OWVAX vs. ATOIX

Last updated Aug 1, 2026

OWVAX (Sterling Capital West Virginia Intermediate Tax-Free Fund) and ATOIX (abrdn Ultra Short Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, OWVAX returned 1.62%/yr vs 1.82%/yr for ATOIX. Their 0.25 correlation means their historical movements had little consistent relationship. OWVAX charges 0.58%/yr vs 0.44%/yr for ATOIX.

Performance

OWVAX vs. ATOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sterling Capital West Virginia Intermediate Tax-Free Fund (OWVAX) and abrdn Ultra Short Municipal Income Fund (ATOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OWVAX achieves a -0.03% return, which is significantly lower than ATOIX's 1.46% return. Over the past 10 years, OWVAX has underperformed ATOIX with an annualized return of 1.62%, while ATOIX has yielded a comparatively higher 1.82% annualized return.

OWVAX

• 1D: -0.11%
• 1M: -1.36%
• 6M: -0.79%
• YTD: -0.03%
• 1Y: 3.23%
• 3Y*: 3.01%
• 5Y*: 0.78%
• 10Y*: 1.62%
• ALL TIME*: 3.14%

ATOIX

• 1D: 0.22%
• 1M: 0.22%
• 6M: 1.20%
• YTD: 1.46%
• 1Y: 2.99%
• 3Y*: 3.02%
• 5Y*: 2.39%
• 10Y*: 1.82%
• ALL TIME*: 1.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ATOIX abrdn Ultra Short Municipal Income Fund	$0.00	$0.00	$0.00
OWVAX Sterling Capital West Virginia Intermediate Tax-Free Fund	$0.00	$0.00	$0.00

OWVAX vs. ATOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OWVAX Sterling Capital West Virginia Intermediate Tax-Free Fund	-0.03%	5.44%	1.18%	4.18%	-5.91%	0.39%	4.49%	6.15%	0.67%	3.43%
ATOIX abrdn Ultra Short Municipal Income Fund	1.46%	3.33%	3.14%	3.27%	0.87%	-0.04%	0.88%	1.40%	1.54%	2.24%

Correlation

The correlation between OWVAX and ATOIX is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.27
Correlation (5Y) Shows whether the relationship held over a longer period.	0.29
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Dec 19, 2002	0.25

Return for Risk

OWVAX vs. ATOIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OWVAX

OWVAX Risk / Return Rank: 63
OWVAX Sharpe Ratio Rank: 78
OWVAX Sortino Ratio Rank: 80
OWVAX Omega Ratio Rank: 88
OWVAX Calmar Ratio Rank: 36
OWVAX Martin Ratio Rank: 31

ATOIX

ATOIX Risk / Return Rank: 100
ATOIX Sharpe Ratio Rank: 99
ATOIX Sortino Ratio Rank: 100
ATOIX Omega Ratio Rank: 100
ATOIX Calmar Ratio Rank: 100
ATOIX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OWVAX vs. ATOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sterling Capital West Virginia Intermediate Tax-Free Fund (OWVAX) and abrdn Ultra Short Municipal Income Fund (ATOIX). 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.

	OWVAX	ATOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	3.65	-1.78
Sortino ratio: Return per unit of downside risk	2.84	18.53	-15.69
Omega ratio: Gain probability vs. loss probability	1.47	11.67	-10.21
Calmar ratio: Return relative to maximum drawdown	1.61	32.63	-31.02
Martin ratio: Return relative to average drawdown	4.79	96.00	-91.21

OWVAX vs. ATOIX - Sharpe Ratio Comparison

The current OWVAX Sharpe Ratio is 1.87, which is lower than the ATOIX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of OWVAX and ATOIX, 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

OWVAX vs. ATOIX - Drawdown Comparison

The maximum OWVAX drawdown since its inception was -12.59%, which is greater than ATOIX's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for OWVAX and ATOIX.

Drawdown Indicators

	OWVAX	ATOIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.59%	-1.46%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-0.10%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-2.88%	-0.10%	-2.78%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-0.37%	-9.05%
Max Drawdown (10Y) Largest decline over 10 years	-9.79%	-0.43%	-9.36%
Current Drawdown Current decline from peak	-1.72%	0.00%	-1.72%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.06%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.03%	+0.77%

Volatility

OWVAX vs. ATOIX - Volatility Comparison

Sterling Capital West Virginia Intermediate Tax-Free Fund (OWVAX) has a higher volatility of 0.58% compared to abrdn Ultra Short Municipal Income Fund (ATOIX) at 0.22%. This indicates that OWVAX's price experiences larger fluctuations and is considered to be riskier than ATOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWVAX	ATOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.22%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	0.59%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	0.89%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	0.84%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	0.79%	+2.29%

OWVAX vs. ATOIX - Expense Ratio Comparison

OWVAX has a 0.58% expense ratio, which is higher than ATOIX's 0.44% expense ratio.

Dividends

OWVAX vs. ATOIX - Dividend Comparison

OWVAX's dividend yield for the trailing twelve months is around 2.68%, less than ATOIX's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATOIX abrdn Ultra Short Municipal Income Fund	2.94%	3.27%	3.09%	3.02%	1.07%	0.06%	0.88%	1.39%	1.42%	2.20%	0.61%	0.52%
OWVAX Sterling Capital West Virginia Intermediate Tax-Free Fund	2.68%	3.76%	3.08%	2.26%	1.99%	1.76%	2.03%	2.73%	2.58%	2.47%	2.81%	2.90%

Frequently Asked Questions

Can I hold both OWVAX and ATOIX in my portfolio?

OWVAX and ATOIX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWVAX or ATOIX?

OWVAX has higher volatility (0.58%) compared to ATOIX (0.22%). In terms of maximum drawdown, OWVAX dropped -12.59% vs ATOIX's -1.46%.

Which has better risk-adjusted returns?

ATOIX currently has the higher Sharpe Ratio (3.65 vs 1.87), 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.