OWCAX vs. OWMBX
OWCAX (Old Westbury California Municipal Bond Fund) and OWMBX (Old Westbury Municipal Bond Fund) are both Municipal Bonds funds from Old Westbury. Over the past 5 years, OWCAX returned 0.96%/yr vs 0.68%/yr for OWMBX. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.57% expense ratio.
Performance
OWCAX vs. OWMBX - Performance Comparison
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Returns By Period
In the year-to-date period, OWCAX achieves a 0.19% return, which is significantly lower than OWMBX's 0.48% return.
OWCAX
- 1D
- -0.10%
- 1M
- 0.93%
- YTD
- 0.19%
- 6M
- 0.40%
- 1Y
- 4.04%
- 3Y*
- 2.93%
- 5Y*
- 0.96%
- 10Y*
- —
OWMBX
- 1D
- -0.09%
- 1M
- 0.90%
- YTD
- 0.48%
- 6M
- 0.66%
- 1Y
- 3.97%
- 3Y*
- 2.64%
- 5Y*
- 0.68%
- 10Y*
- 1.34%
OWCAX vs. OWMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OWCAX Old Westbury California Municipal Bond Fund | 0.19% | 5.14% | 0.32% | 4.75% | -5.15% | -0.62% | 3.91% | 4.94% | 0.77% |
OWMBX Old Westbury Municipal Bond Fund | 0.48% | 4.29% | 0.43% | 4.03% | -5.39% | -0.63% | 5.01% | 5.58% | 0.99% |
Correlation
The correlation between OWCAX and OWMBX is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2018 | 0.84 |
The correlation between OWCAX and OWMBX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.
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Return for Risk
OWCAX vs. OWMBX — Risk / Return Rank
OWCAX
OWMBX
OWCAX vs. OWMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Old Westbury California Municipal Bond Fund (OWCAX) 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.
| OWCAX | OWMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.64 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 1.86 | -0.09 |
| Martin ratioReturn relative to average drawdown | 4.40 | 5.07 | -0.67 |
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Drawdowns
OWCAX vs. OWMBX - Drawdown Comparison
The maximum OWCAX drawdown since its inception was -8.91%, smaller than the maximum OWMBX drawdown of -9.54%. Use the drawdown chart below to compare losses from any high point for OWCAX and OWMBX.
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Drawdown Indicators
| OWCAX | OWMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.91% | -9.54% | +0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -2.45% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -3.41% | -3.81% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -8.91% | -9.37% | +0.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.44% | — |
Current DrawdownCurrent decline from peak | -1.51% | -1.14% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -1.98% | -1.64% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.85% | +0.15% |
Volatility
OWCAX vs. OWMBX - Volatility Comparison
Old Westbury California Municipal Bond Fund (OWCAX) has a higher volatility of 0.46% compared to Old Westbury Municipal Bond Fund (OWMBX) at 0.41%. This indicates that OWCAX'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
| OWCAX | OWMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 0.41% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.50% | 1.45% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.97% | 1.90% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.16% | 3.11% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.21% | 3.04% | +0.17% |
OWCAX vs. OWMBX - Expense Ratio Comparison
Both OWCAX and OWMBX have an expense ratio of 0.57%.
Dividends
OWCAX vs. OWMBX - Dividend Comparison
OWCAX's dividend yield for the trailing twelve months is around 2.53%, less than OWMBX's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OWCAX Old Westbury California Municipal Bond Fund | 2.53% | 3.23% | 2.61% | 2.35% | 1.33% | 1.89% | 1.83% | 1.97% | 0.07% | 0.00% | 0.00% | 0.00% |
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
OWCAX and OWMBX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OWCAX has higher volatility (0.46%) compared to OWMBX (0.41%). In terms of maximum drawdown, OWCAX dropped -8.91% vs OWMBX's -9.54%.
OWMBX currently has the higher Sharpe Ratio (2.39 vs 2.35), 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.
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