BGT vs. PYFRX
BGT (BlackRock Floating Rate Income Trust) and PYFRX (Payden Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, BGT returned 6.31%/yr vs 5.02%/yr for PYFRX. At a 0.23 correlation, their price movements are largely independent. BGT charges 1.74%/yr vs 0.70%/yr for PYFRX.
Performance
BGT vs. PYFRX - Performance Comparison
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Returns By Period
In the year-to-date period, BGT achieves a 1.58% return, which is significantly lower than PYFRX's 2.08% return. Over the past 10 years, BGT has outperformed PYFRX with an annualized return of 6.31%, while PYFRX has yielded a comparatively lower 5.02% annualized return.
BGT
- 1D
- 1.13%
- 1M
- 1.41%
- 6M
- -0.87%
- YTD
- 1.58%
- 1Y
- -2.30%
- 3Y*
- 9.40%
- 5Y*
- 6.58%
- 10Y*
- 6.31%
PYFRX
- 1D
- 0.00%
- 1M
- 0.66%
- 6M
- 1.76%
- YTD
- 2.08%
- 1Y
- 5.40%
- 3Y*
- 7.66%
- 5Y*
- 6.31%
- 10Y*
- 5.02%
BGT vs. PYFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BGT BlackRock Floating Rate Income Trust | 1.58% | -0.84% | 16.12% | 26.29% | -16.57% | 25.89% | -0.81% | 18.97% | -11.95% | 3.91% |
PYFRX Payden Floating Rate Fund | 2.08% | 6.61% | 8.90% | 12.86% | 0.27% | 3.93% | 1.72% | 8.49% | 0.31% | 2.82% |
Correlation
The correlation between BGT and PYFRX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.24 |
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Return for Risk
BGT vs. PYFRX — Risk / Return Rank
BGT
PYFRX
BGT vs. PYFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Trust (BGT) 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.
| BGT | PYFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.59 | ||
| Sortino ratioReturn per unit of downside risk | -7.94 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 2.48 | -1.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 5.61 | -5.82 |
| Martin ratioReturn relative to average drawdown | -0.43 | 23.45 | -23.88 |
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Drawdowns
BGT vs. PYFRX - Drawdown Comparison
The maximum BGT drawdown since its inception was -58.06%, which is greater than PYFRX's maximum drawdown of -20.18%. Use the drawdown chart below to compare losses from any high point for BGT and PYFRX.
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Drawdown Indicators
| BGT | PYFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -20.18% | -37.88% |
Max Drawdown (1Y)Largest decline over 1 year | -11.06% | -0.97% | -10.09% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -2.66% | -13.25% |
Max Drawdown (5Y)Largest decline over 5 years | -23.19% | -4.80% | -18.39% |
Max Drawdown (10Y)Largest decline over 10 years | -41.90% | -20.18% | -21.72% |
Current DrawdownCurrent decline from peak | -4.62% | 0.00% | -4.62% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -0.58% | -7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 0.23% | +5.10% |
Volatility
BGT vs. PYFRX - Volatility Comparison
BlackRock Floating Rate Income Trust (BGT) has a higher volatility of 2.20% compared to Payden Floating Rate Fund (PYFRX) at 0.35%. This indicates that BGT's price experiences larger fluctuations and is considered to be riskier 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
| BGT | PYFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 0.35% | +1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 7.05% | 1.07% | +5.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.87% | 1.25% | +8.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 1.95% | +11.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.33% | 3.62% | +11.71% |
BGT vs. PYFRX - Expense Ratio Comparison
BGT has a 1.74% expense ratio, which is higher than PYFRX's 0.70% expense ratio.
Dividends
BGT vs. PYFRX - Dividend Comparison
BGT's dividend yield for the trailing twelve months is around 13.39%, more than PYFRX's 6.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGT BlackRock Floating Rate Income Trust | 13.39% | 12.74% | 11.22% | 10.36% | 6.87% | 5.55% | 7.58% | 6.33% | 6.64% | 5.03% | 5.03% | 6.04% |
PYFRX Payden Floating Rate Fund | 6.98% | 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
BGT and PYFRX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGT has higher volatility (2.20%) compared to PYFRX (0.35%). In terms of maximum drawdown, BGT dropped -58.06% vs PYFRX's -20.18%.
PYFRX currently has the higher Sharpe Ratio (4.36 vs -0.23), 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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