OWCAX vs. USMSX
OWCAX (Old Westbury California Municipal Bond Fund) and USMSX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, OWCAX returned 0.64%/yr vs 1.73%/yr for USMSX. Their 0.36 correlation means their historical movements had little consistent relationship. OWCAX charges 0.57%/yr vs 0.45%/yr for USMSX.
Performance
OWCAX vs. USMSX - Performance Comparison
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Returns By Period
In the year-to-date period, OWCAX achieves a -0.74% return, which is significantly lower than USMSX's 0.62% return.
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%
USMSX
- 1D
- -0.10%
- 1M
- -0.10%
- 6M
- 0.35%
- YTD
- 0.62%
- 1Y
- 1.71%
- 3Y*
- 2.76%
- 5Y*
- 1.73%
- 10Y*
- —
- ALL TIME*
- 1.36%
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 |
OWCAX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
USMSX JPMorgan Ultra-Short Municipal Fund | 0.62% | 2.87% | 3.09% | 3.21% | -0.90% | -0.15% | 0.77% | 1.90% | 0.11% |
Correlation
The correlation between OWCAX and USMSX is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2018 | 0.36 |
The correlation between OWCAX and USMSX shifts across timeframes, from 0.25 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
OWCAX vs. USMSX — Risk / Return Rank
OWCAX
USMSX
OWCAX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Old Westbury California Municipal Bond Fund (OWCAX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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 | USMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 2.63 | -1.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 5.76 | -4.74 |
| Martin ratioReturn relative to average drawdown | 2.29 | 24.12 | -21.83 |
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Drawdowns
OWCAX vs. USMSX - Drawdown Comparison
The maximum OWCAX drawdown since its inception was -8.91%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for OWCAX and USMSX.
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Drawdown Indicators
| OWCAX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.91% | -2.09% | -6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -0.30% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -3.19% | -0.50% | -2.69% |
Max Drawdown (5Y)Largest decline over 5 years | -8.91% | -2.03% | -6.88% |
Current DrawdownCurrent decline from peak | -2.43% | -0.20% | -2.23% |
Average DrawdownAverage peak-to-trough decline | -1.98% | -0.22% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.07% | +1.09% |
Volatility
OWCAX vs. USMSX - Volatility Comparison
Old Westbury California Municipal Bond Fund (OWCAX) has a higher volatility of 0.70% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.20%. This indicates that OWCAX's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OWCAX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.20% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 0.49% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.07% | 0.63% | +1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.17% | 0.71% | +2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.20% | 0.74% | +2.46% |
OWCAX vs. USMSX - Expense Ratio Comparison
OWCAX has a 0.57% expense ratio, which is higher than USMSX's 0.45% expense ratio.
Dividends
OWCAX vs. USMSX - Dividend Comparison
OWCAX's dividend yield for the trailing twelve months is around 2.55%, more than USMSX's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.11% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% |
Frequently Asked Questions
OWCAX and USMSX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OWCAX has higher volatility (0.70%) compared to USMSX (0.20%). In terms of maximum drawdown, OWCAX dropped -8.91% vs USMSX's -2.09%.
USMSX currently has the higher Sharpe Ratio (2.74 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.
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