BBBIX vs. PYLMX

Last updated Jun 24, 2026

BBBIX (BBH Limited Duration Fund) and PYLMX (Payden Limited Maturity Fund) are both Ultrashort Bond funds. Over the past 10 years, BBBIX returned 3.43%/yr vs 2.76%/yr for PYLMX. At a 0.31 correlation, their price movements are largely independent. BBBIX charges 0.27%/yr vs 0.25%/yr for PYLMX.

Performance

BBBIX vs. PYLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Limited Duration Fund (BBBIX) and Payden Limited Maturity Fund (PYLMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BBBIX having a 1.26% return and PYLMX slightly higher at 1.29%. Over the past 10 years, BBBIX has outperformed PYLMX with an annualized return of 3.43%, while PYLMX has yielded a comparatively lower 2.76% annualized return.

BBBIX

• 1D: -0.10%
• 1M: 0.26%
• YTD: 1.26%
• 6M: 1.67%
• 1Y: 4.50%
• 3Y*: 6.21%
• 5Y*: 3.96%
• 10Y*: 3.43%

PYLMX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.29%
• 6M: 1.79%
• 1Y: 4.39%
• 3Y*: 5.20%
• 5Y*: 3.68%
• 10Y*: 2.76%

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

BBBIX vs. PYLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBBIX BBH Limited Duration Fund	1.26%	5.62%	6.79%	7.63%	-1.42%	1.06%	2.85%	4.39%	2.07%	2.51%
PYLMX Payden Limited Maturity Fund	1.29%	5.22%	6.08%	5.34%	0.56%	0.19%	1.85%	3.34%	1.76%	1.64%

Correlation

The correlation between BBBIX and PYLMX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 20, 2000	0.31

Over the past year, BBBIX and PYLMX have become more correlated (0.57) than their long-term average of 0.31, meaning their price movements have been converging.

Return for Risk

BBBIX vs. PYLMX — Risk / Return Rank

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

BBBIX

BBBIX Risk / Return Rank: 97
BBBIX Sharpe Ratio Rank: 93
BBBIX Sortino Ratio Rank: 99
BBBIX Omega Ratio Rank: 98
BBBIX Calmar Ratio Rank: 98
BBBIX Martin Ratio Rank: 98

PYLMX

PYLMX Risk / Return Rank: 97
PYLMX Sharpe Ratio Rank: 91
PYLMX Sortino Ratio Rank: 99
PYLMX Omega Ratio Rank: 98
PYLMX Calmar Ratio Rank: 98
PYLMX Martin Ratio Rank: 98

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.

BBBIX vs. PYLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BBH Limited Duration Fund (BBBIX) and Payden Limited Maturity Fund (PYLMX). 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.

	BBBIX	PYLMX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.83	+0.08
Sortino ratio: Return per unit of downside risk	7.41	7.67	-0.26
Omega ratio: Gain probability vs. loss probability	2.21	2.42	-0.21
Calmar ratio: Return relative to maximum drawdown	8.10	8.44	-0.35
Martin ratio: Return relative to average drawdown	33.63	36.19	-2.56

BBBIX vs. PYLMX - Sharpe Ratio Comparison

The current BBBIX Sharpe Ratio is 2.91, which is comparable to the PYLMX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of BBBIX and PYLMX, 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

BBBIX vs. PYLMX - Drawdown Comparison

The maximum BBBIX drawdown since its inception was -6.60%, which is greater than PYLMX's maximum drawdown of -5.56%. Use the drawdown chart below to compare losses from any high point for BBBIX and PYLMX.

Drawdown Indicators

	BBBIX	PYLMX	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-5.56%	-1.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.57%	-0.52%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.57%	-0.52%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-3.16%	-1.24%	-1.92%
Max Drawdown (10Y) Largest decline over 10 years	-6.60%	-5.56%	-1.04%
Current Drawdown Current decline from peak	-0.19%	-0.10%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.16%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	0.12%	+0.02%

Volatility

BBBIX vs. PYLMX - Volatility Comparison

BBH Limited Duration Fund (BBBIX) has a higher volatility of 0.48% compared to Payden Limited Maturity Fund (PYLMX) at 0.44%. This indicates that BBBIX's price experiences larger fluctuations and is considered to be riskier than PYLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBBIX	PYLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.44%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.07%	1.09%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	1.56%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.55%	1.36%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.48%	1.31%	+0.17%

BBBIX vs. PYLMX - Expense Ratio Comparison

BBBIX has a 0.27% expense ratio, which is higher than PYLMX's 0.25% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BBBIX vs. PYLMX - Dividend Comparison

BBBIX's dividend yield for the trailing twelve months is around 4.61%, more than PYLMX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBBIX BBH Limited Duration Fund	4.61%	4.68%	4.88%	4.31%	1.84%	1.35%	2.09%	3.01%	2.66%	2.09%	2.23%	2.08%
PYLMX Payden Limited Maturity Fund	4.52%	4.96%	5.36%	3.79%	1.83%	0.50%	1.39%	2.54%	2.28%	1.42%	0.91%	0.73%

Frequently Asked Questions

Can I hold both BBBIX and PYLMX in my portfolio?

BBBIX and PYLMX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBBIX or PYLMX?

BBBIX has higher volatility (0.48%) compared to PYLMX (0.44%). In terms of maximum drawdown, BBBIX dropped -6.60% vs PYLMX's -5.56%.

Which has better risk-adjusted returns?

BBBIX currently has the higher Sharpe Ratio (2.91 vs 2.83), 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.