Old Westbury California Municipal Bond Fund (OWCAX)

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Old Westbury California Municipal Bond Fund (OWCAX) is up 0.1% since the beginning of the year. OWCAX is currently trading at $10 per share. Investors who bought $1,000 worth of OWCAX shares 5 years ago would now be looking at an investment worth $1,048.

Old Westbury California Municipal Bond Fund (OWCAX) has returned 0.09% so far this year and 4.63% over the past 12 months.

Based on dividend-adjusted daily data since Dec 3, 2018, OWCAX's average daily return is +0.01%, while the average monthly return is +0.16%. At this rate, an investment would double in approximately 36.1 years.

Historically, 60% of months were positive and 40% were negative. The best month was Nov 2023 with a return of +4.1%, while the worst month was Mar 2026 at -2.3%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.

On a daily basis, OWCAX closed higher 32% of trading days. The best single day was Mar 25, 2020 with a return of +2.4%, while the worst single day was Apr 14, 2025 at -2.2%.

Old Westbury California Municipal Bond Fund has an annualized alpha of 1.60%, beta of 0.02, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since December 04, 2018.

• This fund participated in 14.12% of S&P 500 Index downside but only 9.86% of its upside - more exposed to losses than it benefited from rallies.
• Beta of 0.02 may look defensive, but with R2 of 0.02 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.02 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

OWCAX has an expense ratio of 0.57%, placing it in the medium range.

OWCAX ranks 61 for risk / return — better than 61% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

The table below present risk-adjusted performance metrics for Old Westbury California Municipal Bond Fund (OWCAX) and compare them to S&P 500 Index.

Old Westbury California Municipal Bond Fund provided a 2.56% dividend yield over the last twelve months, with an annual payout of $0.25 per share. The fund has been increasing its distributions for 3 consecutive years.

The table displays the monthly dividend distributions for Old Westbury California Municipal Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Old Westbury California Municipal Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Old Westbury California Municipal Bond Fund was 8.91%, occurring on Oct 25, 2022. Recovery took 485 trading sessions.

The current Old Westbury California Municipal Bond Fund drawdown is 1.61%.

The chart below shows the rolling one-month volatility.