OWLSX vs. OWSMX

Last updated Jun 24, 2026

OWLSX (Old Westbury Large Cap Strategies Fund) and OWSMX (Old Westbury Small & Mid Cap Strategies Fund) are both Global Equities funds from Old Westbury. Over the past 10 years, OWLSX returned 10.91%/yr vs 8.18%/yr for OWSMX. Their correlation of 0.87 suggests significant overlap in exposure. OWLSX charges 1.09%/yr vs 1.10%/yr for OWSMX.

Performance

OWLSX vs. OWSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Old Westbury Large Cap Strategies Fund (OWLSX) and Old Westbury Small & Mid Cap Strategies Fund (OWSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OWLSX achieves a 8.08% return, which is significantly lower than OWSMX's 12.29% return. Over the past 10 years, OWLSX has outperformed OWSMX with an annualized return of 10.91%, while OWSMX has yielded a comparatively lower 8.18% annualized return.

OWLSX

• 1D: -0.27%
• 1M: 0.54%
• YTD: 8.08%
• 6M: 7.50%
• 1Y: 21.42%
• 3Y*: 18.54%
• 5Y*: 8.74%
• 10Y*: 10.91%

OWSMX

• 1D: 0.26%
• 1M: 1.93%
• YTD: 12.29%
• 6M: 11.40%
• 1Y: 23.11%
• 3Y*: 15.40%
• 5Y*: 3.69%
• 10Y*: 8.18%

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

OWLSX vs. OWSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OWLSX Old Westbury Large Cap Strategies Fund	8.08%	17.61%	20.86%	19.74%	-22.15%	17.26%	15.36%	25.19%	-8.59%	19.40%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	12.29%	18.06%	7.76%	11.67%	-22.54%	4.10%	22.11%	24.52%	-12.04%	18.20%

Correlation

The correlation between OWLSX and OWSMX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 8, 2005	0.87

The correlation between OWLSX and OWSMX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

OWLSX vs. OWSMX — Risk / Return Rank

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

OWLSX

OWLSX Risk / Return Rank: 29
OWLSX Sharpe Ratio Rank: 3
OWLSX Sortino Ratio Rank: 36
OWLSX Omega Ratio Rank: 98
OWLSX Calmar Ratio Rank: 5
OWLSX Martin Ratio Rank: 4

OWSMX

OWSMX Risk / Return Rank: 40
OWSMX Sharpe Ratio Rank: 41
OWSMX Sortino Ratio Rank: 40
OWSMX Omega Ratio Rank: 43
OWSMX Calmar Ratio Rank: 35
OWSMX Martin Ratio Rank: 40

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.

OWLSX vs. OWSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Old Westbury Large Cap Strategies Fund (OWLSX) and Old Westbury Small & Mid Cap Strategies Fund (OWSMX). 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.

	OWLSX	OWSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.11	1.73	-1.63
Sortino ratio: Return per unit of downside risk	2.33	2.48	-0.15
Omega ratio: Gain probability vs. loss probability	2.24	1.33	+0.91
Calmar ratio: Return relative to maximum drawdown	0.33	2.10	-1.77
Martin ratio: Return relative to average drawdown	0.39	8.10	-7.71

OWLSX vs. OWSMX - Sharpe Ratio Comparison

The current OWLSX Sharpe Ratio is 0.11, which is lower than the OWSMX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of OWLSX and OWSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OWLSX vs. OWSMX - Drawdown Comparison

The maximum OWLSX drawdown since its inception was -68.17%, which is greater than OWSMX's maximum drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for OWLSX and OWSMX.

Drawdown Indicators

	OWLSX	OWSMX	Difference
Max Drawdown Largest peak-to-trough decline	-68.17%	-38.35%	-29.82%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-11.67%	-56.50%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	-15.97%	-52.20%
Max Drawdown (5Y) Largest decline over 5 years	-68.17%	-34.57%	-33.60%
Max Drawdown (10Y) Largest decline over 10 years	-68.17%	-35.96%	-32.21%
Current Drawdown Current decline from peak	-63.22%	-0.20%	-63.02%
Average Drawdown Average peak-to-trough decline	-19.64%	-8.16%	-11.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.25%	3.01%	+54.24%

Volatility

OWLSX vs. OWSMX - Volatility Comparison

Old Westbury Large Cap Strategies Fund (OWLSX) and Old Westbury Small & Mid Cap Strategies Fund (OWSMX) have volatilities of 4.86% and 5.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWLSX	OWSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	5.07%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	11.57%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	214.58%	14.17%	+200.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.97%	16.29%	+80.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.53%	16.47%	+53.06%

OWLSX vs. OWSMX - Expense Ratio Comparison

OWLSX has a 1.09% expense ratio, which is lower than OWSMX's 1.10% expense ratio.

Dividends

OWLSX vs. OWSMX - Dividend Comparison

OWLSX's dividend yield for the trailing twelve months is around 11.57%, more than OWSMX's 7.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OWLSX Old Westbury Large Cap Strategies Fund	11.57%	12.51%	5.79%	0.55%	0.61%	6.60%	1.38%	4.94%	4.65%	5.86%	1.81%	2.40%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	7.49%	8.41%	3.92%	0.65%	0.52%	6.04%	3.23%	4.65%	12.54%	7.43%	6.32%	10.79%

Frequently Asked Questions

Can I hold both OWLSX and OWSMX in my portfolio?

OWLSX and OWSMX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWLSX or OWSMX?

OWSMX has higher volatility (5.07%) compared to OWLSX (4.86%). In terms of maximum drawdown, OWLSX dropped -68.17% vs OWSMX's -38.35%.

Which has better risk-adjusted returns?

OWSMX currently has the higher Sharpe Ratio (1.73 vs 0.11), 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.