OWMBX vs. OWSMX

Last updated Jun 4, 2026

OWMBX (Old Westbury Municipal Bond Fund) and OWSMX (Old Westbury Small & Mid Cap Strategies Fund) are both mutual funds - OWMBX is a Municipal Bonds fund managed by Old Westbury, while OWSMX is a Global Equities fund managed by Old Westbury. Over the past 10 years, OWMBX returned 1.42%/yr vs 7.80%/yr for OWSMX. At a correlation of -0.09, they often move in opposite directions. OWMBX charges 0.57%/yr vs 1.10%/yr for OWSMX.

Performance

OWMBX vs. OWSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Old Westbury Municipal Bond Fund (OWMBX) 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, OWMBX achieves a 0.37% return, which is significantly lower than OWSMX's 11.72% return. Over the past 10 years, OWMBX has underperformed OWSMX with an annualized return of 1.42%, while OWSMX has yielded a comparatively higher 7.80% annualized return.

OWMBX

• 1D: 0.09%
• 1M: 0.35%
• YTD: 0.37%
• 6M: 0.67%
• 1Y: 4.46%
• 3Y*: 2.73%
• 5Y*: 0.65%
• 10Y*: 1.42%

OWSMX

• 1D: 0.52%
• 1M: 3.24%
• YTD: 11.72%
• 6M: 13.64%
• 1Y: 23.05%
• 3Y*: 15.15%
• 5Y*: 3.95%
• 10Y*: 7.80%

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

OWMBX vs. OWSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OWMBX Old Westbury Municipal Bond Fund	0.37%	4.29%	0.43%	4.03%	-5.39%	-0.63%	5.01%	5.58%	0.87%	2.22%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	11.72%	18.06%	7.76%	11.67%	-22.54%	4.10%	22.11%	24.52%	-12.04%	18.20%

Correlation

The correlation between OWMBX and OWSMX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 11, 2005	-0.09

The correlation between OWMBX and OWSMX shifts across timeframes, from -0.09 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OWMBX vs. OWSMX — Risk / Return Rank

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

OWMBX

OWMBX Risk / Return Rank: 62
OWMBX Sharpe Ratio Rank: 81
OWMBX Sortino Ratio Rank: 82
OWMBX Omega Ratio Rank: 93
OWMBX Calmar Ratio Rank: 31
OWMBX Martin Ratio Rank: 23

OWSMX

OWSMX Risk / Return Rank: 34
OWSMX Sharpe Ratio Rank: 36
OWSMX Sortino Ratio Rank: 35
OWSMX Omega Ratio Rank: 38
OWSMX Calmar Ratio Rank: 29
OWSMX Martin Ratio Rank: 35

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.

OWMBX vs. OWSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Old Westbury Municipal Bond Fund (OWMBX) 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.

	OWMBX	OWSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.73	+0.91
Sortino ratio: Return per unit of downside risk	3.88	2.49	+1.39
Omega ratio: Gain probability vs. loss probability	1.72	1.33	+0.39
Calmar ratio: Return relative to maximum drawdown	2.07	2.01	+0.06
Martin ratio: Return relative to average drawdown	5.93	7.80	-1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OWMBX vs. OWSMX - Sharpe Ratio Comparison

The current OWMBX Sharpe Ratio is 2.64, which is higher than the OWSMX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of OWMBX 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.

Sharpe Ratios by Period

	OWMBX	OWSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	1.73	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.25	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.48	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.54	+0.51

Drawdowns

OWMBX vs. OWSMX - Drawdown Comparison

The maximum OWMBX drawdown since its inception was -9.54%, smaller than the maximum OWSMX drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for OWMBX and OWSMX.

Drawdown Indicators

	OWMBX	OWSMX	Difference
Max Drawdown Largest peak-to-trough decline	-9.54%	-38.35%	+28.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-11.67%	+9.22%
Max Drawdown (3Y) Largest decline over 3 years	-3.81%	-15.97%	+12.16%
Max Drawdown (5Y) Largest decline over 5 years	-9.37%	-34.57%	+25.20%
Max Drawdown (10Y) Largest decline over 10 years	-9.44%	-35.96%	+26.52%
Current Drawdown Current decline from peak	-1.25%	-0.21%	-1.04%
Average Drawdown Average peak-to-trough decline	-1.64%	-8.18%	+6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	2.99%	-2.19%

Volatility

OWMBX vs. OWSMX - Volatility Comparison

The current volatility for Old Westbury Municipal Bond Fund (OWMBX) is 0.65%, while Old Westbury Small & Mid Cap Strategies Fund (OWSMX) has a volatility of 3.95%. This indicates that OWMBX experiences smaller price fluctuations and is considered to be less risky than OWSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWMBX	OWSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	3.95%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	1.44%	10.79%	-9.35%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	13.53%	-11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.11%	16.18%	-13.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.04%	16.43%	-13.39%

OWMBX vs. OWSMX - Expense Ratio Comparison

OWMBX has a 0.57% expense ratio, which is lower than OWSMX's 1.10% expense ratio.

Dividends

OWMBX vs. OWSMX - Dividend Comparison

OWMBX's dividend yield for the trailing twelve months is around 2.61%, less than OWSMX's 7.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OWMBX Old Westbury Municipal Bond Fund	2.61%	2.61%	2.54%	2.01%	1.15%	2.06%	2.55%	1.68%	1.45%	1.18%	1.61%	1.40%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	7.53%	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 OWMBX and OWSMX in my portfolio?

OWMBX and OWSMX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWMBX or OWSMX?

OWSMX has higher volatility (3.95%) compared to OWMBX (0.65%). In terms of maximum drawdown, OWMBX dropped -9.54% vs OWSMX's -38.35%.

Which has better risk-adjusted returns?

OWMBX currently has the higher Sharpe Ratio (2.64 vs 1.73), 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.