FEDUX vs. OWFIX

Last updated Jun 4, 2026

FEDUX (Fidelity Education Income Fund) and OWFIX (Old Westbury Fixed Income Fund) are both Intermediate Core Bond funds. Over the past 5 years, FEDUX returned -0.41%/yr vs 0.93%/yr for OWFIX. Their correlation of 0.86 suggests significant overlap in exposure. FEDUX charges 0.00%/yr vs 0.57%/yr for OWFIX.

Performance

FEDUX vs. OWFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Education Income Fund (FEDUX) and Old Westbury Fixed Income Fund (OWFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FEDUX

• 1D: 0.00%
• 1M: 0.14%
• YTD: 0.35%
• 6M: 0.52%
• 1Y: 3.99%
• 3Y*: 2.62%
• 5Y*: -0.41%
• 10Y*: —

OWFIX

• 1D: 0.00%
• 1M: 0.10%
• YTD: -0.00%
• 6M: -0.03%
• 1Y: 3.81%
• 3Y*: 4.04%
• 5Y*: 0.93%
• 10Y*: 1.69%

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

FEDUX vs. OWFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEDUX Fidelity Education Income Fund	0.35%	6.40%	-0.29%	1.62%	-8.38%	-1.27%
OWFIX Old Westbury Fixed Income Fund	-0.00%	7.48%	1.93%	4.81%	-8.39%	-0.62%

Correlation

The correlation between FEDUX and OWFIX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.86

The correlation between FEDUX and OWFIX shifts across timeframes, from 0.74 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FEDUX vs. OWFIX — Risk / Return Rank

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

FEDUX

FEDUX Risk / Return Rank: 36
FEDUX Sharpe Ratio Rank: 31
FEDUX Sortino Ratio Rank: 41
FEDUX Omega Ratio Rank: 37
FEDUX Calmar Ratio Rank: 38
FEDUX Martin Ratio Rank: 33

OWFIX

OWFIX Risk / Return Rank: 23
OWFIX Sharpe Ratio Rank: 22
OWFIX Sortino Ratio Rank: 24
OWFIX Omega Ratio Rank: 22
OWFIX Calmar Ratio Rank: 26
OWFIX Martin Ratio Rank: 21

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.

FEDUX vs. OWFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Education Income Fund (FEDUX) and Old Westbury Fixed Income Fund (OWFIX). 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.

	FEDUX	OWFIX	Difference
Sharpe ratio Return per unit of total volatility	1.62	1.35	+0.27
Sortino ratio Return per unit of downside risk	2.68	2.08	+0.60
Omega ratio Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio Return relative to maximum drawdown	2.33	1.89	+0.44
Martin ratio Return relative to average drawdown	7.46	5.52	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDUX vs. OWFIX - Sharpe Ratio Comparison

The current FEDUX Sharpe Ratio is 1.62, which is comparable to the OWFIX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of FEDUX and OWFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEDUX	OWFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.35	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.22	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.88	-1.02

Drawdowns

FEDUX vs. OWFIX - Drawdown Comparison

The maximum FEDUX drawdown since its inception was -12.00%, smaller than the maximum OWFIX drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for FEDUX and OWFIX.

Drawdown Indicators

	FEDUX	OWFIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.00%	-12.88%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-2.23%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-2.80%	-3.78%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-12.00%	-12.40%	+0.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.88%	—
Current Drawdown Current decline from peak	-2.44%	-1.35%	-1.09%
Average Drawdown Average peak-to-trough decline	-6.47%	-2.25%	-4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.78%	-0.24%

Volatility

FEDUX vs. OWFIX - Volatility Comparison

The current volatility for Fidelity Education Income Fund (FEDUX) is 0.75%, while Old Westbury Fixed Income Fund (OWFIX) has a volatility of 0.83%. This indicates that FEDUX experiences smaller price fluctuations and is considered to be less risky than OWFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDUX	OWFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.83%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.04%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	3.11%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.13%	4.40%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.12%	3.55%	-0.43%

FEDUX vs. OWFIX - Expense Ratio Comparison

FEDUX has a 0.00% expense ratio, which is lower than OWFIX's 0.57% expense ratio.

Dividends

FEDUX vs. OWFIX - Dividend Comparison

FEDUX's dividend yield for the trailing twelve months is around 4.39%, more than OWFIX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDUX Fidelity Education Income Fund	4.39%	4.43%	0.36%	0.71%	0.00%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OWFIX Old Westbury Fixed Income Fund	3.77%	4.72%	3.95%	3.08%	2.06%	1.91%	5.05%	1.88%	1.90%	1.49%	1.33%	1.31%

Frequently Asked Questions

Can I hold both FEDUX and OWFIX in my portfolio?

FEDUX and OWFIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDUX or OWFIX?

OWFIX has higher volatility (0.83%) compared to FEDUX (0.75%). In terms of maximum drawdown, FEDUX dropped -12.00% vs OWFIX's -12.88%.

Which has better risk-adjusted returns?

FEDUX currently has the higher Sharpe Ratio (1.62 vs 1.35), 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.