OWFIX vs. CFBNX
OWFIX (Old Westbury Fixed Income Fund) and CFBNX (Commerce Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, OWFIX returned 1.62%/yr vs 1.86%/yr for CFBNX. Their correlation of 0.88 suggests significant overlap in exposure. OWFIX charges 0.57%/yr vs 0.60%/yr for CFBNX.
Performance
OWFIX vs. CFBNX - Performance Comparison
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Returns By Period
In the year-to-date period, OWFIX achieves a -0.21% return, which is significantly lower than CFBNX's 0.13% return. Over the past 10 years, OWFIX has underperformed CFBNX with an annualized return of 1.62%, while CFBNX has yielded a comparatively higher 1.86% annualized return.
OWFIX
- 1D
- -0.20%
- 1M
- 0.19%
- YTD
- -0.21%
- 6M
- -0.11%
- 1Y
- 2.80%
- 3Y*
- 4.02%
- 5Y*
- 0.87%
- 10Y*
- 1.62%
CFBNX
- 1D
- -0.28%
- 1M
- 0.59%
- YTD
- 0.13%
- 6M
- 0.44%
- 1Y
- 4.30%
- 3Y*
- 4.01%
- 5Y*
- 0.07%
- 10Y*
- 1.86%
OWFIX vs. CFBNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OWFIX Old Westbury Fixed Income Fund | -0.21% | 7.48% | 1.93% | 4.81% | -8.39% | -1.87% | 7.41% | 6.12% | 0.64% | 1.41% |
CFBNX Commerce Bond Fund | 0.13% | 7.12% | 1.52% | 5.97% | -13.30% | -0.56% | 7.15% | 8.97% | -0.58% | 4.55% |
Correlation
The correlation between OWFIX and CFBNX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 1998 | 0.88 |
The correlation between OWFIX and CFBNX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
OWFIX vs. CFBNX — Risk / Return Rank
OWFIX
CFBNX
OWFIX vs. CFBNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Old Westbury Fixed Income Fund (OWFIX) and Commerce Bond Fund (CFBNX). 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.
| OWFIX | CFBNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.53 | +0.03 |
| Martin ratioReturn relative to average drawdown | 4.15 | 4.24 | -0.08 |
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Drawdowns
OWFIX vs. CFBNX - Drawdown Comparison
The maximum OWFIX drawdown since its inception was -12.88%, smaller than the maximum CFBNX drawdown of -17.90%. Use the drawdown chart below to compare losses from any high point for OWFIX and CFBNX.
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Drawdown Indicators
| OWFIX | CFBNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.88% | -17.90% | +5.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.98% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -5.72% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -17.90% | +5.50% |
Max Drawdown (10Y)Largest decline over 10 years | -12.88% | -17.90% | +5.02% |
Current DrawdownCurrent decline from peak | -1.55% | -1.75% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -2.25% | -2.11% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.07% | -0.26% |
Volatility
OWFIX vs. CFBNX - Volatility Comparison
The current volatility for Old Westbury Fixed Income Fund (OWFIX) is 0.93%, while Commerce Bond Fund (CFBNX) has a volatility of 1.15%. This indicates that OWFIX experiences smaller price fluctuations and is considered to be less risky than CFBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OWFIX | CFBNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 1.15% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | 2.86% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 3.84% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 5.57% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.56% | 4.71% | -1.15% |
OWFIX vs. CFBNX - Expense Ratio Comparison
OWFIX has a 0.57% expense ratio, which is lower than CFBNX's 0.60% expense ratio.
Dividends
OWFIX vs. CFBNX - Dividend Comparison
OWFIX's dividend yield for the trailing twelve months is around 3.83%, more than CFBNX's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFBNX Commerce Bond Fund | 3.63% | 3.54% | 2.94% | 2.67% | 2.40% | 3.02% | 2.71% | 3.14% | 3.25% | 3.23% | 3.40% | 3.52% |
OWFIX Old Westbury Fixed Income Fund | 3.83% | 4.72% | 3.95% | 3.08% | 2.06% | 1.91% | 5.05% | 1.88% | 1.90% | 1.49% | 1.33% | 1.31% |
Frequently Asked Questions
OWFIX and CFBNX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CFBNX has higher volatility (1.15%) compared to OWFIX (0.93%). In terms of maximum drawdown, OWFIX dropped -12.88% vs CFBNX's -17.90%.
CFBNX currently has the higher Sharpe Ratio (1.19 vs 1.12), 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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