OWACX vs. OWCAX
OWACX (Old Westbury All Cap Core Fund) and OWCAX (Old Westbury California Municipal Bond Fund) are both mutual funds - OWACX is a Large Cap Growth Equities fund managed by Old Westbury, while OWCAX is a Municipal Bonds fund managed by Old Westbury. Over the past 5 years, OWACX returned 8.29%/yr vs 0.64%/yr for OWCAX. Their 0.08 correlation means their historical movements had little consistent relationship. OWACX charges 0.96%/yr vs 0.57%/yr for OWCAX.
Performance
OWACX vs. OWCAX - Performance Comparison
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Returns By Period
In the year-to-date period, OWACX achieves a 6.06% return, which is significantly higher than OWCAX's -0.74% return.
OWACX
- 1D
- 1.84%
- 1M
- -1.67%
- 6M
- 4.80%
- YTD
- 6.06%
- 1Y
- 10.92%
- 3Y*
- 14.13%
- 5Y*
- 8.29%
- 10Y*
- 13.10%
- ALL TIME*
- 11.94%
OWCAX
- 1D
- 0.00%
- 1M
- -1.13%
- 6M
- -1.54%
- YTD
- -0.74%
- 1Y
- 2.43%
- 3Y*
- 2.54%
- 5Y*
- 0.64%
- 10Y*
- —
- ALL TIME*
- 1.68%
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 |
OWACX vs. OWCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OWACX Old Westbury All Cap Core Fund | 6.06% | 10.45% | 21.30% | 25.93% | -22.18% | 25.76% | 23.61% | 32.10% | -8.15% |
OWCAX Old Westbury California Municipal Bond Fund | -0.74% | 5.14% | 0.32% | 4.75% | -5.15% | -0.62% | 3.91% | 4.94% | 0.77% |
Correlation
The correlation between OWACX and OWCAX is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2018 | 0.08 |
Over the past year, OWACX and OWCAX have become more correlated (0.33) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
OWACX vs. OWCAX — Risk / Return Rank
OWACX
OWCAX
OWACX vs. OWCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Old Westbury All Cap Core Fund (OWACX) and Old Westbury California Municipal Bond Fund (OWCAX). 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.
| OWACX | OWCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.32 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.02 | +0.13 |
| Martin ratioReturn relative to average drawdown | 4.79 | 2.29 | +2.49 |
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Drawdowns
OWACX vs. OWCAX - Drawdown Comparison
The maximum OWACX drawdown since its inception was -34.01%, which is greater than OWCAX's maximum drawdown of -8.91%. Use the drawdown chart below to compare losses from any high point for OWACX and OWCAX.
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Drawdown Indicators
| OWACX | OWCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.01% | -8.91% | -25.10% |
Max Drawdown (1Y)Largest decline over 1 year | -9.93% | -2.73% | -7.20% |
Max Drawdown (3Y)Largest decline over 3 years | -19.16% | -3.19% | -15.97% |
Max Drawdown (5Y)Largest decline over 5 years | -28.11% | -8.91% | -19.20% |
Max Drawdown (10Y)Largest decline over 10 years | -34.01% | — | — |
Current DrawdownCurrent decline from peak | -2.51% | -2.43% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -1.98% | -3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 1.16% | +1.12% |
Volatility
OWACX vs. OWCAX - Volatility Comparison
Old Westbury All Cap Core Fund (OWACX) has a higher volatility of 3.70% compared to Old Westbury California Municipal Bond Fund (OWCAX) at 0.70%. This indicates that OWACX's price experiences larger fluctuations and is considered to be riskier than OWCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OWACX | OWCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 0.70% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 1.61% | +9.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.82% | 2.07% | +11.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.85% | 3.17% | +14.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 3.20% | +15.25% |
OWACX vs. OWCAX - Expense Ratio Comparison
OWACX has a 0.96% expense ratio, which is higher than OWCAX's 0.57% expense ratio.
Dividends
OWACX vs. OWCAX - Dividend Comparison
OWACX's dividend yield for the trailing twelve months is around 8.34%, more than OWCAX's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OWACX Old Westbury All Cap Core Fund | 8.34% | 8.18% | 10.64% | 8.40% | 2.54% | 5.90% | 3.18% | 9.22% | 5.05% | 1.99% | 1.08% | 2.38% |
OWCAX Old Westbury California Municipal Bond Fund | 2.55% | 3.23% | 2.61% | 2.35% | 1.33% | 1.89% | 1.83% | 1.97% | 0.07% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OWACX and OWCAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OWACX has higher volatility (3.70%) compared to OWCAX (0.70%). In terms of maximum drawdown, OWACX dropped -34.01% vs OWCAX's -8.91%.
OWCAX currently has the higher Sharpe Ratio (1.35 vs 0.82), 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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