OWACX vs. OWSMX

Last updated Jun 24, 2026

OWACX (Old Westbury All Cap Core Fund) and OWSMX (Old Westbury Small & Mid Cap Strategies Fund) are both mutual funds - OWACX is a Large Cap Growth Equities fund managed by Old Westbury, while OWSMX is a Global Equities fund managed by Old Westbury. Over the past 10 years, OWACX returned 14.04%/yr vs 8.18%/yr for OWSMX. Their correlation of 0.86 suggests significant overlap in exposure. OWACX charges 0.96%/yr vs 1.10%/yr for OWSMX.

Performance

OWACX vs. OWSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Old Westbury All Cap Core Fund (OWACX) and Old Westbury Small & Mid Cap Strategies Fund (OWSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OWACX achieves a 8.13% return, which is significantly lower than OWSMX's 12.29% return. Over the past 10 years, OWACX has outperformed OWSMX with an annualized return of 14.04%, while OWSMX has yielded a comparatively lower 8.18% annualized return.

OWACX

• 1D: -0.25%
• 1M: 1.17%
• YTD: 8.13%
• 6M: 7.38%
• 1Y: 18.54%
• 3Y*: 17.06%
• 5Y*: 9.66%
• 10Y*: 14.04%

OWSMX

• 1D: 0.26%
• 1M: 1.93%
• YTD: 12.29%
• 6M: 11.40%
• 1Y: 23.11%
• 3Y*: 15.40%
• 5Y*: 3.69%
• 10Y*: 8.18%

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

OWACX vs. OWSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OWACX Old Westbury All Cap Core Fund	8.13%	10.45%	21.30%	25.93%	-22.18%	25.76%	23.61%	32.10%	-4.02%	20.93%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	12.29%	18.06%	7.76%	11.67%	-22.54%	4.10%	22.11%	24.52%	-12.04%	18.20%

Correlation

The correlation between OWACX and OWSMX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.86

The correlation between OWACX and OWSMX shifts across timeframes, from 0.72 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OWACX vs. OWSMX — Risk / Return Rank

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

OWACX

OWACX Risk / Return Rank: 39
OWACX Sharpe Ratio Rank: 36
OWACX Sortino Ratio Rank: 38
OWACX Omega Ratio Rank: 36
OWACX Calmar Ratio Rank: 37
OWACX Martin Ratio Rank: 47

OWSMX

OWSMX Risk / Return Rank: 40
OWSMX Sharpe Ratio Rank: 41
OWSMX Sortino Ratio Rank: 40
OWSMX Omega Ratio Rank: 43
OWSMX Calmar Ratio Rank: 35
OWSMX Martin Ratio Rank: 40

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.

OWACX vs. OWSMX - 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 Small & Mid Cap Strategies Fund (OWSMX). 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	OWSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.73	-0.12
Sortino ratio: Return per unit of downside risk	2.38	2.48	-0.10
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.18	2.10	+0.09
Martin ratio: Return relative to average drawdown	9.32	8.10	+1.22

OWACX vs. OWSMX - Sharpe Ratio Comparison

The current OWACX Sharpe Ratio is 1.61, which is comparable to the OWSMX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of OWACX and OWSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OWACX vs. OWSMX - Drawdown Comparison

The maximum OWACX drawdown since its inception was -34.01%, smaller than the maximum OWSMX drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for OWACX and OWSMX.

Drawdown Indicators

	OWACX	OWSMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.01%	-38.35%	+4.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.93%	-11.67%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-15.97%	-3.19%
Max Drawdown (5Y) Largest decline over 5 years	-28.11%	-34.57%	+6.46%
Max Drawdown (10Y) Largest decline over 10 years	-34.01%	-35.96%	+1.95%
Current Drawdown Current decline from peak	-0.47%	-0.20%	-0.27%
Average Drawdown Average peak-to-trough decline	-5.08%	-8.16%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.01%	-0.79%

Volatility

OWACX vs. OWSMX - Volatility Comparison

The current volatility for Old Westbury All Cap Core Fund (OWACX) is 4.79%, while Old Westbury Small & Mid Cap Strategies Fund (OWSMX) has a volatility of 5.07%. This indicates that OWACX experiences smaller price fluctuations and is considered to be less risky than OWSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWACX	OWSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	5.07%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	11.57%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	14.17%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	16.29%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	16.47%	+2.06%

OWACX vs. OWSMX - Expense Ratio Comparison

OWACX has a 0.96% expense ratio, which is lower than OWSMX's 1.10% expense ratio.

Dividends

OWACX vs. OWSMX - Dividend Comparison

OWACX's dividend yield for the trailing twelve months is around 8.18%, more than OWSMX's 7.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OWACX Old Westbury All Cap Core Fund	8.18%	8.18%	10.64%	8.40%	2.54%	5.90%	3.18%	9.22%	5.05%	1.99%	1.08%	2.38%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	7.49%	8.41%	3.92%	0.65%	0.52%	6.04%	3.23%	4.65%	12.54%	7.43%	6.32%	10.79%

Frequently Asked Questions

Can I hold both OWACX and OWSMX in my portfolio?

OWACX and OWSMX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWACX or OWSMX?

OWSMX has higher volatility (5.07%) compared to OWACX (4.79%). In terms of maximum drawdown, OWACX dropped -34.01% vs OWSMX's -38.35%.

Which has better risk-adjusted returns?

OWSMX currently has the higher Sharpe Ratio (1.73 vs 1.61), 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.