MPA vs. OWMBX
MPA (BlackRock MuniYield Pennsylvania Quality Fund) and OWMBX (Old Westbury Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, MPA returned 1.65%/yr vs 1.39%/yr for OWMBX. At a 0.25 correlation, their price movements are largely independent. MPA charges 2.28%/yr vs 0.57%/yr for OWMBX.
Performance
MPA vs. OWMBX - Performance Comparison
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Returns By Period
In the year-to-date period, MPA achieves a 4.13% return, which is significantly higher than OWMBX's 0.57% return. Over the past 10 years, MPA has outperformed OWMBX with an annualized return of 1.65%, while OWMBX has yielded a comparatively lower 1.39% annualized return.
MPA
- 1D
- -0.18%
- 1M
- 1.05%
- YTD
- 4.13%
- 6M
- 4.41%
- 1Y
- 11.33%
- 3Y*
- 4.61%
- 5Y*
- -1.36%
- 10Y*
- 1.65%
OWMBX
- 1D
- 0.09%
- 1M
- 0.99%
- YTD
- 0.57%
- 6M
- 0.74%
- 1Y
- 4.15%
- 3Y*
- 2.73%
- 5Y*
- 0.66%
- 10Y*
- 1.39%
MPA vs. OWMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MPA BlackRock MuniYield Pennsylvania Quality Fund | 4.13% | 1.82% | 6.23% | 9.67% | -31.00% | 17.06% | 9.14% | 18.87% | -8.00% | 7.22% |
OWMBX Old Westbury Municipal Bond Fund | 0.57% | 4.29% | 0.43% | 4.03% | -5.39% | -0.63% | 5.01% | 5.58% | 0.87% | 2.22% |
Correlation
The correlation between MPA and OWMBX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 1998 | 0.25 |
The correlation between MPA and OWMBX shifts across timeframes, from 0.25 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MPA vs. OWMBX — Risk / Return Rank
MPA
OWMBX
MPA vs. OWMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Pennsylvania Quality Fund (MPA) and Old Westbury Municipal Bond Fund (OWMBX). 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.
| MPA | OWMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.66 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 1.91 | -0.13 |
| Martin ratioReturn relative to average drawdown | 6.97 | 5.21 | +1.76 |
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Drawdowns
MPA vs. OWMBX - Drawdown Comparison
The maximum MPA drawdown since its inception was -44.78%, which is greater than OWMBX's maximum drawdown of -9.54%. Use the drawdown chart below to compare losses from any high point for MPA and OWMBX.
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Drawdown Indicators
| MPA | OWMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.78% | -9.54% | -35.24% |
Max Drawdown (1Y)Largest decline over 1 year | -6.42% | -2.45% | -3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -14.77% | -3.81% | -10.96% |
Max Drawdown (5Y)Largest decline over 5 years | -38.10% | -9.37% | -28.73% |
Max Drawdown (10Y)Largest decline over 10 years | -38.10% | -9.44% | -28.66% |
Current DrawdownCurrent decline from peak | -17.13% | -1.05% | -16.08% |
Average DrawdownAverage peak-to-trough decline | -9.77% | -1.64% | -8.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 0.85% | +0.78% |
Volatility
MPA vs. OWMBX - Volatility Comparison
BlackRock MuniYield Pennsylvania Quality Fund (MPA) has a higher volatility of 1.85% compared to Old Westbury Municipal Bond Fund (OWMBX) at 0.38%. This indicates that MPA's price experiences larger fluctuations and is considered to be riskier than OWMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MPA | OWMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 0.38% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 1.45% | +4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.11% | 1.90% | +6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.12% | 3.11% | +9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.33% | 3.04% | +9.29% |
MPA vs. OWMBX - Expense Ratio Comparison
MPA has a 2.28% expense ratio, which is higher than OWMBX's 0.57% expense ratio.
Dividends
MPA vs. OWMBX - Dividend Comparison
MPA's dividend yield for the trailing twelve months is around 5.90%, more than OWMBX's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MPA BlackRock MuniYield Pennsylvania Quality Fund | 5.90% | 6.98% | 6.02% | 3.63% | 5.60% | 3.94% | 4.12% | 4.16% | 5.40% | 5.22% | 5.56% | 5.94% |
OWMBX Old Westbury Municipal Bond Fund | 2.60% | 2.61% | 2.54% | 2.01% | 1.15% | 2.06% | 2.55% | 1.68% | 1.45% | 1.18% | 1.61% | 1.40% |
Frequently Asked Questions
MPA and OWMBX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MPA has higher volatility (1.85%) compared to OWMBX (0.38%). In terms of maximum drawdown, MPA dropped -44.78% vs OWMBX's -9.54%.
OWMBX currently has the higher Sharpe Ratio (2.46 vs 1.41), 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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