TGLMX vs. LMSMX

Last updated Jun 18, 2026

TGLMX (TCW Total Return Bond Fund) and LMSMX (Western Asset SMASh Series M Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, TGLMX returned -0.11%/yr vs -1.87%/yr for LMSMX. Their correlation of 0.88 suggests significant overlap in exposure. TGLMX charges 0.49%/yr vs 0.00%/yr for LMSMX.

Performance

TGLMX vs. LMSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, TGLMX achieves a 1.65% return, which is significantly higher than LMSMX's 1.34% return.

TGLMX

• 1D: 0.26%
• 1M: 1.44%
• YTD: 1.65%
• 6M: 1.81%
• 1Y: 6.88%
• 3Y*: 4.86%
• 5Y*: -0.11%
• 10Y*: 1.52%

LMSMX

• 1D: 0.10%
• 1M: 0.99%
• YTD: 1.34%
• 6M: 1.59%
• 1Y: 8.03%
• 3Y*: 5.20%
• 5Y*: -1.87%
• 10Y*: —

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

TGLMX vs. LMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGLMX TCW Total Return Bond Fund	1.65%	8.99%	1.82%	5.05%	-16.59%	-1.05%	8.32%	7.28%	0.80%	3.32%
LMSMX Western Asset SMASh Series M Fund	1.34%	12.15%	-1.72%	5.13%	-23.44%	-2.32%	12.86%	7.71%	1.46%	5.52%

Correlation

The correlation between TGLMX and LMSMX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.88

The correlation between TGLMX and LMSMX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

TGLMX vs. LMSMX — Risk / Return Rank

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

TGLMX

TGLMX Risk / Return Rank: 45
TGLMX Sharpe Ratio Rank: 40
TGLMX Sortino Ratio Rank: 45
TGLMX Omega Ratio Rank: 43
TGLMX Calmar Ratio Rank: 57
TGLMX Martin Ratio Rank: 39

LMSMX

LMSMX Risk / Return Rank: 51
LMSMX Sharpe Ratio Rank: 39
LMSMX Sortino Ratio Rank: 51
LMSMX Omega Ratio Rank: 45
LMSMX Calmar Ratio Rank: 76
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.

TGLMX vs. LMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Total Return Bond Fund (TGLMX) 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.

	TGLMX	LMSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.72	+0.01
Sortino ratio: Return per unit of downside risk	2.61	2.75	-0.13
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.79	3.27	-0.48
Martin ratio: Return relative to average drawdown	8.08	8.48	-0.39

TGLMX vs. LMSMX - Sharpe Ratio Comparison

The current TGLMX Sharpe Ratio is 1.73, which is comparable to the LMSMX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of TGLMX and LMSMX, 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

TGLMX vs. LMSMX - Drawdown Comparison

The maximum TGLMX drawdown since its inception was -22.26%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for TGLMX and LMSMX.

Drawdown Indicators

	TGLMX	LMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-22.26%	-30.76%	+8.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-2.64%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-8.56%	-10.50%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-22.17%	-30.18%	+8.01%
Max Drawdown (10Y) Largest decline over 10 years	-22.26%	—	—
Current Drawdown Current decline from peak	-2.35%	-12.35%	+10.00%
Average Drawdown Average peak-to-trough decline	-3.79%	-10.13%	+6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.01%	-0.11%

Volatility

TGLMX vs. LMSMX - Volatility Comparison

TCW Total Return Bond Fund (TGLMX) has a higher volatility of 1.27% compared to Western Asset SMASh Series M Fund (LMSMX) at 1.15%. This indicates that TGLMX's price experiences larger fluctuations and is considered to be riskier than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGLMX	LMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.15%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	2.74%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.24%	5.02%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	10.37%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.60%	8.14%	-2.54%

TGLMX vs. LMSMX - Expense Ratio Comparison

TGLMX has a 0.49% expense ratio, which is higher than LMSMX's 0.00% expense ratio.

Dividends

TGLMX vs. LMSMX - Dividend Comparison

TGLMX's dividend yield for the trailing twelve months is around 6.72%, more than LMSMX's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
TGLMX TCW Total Return Bond Fund	6.72%	7.19%	6.52%	6.13%	3.27%	2.08%	3.37%	4.07%	3.55%	2.89%	4.13%	2.88%

Frequently Asked Questions

Can I hold both TGLMX and LMSMX in my portfolio?

TGLMX and LMSMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGLMX or LMSMX?

TGLMX has higher volatility (1.27%) compared to LMSMX (1.15%). In terms of maximum drawdown, TGLMX dropped -22.26% vs LMSMX's -30.76%.

Which has better risk-adjusted returns?

TGLMX currently has the higher Sharpe Ratio (1.73 vs 1.72), 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.