OWNYX vs. OWLSX

Last updated Jun 24, 2026

OWNYX (Old Westbury New York Municipal Bond Fund) and OWLSX (Old Westbury Large Cap Strategies Fund) are both mutual funds - OWNYX is a Municipal Bonds fund managed by Old Westbury, while OWLSX is a Global Equities fund managed by Old Westbury. Over the past 5 years, OWNYX returned 0.86%/yr vs 8.74%/yr for OWLSX. At a 0.09 correlation, their price movements are largely independent. OWNYX charges 0.57%/yr vs 1.09%/yr for OWLSX.

Performance

OWNYX vs. OWLSX - Performance Comparison

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

Returns By Period

In the year-to-date period, OWNYX achieves a 0.47% return, which is significantly lower than OWLSX's 8.08% return.

OWNYX

• 1D: -0.10%
• 1M: 0.70%
• YTD: 0.47%
• 6M: 0.68%
• 1Y: 3.79%
• 3Y*: 2.77%
• 5Y*: 0.86%
• 10Y*: —

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%

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

OWNYX vs. OWLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
OWNYX Old Westbury New York Municipal Bond Fund	0.47%	4.64%	0.45%	4.24%	-5.03%	-0.31%	3.74%	4.95%	0.68%
OWLSX Old Westbury Large Cap Strategies Fund	8.08%	17.61%	20.86%	19.74%	-22.15%	17.26%	15.36%	25.19%	-6.98%

Correlation

The correlation between OWNYX and OWLSX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 3, 2018	0.09

The correlation between OWNYX and OWLSX shifts across timeframes, from 0.09 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OWNYX vs. OWLSX — Risk / Return Rank

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

OWNYX

OWNYX Risk / Return Rank: 59
OWNYX Sharpe Ratio Rank: 74
OWNYX Sortino Ratio Rank: 79
OWNYX Omega Ratio Rank: 89
OWNYX Calmar Ratio Rank: 29
OWNYX Martin Ratio Rank: 24

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

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.

OWNYX vs. OWLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Old Westbury New York Municipal Bond Fund (OWNYX) and Old Westbury Large Cap Strategies Fund (OWLSX). 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.

	OWNYX	OWLSX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	0.11	+2.21
Sortino ratio: Return per unit of downside risk	3.44	2.33	+1.11
Omega ratio: Gain probability vs. loss probability	1.59	2.24	-0.64
Calmar ratio: Return relative to maximum drawdown	1.89	0.33	+1.56
Martin ratio: Return relative to average drawdown	5.27	0.39	+4.88

OWNYX vs. OWLSX - Sharpe Ratio Comparison

The current OWNYX Sharpe Ratio is 2.32, which is higher than the OWLSX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of OWNYX and OWLSX, 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

OWNYX vs. OWLSX - Drawdown Comparison

The maximum OWNYX drawdown since its inception was -8.98%, smaller than the maximum OWLSX drawdown of -68.17%. Use the drawdown chart below to compare losses from any high point for OWNYX and OWLSX.

Drawdown Indicators

	OWNYX	OWLSX	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-68.17%	+59.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.30%	-68.17%	+65.87%
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	-68.17%	+64.53%
Max Drawdown (5Y) Largest decline over 5 years	-8.98%	-68.17%	+59.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-68.17%	—
Current Drawdown Current decline from peak	-1.12%	-63.22%	+62.10%
Average Drawdown Average peak-to-trough decline	-2.09%	-19.64%	+17.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	57.25%	-56.47%

Volatility

OWNYX vs. OWLSX - Volatility Comparison

The current volatility for Old Westbury New York Municipal Bond Fund (OWNYX) is 0.40%, while Old Westbury Large Cap Strategies Fund (OWLSX) has a volatility of 4.86%. This indicates that OWNYX experiences smaller price fluctuations and is considered to be less risky than OWLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWNYX	OWLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	4.86%	-4.46%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	10.06%	-8.65%
Volatility (1Y) Calculated over the trailing 1-year period	1.88%	214.58%	-212.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.07%	96.97%	-93.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	69.53%	-66.25%

OWNYX vs. OWLSX - Expense Ratio Comparison

OWNYX has a 0.57% expense ratio, which is lower than OWLSX's 1.09% expense ratio.

Dividends

OWNYX vs. OWLSX - Dividend Comparison

OWNYX's dividend yield for the trailing twelve months is around 2.41%, less than OWLSX's 11.57% 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%
OWNYX Old Westbury New York Municipal Bond Fund	2.41%	2.88%	2.40%	1.99%	1.29%	1.41%	1.76%	1.60%	0.08%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OWNYX and OWLSX in my portfolio?

OWNYX and OWLSX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWNYX or OWLSX?

OWLSX has higher volatility (4.86%) compared to OWNYX (0.40%). In terms of maximum drawdown, OWNYX dropped -8.98% vs OWLSX's -68.17%.

Which has better risk-adjusted returns?

OWNYX currently has the higher Sharpe Ratio (2.32 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.