OWFIX vs. OWMBX
OWFIX (Old Westbury Fixed Income Fund) and OWMBX (Old Westbury Municipal Bond Fund) are both mutual funds - OWFIX is a Intermediate Core Bond fund managed by Old Westbury, while OWMBX is a Municipal Bonds fund managed by Old Westbury. Over the past 10 years, OWFIX returned 1.67%/yr vs 1.39%/yr for OWMBX. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.57% expense ratio.
Performance
OWFIX vs. OWMBX - Performance Comparison
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Returns By Period
In the year-to-date period, OWFIX achieves a -0.01% return, which is significantly lower than OWMBX's 0.57% return. Over the past 10 years, OWFIX has outperformed OWMBX with an annualized return of 1.67%, while OWMBX has yielded a comparatively lower 1.39% annualized return.
OWFIX
- 1D
- 0.30%
- 1M
- 0.39%
- YTD
- -0.01%
- 6M
- 0.09%
- 1Y
- 3.31%
- 3Y*
- 4.15%
- 5Y*
- 0.91%
- 10Y*
- 1.67%
OWMBX
- 1D
- 0.09%
- 1M
- 0.99%
- YTD
- 0.57%
- 6M
- 0.74%
- 1Y
- 4.15%
- 3Y*
- 2.73%
- 5Y*
- 0.66%
- 10Y*
- 1.39%
OWFIX vs. OWMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OWFIX Old Westbury Fixed Income Fund | -0.01% | 7.48% | 1.93% | 4.81% | -8.39% | -1.87% | 7.41% | 6.12% | 0.64% | 1.41% |
OWMBX Old Westbury Municipal Bond Fund | 0.57% | 4.29% | 0.43% | 4.03% | -5.39% | -0.63% | 5.01% | 5.58% | 0.87% | 2.22% |
Correlation
The correlation between OWFIX and OWMBX is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 1998 | 0.56 |
The correlation between OWFIX and OWMBX has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.
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Return for Risk
OWFIX vs. OWMBX — Risk / Return Rank
OWFIX
OWMBX
OWFIX vs. OWMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Old Westbury Fixed Income Fund (OWFIX) 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.
| OWFIX | OWMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.66 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.91 | -0.24 |
| Martin ratioReturn relative to average drawdown | 4.47 | 5.21 | -0.74 |
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Drawdowns
OWFIX vs. OWMBX - Drawdown Comparison
The maximum OWFIX drawdown since its inception was -12.88%, which is greater than OWMBX's maximum drawdown of -9.54%. Use the drawdown chart below to compare losses from any high point for OWFIX and OWMBX.
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Drawdown Indicators
| OWFIX | OWMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.88% | -9.54% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.45% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -3.81% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -9.37% | -3.03% |
Max Drawdown (10Y)Largest decline over 10 years | -12.88% | -9.44% | -3.44% |
Current DrawdownCurrent decline from peak | -1.36% | -1.05% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -2.25% | -1.64% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.85% | -0.05% |
Volatility
OWFIX vs. OWMBX - Volatility Comparison
Old Westbury Fixed Income Fund (OWFIX) has a higher volatility of 0.98% compared to Old Westbury Municipal Bond Fund (OWMBX) at 0.38%. This indicates that OWFIX'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
| OWFIX | OWMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.38% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 1.45% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 1.90% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 3.11% | +1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.56% | 3.04% | +0.52% |
OWFIX vs. OWMBX - Expense Ratio Comparison
Both OWFIX and OWMBX have an expense ratio of 0.57%.
Dividends
OWFIX vs. OWMBX - Dividend Comparison
OWFIX's dividend yield for the trailing twelve months is around 3.82%, more than OWMBX's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OWFIX Old Westbury Fixed Income Fund | 3.82% | 4.72% | 3.95% | 3.08% | 2.06% | 1.91% | 5.05% | 1.88% | 1.90% | 1.49% | 1.33% | 1.31% |
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
OWFIX and OWMBX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OWFIX has higher volatility (0.98%) compared to OWMBX (0.38%). In terms of maximum drawdown, OWFIX dropped -12.88% vs OWMBX's -9.54%.
OWMBX currently has the higher Sharpe Ratio (2.46 vs 1.20), 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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