OWSMX vs. OWCAX

Last updated Jun 5, 2026

OWSMX (Old Westbury Small & Mid Cap Strategies Fund) and OWCAX (Old Westbury California Municipal Bond Fund) are both mutual funds - OWSMX is a Global Equities fund managed by Old Westbury, while OWCAX is a Municipal Bonds fund managed by Old Westbury. Over the past 5 years, OWSMX returned 3.76%/yr vs 0.93%/yr for OWCAX. At a 0.09 correlation, their price movements are largely independent. OWSMX charges 1.10%/yr vs 0.57%/yr for OWCAX.

Performance

OWSMX vs. OWCAX - Performance Comparison

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

Returns By Period

In the year-to-date period, OWSMX achieves a 11.37% return, which is significantly higher than OWCAX's 0.09% return.

OWSMX

• 1D: -0.31%
• 1M: 1.84%
• YTD: 11.37%
• 6M: 12.80%
• 1Y: 22.10%
• 3Y*: 15.03%
• 5Y*: 3.76%
• 10Y*: 7.77%

OWCAX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 0.09%
• 6M: 0.34%
• 1Y: 4.41%
• 3Y*: 3.00%
• 5Y*: 0.93%
• 10Y*: —

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

OWSMX vs. OWCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
OWSMX Old Westbury Small & Mid Cap Strategies Fund	11.37%	18.06%	7.76%	11.67%	-22.54%	4.10%	22.11%	24.52%	-9.11%
OWCAX Old Westbury California Municipal Bond Fund	0.09%	5.14%	0.32%	4.75%	-5.15%	-0.62%	3.91%	4.94%	0.77%

Correlation

The correlation between OWSMX and OWCAX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.09

Over the past year, OWSMX and OWCAX have become more correlated (0.30) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

OWSMX vs. OWCAX — Risk / Return Rank

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

OWSMX

OWSMX Risk / Return Rank: 35
OWSMX Sharpe Ratio Rank: 37
OWSMX Sortino Ratio Rank: 36
OWSMX Omega Ratio Rank: 38
OWSMX Calmar Ratio Rank: 29
OWSMX Martin Ratio Rank: 35

OWCAX

OWCAX Risk / Return Rank: 62
OWCAX Sharpe Ratio Rank: 82
OWCAX Sortino Ratio Rank: 84
OWCAX Omega Ratio Rank: 92
OWCAX Calmar Ratio Rank: 30
OWCAX Martin Ratio Rank: 21

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.

OWSMX vs. OWCAX - Risk-Adjusted Trends Comparison

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

	OWSMX	OWCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.64	-0.95
Sortino ratio: Return per unit of downside risk	2.44	4.00	-1.57
Omega ratio: Gain probability vs. loss probability	1.32	1.71	-0.39
Calmar ratio: Return relative to maximum drawdown	1.96	2.00	-0.04
Martin ratio: Return relative to average drawdown	7.63	5.26	+2.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OWSMX vs. OWCAX - Sharpe Ratio Comparison

The current OWSMX Sharpe Ratio is 1.69, which is lower than the OWCAX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of OWSMX and OWCAX, 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

	OWSMX	OWCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.64	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.31	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.58	-0.04

Drawdowns

OWSMX vs. OWCAX - Drawdown Comparison

The maximum OWSMX drawdown since its inception was -38.35%, which is greater than OWCAX's maximum drawdown of -8.91%. Use the drawdown chart below to compare losses from any high point for OWSMX and OWCAX.

Drawdown Indicators

	OWSMX	OWCAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-8.91%	-29.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-2.62%	-9.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-3.41%	-12.56%
Max Drawdown (5Y) Largest decline over 5 years	-34.57%	-8.91%	-25.66%
Max Drawdown (10Y) Largest decline over 10 years	-35.96%	—	—
Current Drawdown Current decline from peak	-0.51%	-1.61%	+1.10%
Average Drawdown Average peak-to-trough decline	-8.18%	-1.99%	-6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	0.94%	+2.05%

Volatility

OWSMX vs. OWCAX - Volatility Comparison

Old Westbury Small & Mid Cap Strategies Fund (OWSMX) has a higher volatility of 3.93% compared to Old Westbury California Municipal Bond Fund (OWCAX) at 0.69%. This indicates that OWSMX's price experiences larger fluctuations and is considered to be riskier than OWCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWSMX	OWCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	0.69%	+3.24%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	1.49%	+9.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.52%	1.99%	+11.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	3.16%	+13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	3.22%	+13.21%

OWSMX vs. OWCAX - Expense Ratio Comparison

OWSMX has a 1.10% expense ratio, which is higher than OWCAX's 0.57% expense ratio.

Dividends

OWSMX vs. OWCAX - Dividend Comparison

OWSMX's dividend yield for the trailing twelve months is around 7.55%, more than OWCAX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OWCAX Old Westbury California Municipal Bond Fund	2.56%	3.23%	2.61%	2.35%	1.33%	1.89%	1.83%	1.97%	0.07%	0.00%	0.00%	0.00%
OWSMX Old Westbury Small & Mid Cap Strategies Fund	7.55%	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 OWSMX and OWCAX in my portfolio?

OWSMX and OWCAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWSMX or OWCAX?

OWSMX has higher volatility (3.93%) compared to OWCAX (0.69%). In terms of maximum drawdown, OWSMX dropped -38.35% vs OWCAX's -8.91%.

Which has better risk-adjusted returns?

OWCAX currently has the higher Sharpe Ratio (2.64 vs 1.69), 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.