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PAXBX vs. OWFIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PAXBX vs. OWFIX

Last updated Jun 24, 2026

PAXBX (PAX CORE BOND FUND) and OWFIX (Old Westbury Fixed Income Fund) are both Intermediate Core Bond funds. Over the past 5 years, PAXBX returned -0.54%/yr vs 0.87%/yr for OWFIX. Their correlation of 0.89 suggests significant overlap in exposure. PAXBX charges 0.71%/yr vs 0.57%/yr for OWFIX.

Performance

PAXBX vs. OWFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PAX CORE BOND FUND (PAXBX) and Old Westbury Fixed Income Fund (OWFIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PAXBX achieves a -0.02% return, which is significantly higher than OWFIX's -0.21% return.

PAXBX

1D
-0.34%
1M
0.43%
YTD
-0.02%
6M
0.39%
1Y
3.87%
3Y*
3.32%
5Y*
-0.54%
10Y*
—

OWFIX

1D
-0.20%
1M
0.19%
YTD
-0.21%
6M
-0.11%
1Y
2.80%
3Y*
4.02%
5Y*
0.87%
10Y*
1.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PAXBX vs. OWFIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PAXBX
PAX CORE BOND FUND		-0.02%6.45%1.04%4.60%-13.60%-1.85%6.92%8.01%-0.24%2.57%
OWFIX
Old Westbury Fixed Income Fund		-0.21%7.48%1.93%4.81%-8.39%-1.87%7.41%6.12%0.64%1.41%

Correlation

The correlation between PAXBX and OWFIX is 0.82, 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

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.90

Correlation (All Time)
Calculated using the full available price history since Dec 16, 2016

0.89

The correlation between PAXBX and OWFIX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

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PAX CORE BOND FUND

Old Westbury Fixed Income Fund

Often compared with PAXBX:
PAXBX vs. PAXGXPAXBX vs. PAXHXPAXBX vs. PXSCXPAXBX vs. PXWGXPAXBX vs. PGINXPAXBX vs. PAXLXPAXBX vs. PAXDX
Often compared with OWFIX:
OWFIX vs. OWLSXOWFIX vs. OWCIXOWFIX vs. OWCAXOWFIX vs. OWACXOWFIX vs. OWMBXOWFIX vs. OWSMXOWFIX vs. OWNYX

Return for Risk

PAXBX vs. OWFIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAXBX
PAXBX Risk / Return Rank: 1717
Overall Rank
PAXBX Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
PAXBX Sortino Ratio Rank: 1818
Sortino Ratio Rank
PAXBX Omega Ratio Rank: 1515
Omega Ratio Rank
PAXBX Calmar Ratio Rank: 1818
Calmar Ratio Rank
PAXBX Martin Ratio Rank: 1616
Martin Ratio Rank
OWFIX
OWFIX Risk / Return Rank: 1919
Overall Rank
OWFIX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
OWFIX Sortino Ratio Rank: 2020
Sortino Ratio Rank
OWFIX Omega Ratio Rank: 1717
Omega Ratio Rank
OWFIX Calmar Ratio Rank: 2121
Calmar Ratio Rank
OWFIX Martin Ratio Rank: 1717
Martin Ratio Rank
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.

PAXBX vs. OWFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PAX CORE BOND FUND (PAXBX) and Old Westbury Fixed Income Fund (OWFIX). 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.

PAXBXOWFIXDifference
Sharpe ratioReturn per unit of total volatility
1.08
1.12

-0.04

Sortino ratioReturn per unit of downside risk
1.61
1.70

-0.09

Omega ratioGain probability vs. loss probability

1.19

1.20

-0.01

Calmar ratioReturn relative to maximum drawdown

1.41

1.56

-0.15

Martin ratioReturn relative to average drawdown

4.04

4.15

-0.11

PAXBX vs. OWFIX - Sharpe Ratio Comparison

The current PAXBX Sharpe Ratio is 1.08, which is comparable to the OWFIX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of PAXBX and OWFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PAXBX vs. OWFIX - Drawdown Comparison

The maximum PAXBX drawdown since its inception was -18.88%, which is greater than OWFIX's maximum drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for PAXBX and OWFIX.

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Drawdown Indicators

PAXBXOWFIXDifference

Max Drawdown

Largest peak-to-trough decline

-18.88%

-12.88%

-6.00%

Max Drawdown (1Y)

Largest decline over 1 year

-2.94%

-2.23%

-0.71%

Max Drawdown (3Y)

Largest decline over 3 years

-6.24%

-3.78%

-2.46%

Max Drawdown (5Y)

Largest decline over 5 years

-18.30%

-12.40%

-5.90%

Max Drawdown (10Y)

Largest decline over 10 years

—

-12.88%

—

Current Drawdown

Current decline from peak

-4.99%

-1.55%

-3.44%

Average Drawdown

Average peak-to-trough decline

-5.71%

-2.25%

-3.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

0.81%

+0.21%

Volatility

PAXBX vs. OWFIX - Volatility Comparison

PAX CORE BOND FUND (PAXBX) has a higher volatility of 1.11% compared to Old Westbury Fixed Income Fund (OWFIX) at 0.93%. This indicates that PAXBX's price experiences larger fluctuations and is considered to be riskier than OWFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PAXBXOWFIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.11%

0.93%

+0.18%

Volatility (6M)

Calculated over the trailing 6-month period

2.83%

2.11%

+0.72%

Volatility (1Y)

Calculated over the trailing 1-year period

3.84%

3.11%

+0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.75%

4.41%

+1.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.81%

3.56%

+1.25%

PAXBX vs. OWFIX - Expense Ratio Comparison

PAXBX has a 0.71% expense ratio, which is higher than OWFIX's 0.57% expense ratio.

Dividends

PAXBX vs. OWFIX - Dividend Comparison

PAXBX's dividend yield for the trailing twelve months is around 3.84%, which matches OWFIX's 3.83% yield.

PositionTTM20252024202320222021202020192018201720162015
OWFIX
Old Westbury Fixed Income Fund		3.83%4.72%3.95%3.08%2.06%1.91%5.05%1.88%1.90%1.49%1.33%1.31%
PAXBX
PAX CORE BOND FUND		3.84%3.72%3.22%2.18%1.69%1.51%4.14%2.59%2.37%2.24%0.07%0.00%

Frequently Asked Questions

PAXBX and OWFIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PAXBX has higher volatility (1.11%) compared to OWFIX (0.93%). In terms of maximum drawdown, PAXBX dropped -18.88% vs OWFIX's -12.88%.

OWFIX currently has the higher Sharpe Ratio (1.12 vs 1.08), 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.

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