BFRAX vs. PYFRX
BFRAX (BlackRock Floating Rate Income Fund) and PYFRX (Payden Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, BFRAX returned 4.23%/yr vs 5.00%/yr for PYFRX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. BFRAX charges 0.90%/yr vs 0.70%/yr for PYFRX.
Performance
BFRAX vs. PYFRX - Performance Comparison
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Returns By Period
In the year-to-date period, BFRAX achieves a 0.92% return, which is significantly lower than PYFRX's 2.36% return. Over the past 10 years, BFRAX has underperformed PYFRX with an annualized return of 4.23%, while PYFRX has yielded a comparatively higher 5.00% annualized return.
BFRAX
- 1D
- 0.00%
- 1M
- 0.11%
- 6M
- 1.36%
- YTD
- 0.92%
- 1Y
- 3.05%
- 3Y*
- 6.10%
- 5Y*
- 4.77%
- 10Y*
- 4.23%
- ALL TIME*
- 1.09%
PYFRX
- 1D
- 0.00%
- 1M
- 0.60%
- 6M
- 2.46%
- YTD
- 2.36%
- 1Y
- 5.37%
- 3Y*
- 7.69%
- 5Y*
- 6.44%
- 10Y*
- 5.00%
- ALL TIME*
- 4.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BFRAX vs. PYFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BFRAX BlackRock Floating Rate Income Fund | 0.92% | 5.35% | 8.12% | 9.94% | -1.43% | 3.59% | 2.39% | 8.60% | -0.74% | 3.10% |
PYFRX Payden Floating Rate Fund | 2.36% | 6.61% | 8.90% | 12.86% | 0.27% | 3.93% | 1.72% | 8.49% | 0.31% | 2.82% |
Correlation
The correlation between BFRAX and PYFRX is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.54 |
The correlation between BFRAX and PYFRX shifts across timeframes, from 0.42 (3 years) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BFRAX vs. PYFRX — Risk / Return Rank
BFRAX
PYFRX
BFRAX vs. PYFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Fund (BFRAX) and Payden Floating Rate Fund (PYFRX). 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.
| BFRAX | PYFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -4.95 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 2.49 | -1.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 5.69 | -3.89 |
| Martin ratioReturn relative to average drawdown | 5.52 | 23.79 | -18.27 |
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Drawdowns
BFRAX vs. PYFRX - Drawdown Comparison
The maximum BFRAX drawdown since its inception was -44.69%, which is greater than PYFRX's maximum drawdown of -20.18%. Use the drawdown chart below to compare losses from any high point for BFRAX and PYFRX.
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Drawdown Indicators
| BFRAX | PYFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.69% | -20.18% | -24.51% |
Max Drawdown (1Y)Largest decline over 1 year | -1.70% | -0.97% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -2.81% | -2.66% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -6.43% | -4.80% | -1.63% |
Max Drawdown (10Y)Largest decline over 10 years | -20.61% | -20.18% | -0.43% |
Current DrawdownCurrent decline from peak | -0.11% | 0.00% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -0.58% | -6.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.23% | +0.32% |
Volatility
BFRAX vs. PYFRX - Volatility Comparison
The current volatility for BlackRock Floating Rate Income Fund (BFRAX) is 0.24%, while Payden Floating Rate Fund (PYFRX) has a volatility of 0.32%. This indicates that BFRAX experiences smaller price fluctuations and is considered to be less risky than PYFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BFRAX | PYFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | 0.32% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.54% | 1.06% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.15% | 1.25% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 1.95% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.94% | 3.62% | +0.32% |
BFRAX vs. PYFRX - Expense Ratio Comparison
BFRAX has a 0.90% expense ratio, which is higher than PYFRX's 0.70% expense ratio.
Dividends
BFRAX vs. PYFRX - Dividend Comparison
BFRAX's dividend yield for the trailing twelve months is around 5.80%, less than PYFRX's 6.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BFRAX BlackRock Floating Rate Income Fund | 5.80% | 6.68% | 8.00% | 6.24% | 4.09% | 2.91% | 3.81% | 4.65% | 4.58% | 3.45% | 3.90% | 4.02% |
PYFRX Payden Floating Rate Fund | 6.97% | 7.55% | 8.88% | 8.35% | 5.08% | 2.94% | 3.19% | 4.45% | 4.22% | 3.30% | 3.53% | 3.17% |
Frequently Asked Questions
BFRAX and PYFRX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYFRX has higher volatility (0.32%) compared to BFRAX (0.24%). In terms of maximum drawdown, BFRAX dropped -44.69% vs PYFRX's -20.18%.
PYFRX currently has the higher Sharpe Ratio (4.41 vs 1.43), 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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