OWSMX vs. OWLSX

Last updated Jun 24, 2026

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

Performance

OWSMX vs. OWLSX - 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 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, OWSMX achieves a 12.29% return, which is significantly higher than OWLSX's 8.08% return. Over the past 10 years, OWSMX has underperformed OWLSX with an annualized return of 8.18%, while OWLSX has yielded a comparatively higher 10.91% annualized return.

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%

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)

OWSMX vs. OWLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

OWSMX vs. OWLSX — Risk / Return Rank

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

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

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.

OWSMX vs. OWLSX - 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 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.

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

OWSMX vs. OWLSX - Sharpe Ratio Comparison

The current OWSMX Sharpe Ratio is 1.73, which is higher than the OWLSX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of OWSMX 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

OWSMX vs. OWLSX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

OWSMX vs. OWLSX - Volatility Comparison

Old Westbury Small & Mid Cap Strategies Fund (OWSMX) and Old Westbury Large Cap Strategies Fund (OWLSX) have volatilities of 5.07% and 4.86%, 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

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

OWSMX vs. OWLSX - Expense Ratio Comparison

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

Dividends

OWSMX vs. OWLSX - Dividend Comparison

OWSMX's dividend yield for the trailing twelve months is around 7.49%, 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%
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 OWSMX and OWLSX in my portfolio?

OWSMX and OWLSX 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, OWSMX or OWLSX?

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

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.