OWCIX vs. OWCAX

Last updated Apr 2, 2026

Compare and contrast key facts about Old Westbury Credit Income Fund (OWCIX) and Old Westbury California Municipal Bond Fund (OWCAX).

OWCIX is managed by Old Westbury. It was launched on Sep 30, 2020. OWCAX is managed by Old Westbury. It was launched on Dec 3, 2018.

Performance

OWCIX vs. OWCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Old Westbury Credit Income Fund (OWCIX) and Old Westbury California Municipal Bond Fund (OWCAX). The values are adjusted to include any dividend payments, if applicable.

OWCIX vs. OWCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OWCIX Old Westbury Credit Income Fund	0.06%	9.35%	2.32%	6.42%	-16.20%	2.77%	2.78%
OWCAX Old Westbury California Municipal Bond Fund	-0.63%	5.14%	0.32%	4.75%	-5.15%	-0.62%	0.82%

Returns By Period

In the year-to-date period, OWCIX achieves a 0.06% return, which is significantly higher than OWCAX's -0.63% return.

OWCIX

• 1D: 0.38%
• 1M: -1.79%
• YTD: 0.06%
• 6M: 0.47%
• 1Y: 4.33%
• 3Y*: 5.04%
• 5Y*: 0.86%
• 10Y*: —

OWCAX

• 1D: 0.21%
• 1M: -2.12%
• YTD: -0.63%
• 6M: 0.54%
• 1Y: 3.45%
• 3Y*: 2.50%
• 5Y*: 0.91%
• 10Y*: —

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

OWCIX vs. OWCAX - Expense Ratio Comparison

OWCIX has a 0.85% expense ratio, which is higher than OWCAX's 0.57% expense ratio.

OWCIX

Old Westbury Credit Income Fund

OWCAX

Old Westbury California Municipal Bond Fund

Return for Risk

OWCIX vs. OWCAX — Risk / Return Rank

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

OWCIX

OWCIX Risk / Return Rank: 51
OWCIX Sharpe Ratio Rank: 40
OWCIX Sortino Ratio Rank: 36
OWCIX Omega Ratio Rank: 30
OWCIX Calmar Ratio Rank: 82
OWCIX Martin Ratio Rank: 67

OWCAX

OWCAX Risk / Return Rank: 45
OWCAX Sharpe Ratio Rank: 39
OWCAX Sortino Ratio Rank: 31
OWCAX Omega Ratio Rank: 76
OWCAX Calmar Ratio Rank: 41
OWCAX Martin Ratio Rank: 37

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.

OWCIX vs. OWCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Old Westbury Credit Income Fund (OWCIX) 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.

	OWCIX	OWCAX	Difference
Sharpe ratio Return per unit of total volatility	0.96	0.93	+0.02
Sortino ratio Return per unit of downside risk	1.34	1.25	+0.09
Omega ratio Gain probability vs. loss probability	1.18	1.31	-0.14
Calmar ratio Return relative to maximum drawdown	2.28	1.34	+0.95
Martin ratio Return relative to average drawdown	7.65	4.77	+2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OWCIX vs. OWCAX - Sharpe Ratio Comparison

The current OWCIX Sharpe Ratio is 0.96, which is comparable to the OWCAX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of OWCIX and OWCAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OWCIX	OWCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.93	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.30	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.56	-0.39

Correlation

The correlation between OWCIX and OWCAX is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

OWCIX vs. OWCAX - Dividend Comparison

OWCIX's dividend yield for the trailing twelve months is around 5.31%, more than OWCAX's 2.58% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OWCIX Old Westbury Credit Income Fund	5.31%	7.01%	5.83%	5.44%	5.30%	3.91%	1.06%	0.00%	0.00%
OWCAX Old Westbury California Municipal Bond Fund	2.58%	3.23%	2.61%	2.35%	1.33%	1.89%	1.83%	1.97%	0.07%

Drawdowns

OWCIX vs. OWCAX - Drawdown Comparison

The maximum OWCIX drawdown since its inception was -19.92%, which is greater than OWCAX's maximum drawdown of -8.91%. Use the drawdown chart below to compare losses from any high point for OWCIX and OWCAX.

Drawdown Indicators

	OWCIX	OWCAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-8.91%	-11.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-3.19%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-19.92%	-8.91%	-11.01%
Current Drawdown Current decline from peak	-2.15%	-2.32%	+0.17%
Average Drawdown Average peak-to-trough decline	-7.83%	-1.99%	-5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.89%	+0.23%

Volatility

OWCIX vs. OWCAX - Volatility Comparison

Old Westbury Credit Income Fund (OWCIX) has a higher volatility of 2.08% compared to Old Westbury California Municipal Bond Fund (OWCAX) at 0.92%. This indicates that OWCIX'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.

Volatility by Period

	OWCIX	OWCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	0.92%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	1.35%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	4.55%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.15%	3.14%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.96%	3.24%	+2.72%