Payden Absolute Return Bond Fund (PYARX)

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Payden Absolute Return Bond Fund (PYARX) is up 0.8% since the beginning of the year. PYARX is currently trading at $9 per share. Investors who bought $1,000 worth of PYARX shares 5 years ago would now be looking at an investment worth $1,184.

Payden Absolute Return Bond Fund (PYARX) has returned 0.82% so far this year and 4.76% over the past 12 months. Over the last ten years, PYARX has returned 3.31% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.

Based on dividend-adjusted daily data since Jan 2, 2015, PYARX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.

Historically, 78% of months were positive and 22% were negative. The best month was May 2020 with a return of +3.1%, while the worst month was Mar 2020 at -10.1%. The longest winning streak lasted 24 consecutive months, and the longest losing streak was 6 months.

On a daily basis, PYARX closed higher 31% of trading days. The best single day was Mar 26, 2020 with a return of +2.3%, while the worst single day was Mar 19, 2020 at -3.3%.

Payden Absolute Return Bond Fund has an annualized alpha of 3.10%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 05, 2015.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (12.48%) than losses (7.13%) - typical of diversified or defensive assets.
• Beta of 0.01 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

PYARX has an expense ratio of 0.70%, placing it in the medium range.

PYARX ranks 67 for risk / return — better than 67% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

The table below present risk-adjusted performance metrics for Payden Absolute Return Bond Fund (PYARX) and compare them to S&P 500 Index.

Payden Absolute Return Bond Fund provided a 6.24% dividend yield over the last twelve months, with an annual payout of $0.58 per share.

The table displays the monthly dividend distributions for Payden Absolute Return Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Payden Absolute Return Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Payden Absolute Return Bond Fund was 15.70%, occurring on Mar 24, 2020. Recovery took 161 trading sessions.

The current Payden Absolute Return Bond Fund drawdown is 0.13%.

The chart below shows the rolling one-month volatility.