WACPX vs. SHY
WACPX (Western Asset Core Plus Bond Fund Class I) and SHY (iShares 1-3 Year Treasury Bond ETF) are both funds - WACPX is a Total Bond Market fund managed by Franklin Templeton, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Over the past 10 years, WACPX returned 1.45%/yr vs 1.65%/yr for SHY. Their 0.61 correlation means they have sometimes moved together and sometimes differently. WACPX charges 0.45%/yr vs 0.15%/yr for SHY.
Performance
WACPX vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, WACPX achieves a -0.88% return, which is significantly lower than SHY's 0.76% return. Over the past 10 years, WACPX has underperformed SHY with an annualized return of 1.45%, while SHY has yielded a comparatively higher 1.65% annualized return.
WACPX
- 1D
- 0.11%
- 1M
- -1.31%
- 6M
- -1.27%
- YTD
- -0.88%
- 1Y
- 1.73%
- 3Y*
- 3.09%
- 5Y*
- -1.75%
- 10Y*
- 1.45%
- ALL TIME*
- 4.70%
SHY
- 1D
- -0.01%
- 1M
- 0.07%
- 6M
- 0.55%
- YTD
- 0.76%
- 1Y
- 2.53%
- 3Y*
- 4.19%
- 5Y*
- 1.78%
- 10Y*
- 1.65%
- ALL TIME*
- 1.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $257.73M | $267.74M | $273.79M | |
| $0.00 | $0.00 | $0.00 |
WACPX vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WACPX Western Asset Core Plus Bond Fund Class I | -0.88% | 7.99% | -0.77% | 7.51% | -18.79% | -2.24% | 9.42% | 12.29% | -1.47% | 7.10% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.76% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between WACPX and SHY is 0.79, 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. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.61 |
The correlation between WACPX and SHY shifts across timeframes, from 0.61 (all time) to 0.79 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
WACPX vs. SHY — Risk / Return Rank
WACPX
SHY
WACPX vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Core Plus Bond Fund Class I (WACPX) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.
| WACPX | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.45 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 3.43 | -2.59 |
| Martin ratioReturn relative to average drawdown | 2.19 | 13.40 | -11.21 |
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Drawdowns
WACPX vs. SHY - Drawdown Comparison
The maximum WACPX drawdown since its inception was -25.86%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for WACPX and SHY.
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Drawdown Indicators
| WACPX | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.86% | -5.71% | -20.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.60% | -0.89% | -2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -0.97% | -7.17% |
Max Drawdown (5Y)Largest decline over 5 years | -25.46% | -5.67% | -19.79% |
Max Drawdown (10Y)Largest decline over 10 years | -25.86% | -5.71% | -20.15% |
Current DrawdownCurrent decline from peak | -9.36% | -0.01% | -9.35% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -0.52% | -3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.23% | +1.15% |
Volatility
WACPX vs. SHY - Volatility Comparison
Western Asset Core Plus Bond Fund Class I (WACPX) has a higher volatility of 0.96% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.38%. This indicates that WACPX's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WACPX | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.38% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 3.27% | 1.07% | +2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.13% | 1.38% | +2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 2.00% | +5.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.17% | 1.57% | +4.60% |
WACPX vs. SHY - Expense Ratio Comparison
WACPX has a 0.45% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
WACPX vs. SHY - Dividend Comparison
WACPX's dividend yield for the trailing twelve months is around 4.46%, more than SHY's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.32% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
WACPX Western Asset Core Plus Bond Fund Class I | 4.46% | 4.70% | 4.80% | 4.88% | 3.46% | 2.99% | 4.12% | 4.98% | 4.01% | 3.30% | 4.77% | 3.19% |
Frequently Asked Questions
WACPX and SHY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WACPX has higher volatility (0.96%) compared to SHY (0.38%). In terms of maximum drawdown, WACPX dropped -25.86% vs SHY's -5.71%.
SHY currently has the higher Sharpe Ratio (2.21 vs 0.74), 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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