TSHFX vs. LMSMX
TSHFX (Transamerica Asset Allocation Short Horizon) and LMSMX (Western Asset SMASh Series M Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, TSHFX returned 1.23%/yr vs -2.43%/yr for LMSMX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. TSHFX charges 0.83%/yr vs 0.00%/yr for LMSMX.
Performance
TSHFX vs. LMSMX - Performance Comparison
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Returns By Period
In the year-to-date period, TSHFX achieves a 0.54% return, which is significantly lower than LMSMX's 0.82% return.
TSHFX
- 1D
- 0.24%
- 1M
- -0.70%
- 6M
- 0.07%
- YTD
- 0.54%
- 1Y
- 3.39%
- 3Y*
- 5.20%
- 5Y*
- 1.23%
- 10Y*
- 2.77%
- ALL TIME*
- 1.39%
LMSMX
- 1D
- 0.00%
- 1M
- -0.51%
- 6M
- 0.18%
- YTD
- 0.82%
- 1Y
- 4.29%
- 3Y*
- 5.35%
- 5Y*
- -2.43%
- 10Y*
- —
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TSHFX vs. LMSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSHFX Transamerica Asset Allocation Short Horizon | 0.54% | 7.47% | 4.35% | 7.43% | -12.32% | 2.59% | 8.42% | 9.74% | -1.62% | 4.41% |
LMSMX Western Asset SMASh Series M Fund | 0.82% | 12.15% | -1.72% | 5.13% | -23.44% | -2.32% | 12.86% | 7.71% | 1.46% | 5.52% |
Correlation
The correlation between TSHFX and LMSMX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.72 |
The correlation between TSHFX and LMSMX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
TSHFX vs. LMSMX — Risk / Return Rank
TSHFX
LMSMX
TSHFX vs. LMSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Transamerica Asset Allocation Short Horizon (TSHFX) 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.
| TSHFX | LMSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.26 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 2.35 | -1.23 |
| Martin ratioReturn relative to average drawdown | 4.27 | 5.83 | -1.56 |
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Drawdowns
TSHFX vs. LMSMX - Drawdown Comparison
The maximum TSHFX drawdown since its inception was -23.90%, smaller than the maximum LMSMX drawdown of -30.76%. Use the drawdown chart below to compare losses from any high point for TSHFX and LMSMX.
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Drawdown Indicators
| TSHFX | LMSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.90% | -30.76% | +6.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.24% | -2.64% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -3.91% | -10.50% | +6.59% |
Max Drawdown (5Y)Largest decline over 5 years | -15.84% | -30.06% | +14.22% |
Max Drawdown (10Y)Largest decline over 10 years | -15.84% | — | — |
Current DrawdownCurrent decline from peak | -0.98% | -12.80% | +11.82% |
Average DrawdownAverage peak-to-trough decline | -4.93% | -10.16% | +5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 1.06% | -0.21% |
Volatility
TSHFX vs. LMSMX - Volatility Comparison
The current volatility for Transamerica Asset Allocation Short Horizon (TSHFX) is 0.94%, while Western Asset SMASh Series M Fund (LMSMX) has a volatility of 1.14%. This indicates that TSHFX experiences smaller price fluctuations and is considered to be less risky than LMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSHFX | LMSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 1.14% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 2.99% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 4.68% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.78% | 10.37% | -5.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 8.11% | -3.96% |
TSHFX vs. LMSMX - Expense Ratio Comparison
TSHFX has a 0.83% expense ratio, which is higher than LMSMX's 0.00% expense ratio.
Dividends
TSHFX vs. LMSMX - Dividend Comparison
TSHFX's dividend yield for the trailing twelve months is around 3.37%, less than LMSMX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LMSMX Western Asset SMASh Series M Fund | 4.52% | 4.20% | 5.24% | 4.68% | 3.40% | 3.78% | 6.84% | 7.19% | 3.18% | 3.24% |
TSHFX Transamerica Asset Allocation Short Horizon | 3.37% | 4.22% | 13.42% | 3.48% | 4.84% | 5.63% | 4.22% | 2.95% | 3.30% | 2.20% |
Frequently Asked Questions
TSHFX and LMSMX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LMSMX has higher volatility (1.14%) compared to TSHFX (0.94%). In terms of maximum drawdown, TSHFX dropped -23.90% vs LMSMX's -30.76%.
LMSMX currently has the higher Sharpe Ratio (1.33 vs 1.03), 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.
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