04%
• 3Y*: 3.98%
• 5Y*: 1.14%
• 10Y*: —

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

TFCYX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	0.92%	2.71%	3.24%	2.77%	0.72%	0.10%	0.46%	1.40%	1.25%	0.64%
LSMSX Western Asset SMASh Series TF Fund	2.43%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	4.92%

Correlation

The correlation between TFCYX and LSMSX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.08

Return for Risk

TFCYX vs. LSMSX — Risk / Return Rank

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

TFCYX

TFCYX Risk / Return Rank: 99
TFCYX Sharpe Ratio Rank: 97
TFCYX Sortino Ratio Rank: 99
TFCYX Omega Ratio Rank: 100
TFCYX Calmar Ratio Rank: 100
TFCYX Martin Ratio Rank: 100

LSMSX

LSMSX Risk / Return Rank: 78
LSMSX Sharpe Ratio Rank: 92
LSMSX Sortino Ratio Rank: 93
LSMSX Omega Ratio Rank: 94
LSMSX Calmar Ratio Rank: 61
LSMSX Martin Ratio Rank: 49

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.

TFCYX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) 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.

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.

	TFCYX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.28	2.85	+0.43
Sortino ratio: Return per unit of downside risk	10.90	4.42	+6.48
Omega ratio: Gain probability vs. loss probability	5.87	1.70	+4.17
Calmar ratio: Return relative to maximum drawdown	24.70	2.86	+21.84
Martin ratio: Return relative to average drawdown	75.31	9.60	+65.71

TFCYX vs. LSMSX - Sharpe Ratio Comparison

The current TFCYX Sharpe Ratio is 3.28, which is comparable to the LSMSX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of TFCYX and LSMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TFCYX vs. LSMSX - Drawdown Comparison

The maximum TFCYX drawdown since its inception was -1.10%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for TFCYX and LSMSX.

Drawdown Indicators

	TFCYX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-1.10%	-15.00%	+13.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-2.82%	+2.72%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-7.49%	+6.39%
Max Drawdown (5Y) Largest decline over 5 years	-1.10%	-15.00%	+13.90%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-2.84%	+2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.84%	-0.81%

Volatility

TFCYX vs. LSMSX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) is 0.19%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 0.79%. This indicates that TFCYX 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.

Volatility by Period

	TFCYX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.79%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	2.06%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	2.83%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.22%	4.48%	-3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	4.50%	-3.59%

TFCYX vs. LSMSX - Expense Ratio Comparison

TFCYX has a 0.13% expense ratio, which is higher than LSMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TFCYX vs. LSMSX - Dividend Comparison

TFCYX's dividend yield for the trailing twelve months is around 2.42%, less than LSMSX's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSMSX Western Asset SMASh Series TF Fund	3.84%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%
TFCYX SEI Institutional Managed Trust Tax-Free Conservative Income Fund	2.42%	2.68%	3.19%	2.63%	0.72%	0.00%	0.46%	1.39%	1.24%	0.68%

Frequently Asked Questions

Can I hold both TFCYX and LSMSX in my portfolio?

TFCYX and LSMSX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFCYX or LSMSX?

LSMSX has higher volatility (0.79%) compared to TFCYX (0.19%). In terms of maximum drawdown, TFCYX dropped -1.10% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

TFCYX currently has the higher Sharpe Ratio (3.28 vs 2.85), 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.