PMBIX vs. OWFIX

Last updated Jun 3, 2026

PMBIX (PIMCO Total Return II Fund) and OWFIX (Old Westbury Fixed Income Fund) are both Intermediate Core Bond funds. Over the past 10 years, PMBIX returned 2.14%/yr vs 1.69%/yr for OWFIX. Their correlation of 0.83 suggests significant overlap in exposure. PMBIX charges 0.50%/yr vs 0.57%/yr for OWFIX.

Performance

PMBIX vs. OWFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Total Return II Fund (PMBIX) and Old Westbury Fixed Income Fund (OWFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, PMBIX has outperformed OWFIX with an annualized return of 2.14%, while OWFIX has yielded a comparatively lower 1.69% annualized return.

PMBIX

• 1D: -0.12%
• 1M: 0.03%
• YTD: 0.18%
• 6M: 0.29%
• 1Y: 5.86%
• 3Y*: 4.78%
• 5Y*: 0.34%
• 10Y*: 2.14%

OWFIX

• 1D: -0.10%
• 1M: -0.10%
• YTD: -0.00%
• 6M: 0.06%
• 1Y: 3.71%
• 3Y*: 4.04%
• 5Y*: 0.89%
• 10Y*: 1.69%

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

PMBIX vs. OWFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMBIX PIMCO Total Return II Fund	0.18%	8.18%	2.46%	6.45%	-14.65%	-1.46%	8.33%	9.62%	0.30%	4.66%
OWFIX Old Westbury Fixed Income Fund	-0.00%	7.48%	1.93%	4.81%	-8.39%	-1.87%	7.41%	6.12%	0.64%	1.41%

Correlation

The correlation between PMBIX and OWFIX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 13, 1998	0.83

The correlation between PMBIX and OWFIX shifts across timeframes, from 0.80 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PMBIX vs. OWFIX — Risk / Return Rank

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

PMBIX

PMBIX Risk / Return Rank: 21
PMBIX Sharpe Ratio Rank: 19
PMBIX Sortino Ratio Rank: 19
PMBIX Omega Ratio Rank: 18
PMBIX Calmar Ratio Rank: 25
PMBIX Martin Ratio Rank: 23

OWFIX

OWFIX Risk / Return Rank: 24
OWFIX Sharpe Ratio Rank: 23
OWFIX Sortino Ratio Rank: 26
OWFIX Omega Ratio Rank: 23
OWFIX Calmar Ratio Rank: 26
OWFIX 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.

PMBIX vs. OWFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Total Return II Fund (PMBIX) 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.

	PMBIX	OWFIX	Difference
Sharpe ratio Return per unit of total volatility	1.27	1.39	-0.12
Sortino ratio Return per unit of downside risk	1.87	2.13	-0.26
Omega ratio Gain probability vs. loss probability	1.23	1.25	-0.02
Calmar ratio Return relative to maximum drawdown	1.89	1.94	-0.05
Martin ratio Return relative to average drawdown	6.06	5.60	+0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMBIX vs. OWFIX - Sharpe Ratio Comparison

The current PMBIX Sharpe Ratio is 1.27, which is comparable to the OWFIX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PMBIX 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.

Sharpe Ratios by Period

	PMBIX	OWFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.39	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.21	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.48	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.88	+0.18

Drawdowns

PMBIX vs. OWFIX - Drawdown Comparison

The maximum PMBIX drawdown since its inception was -19.54%, which is greater than OWFIX's maximum drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for PMBIX and OWFIX.

Drawdown Indicators

	PMBIX	OWFIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.54%	-12.88%	-6.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-2.23%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-3.78%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	-19.51%	-12.40%	-7.11%
Max Drawdown (10Y) Largest decline over 10 years	-19.54%	-12.88%	-6.66%
Current Drawdown Current decline from peak	-1.64%	-1.35%	-0.29%
Average Drawdown Average peak-to-trough decline	-2.25%	-2.25%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.77%	+0.30%

Volatility

PMBIX vs. OWFIX - Volatility Comparison

PIMCO Total Return II Fund (PMBIX) has a higher volatility of 1.74% compared to Old Westbury Fixed Income Fund (OWFIX) at 0.83%. This indicates that PMBIX'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.

Volatility by Period

	PMBIX	OWFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	0.83%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	3.30%	2.05%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	3.12%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	4.40%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	3.55%	+1.54%

PMBIX vs. OWFIX - Expense Ratio Comparison

PMBIX has a 0.50% expense ratio, which is lower than OWFIX's 0.57% expense ratio.

Dividends

PMBIX vs. OWFIX - Dividend Comparison

PMBIX's dividend yield for the trailing twelve months is around 3.91%, more than OWFIX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OWFIX Old Westbury Fixed Income Fund	3.77%	4.72%	3.95%	3.08%	2.06%	1.91%	5.05%	1.88%	1.90%	1.49%	1.33%	1.31%
PMBIX PIMCO Total Return II Fund	3.91%	3.84%	3.79%	3.46%	1.85%	1.51%	7.15%	5.23%	3.13%	2.57%	3.72%	6.88%

Frequently Asked Questions

Can I hold both PMBIX and OWFIX in my portfolio?

PMBIX and OWFIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMBIX or OWFIX?

PMBIX has higher volatility (1.74%) compared to OWFIX (0.83%). In terms of maximum drawdown, PMBIX dropped -19.54% vs OWFIX's -12.88%.

Which has better risk-adjusted returns?

OWFIX currently has the higher Sharpe Ratio (1.39 vs 1.27), 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.