DEDIX vs. PYELX

Last updated Jun 4, 2026

DEDIX (Delaware Emerging Markets Debt Corporate Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, DEDIX returned 4.85%/yr vs 2.96%/yr for PYELX. A 0.52 correlation means they provide meaningful diversification when combined. DEDIX charges 0.79%/yr vs 0.09%/yr for PYELX.

Performance

DEDIX vs. PYELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Emerging Markets Debt Corporate Fund (DEDIX) and Payden Emerging Markets Local Bond Fund (PYELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DEDIX having a 1.26% return and PYELX slightly lower at 1.20%. Over the past 10 years, DEDIX has outperformed PYELX with an annualized return of 4.85%, while PYELX has yielded a comparatively lower 2.96% annualized return.

DEDIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.26%
• 6M: 1.91%
• 1Y: 8.56%
• 3Y*: 8.36%
• 5Y*: 3.02%
• 10Y*: 4.85%

PYELX

• 1D: 0.30%
• 1M: 1.50%
• YTD: 1.20%
• 6M: 2.01%
• 1Y: 11.47%
• 3Y*: 7.70%
• 5Y*: 1.97%
• 10Y*: 2.96%

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

DEDIX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEDIX Delaware Emerging Markets Debt Corporate Fund	1.26%	9.51%	7.90%	8.72%	-10.60%	0.56%	6.81%	15.91%	-4.69%	12.40%
PYELX Payden Emerging Markets Local Bond Fund	1.20%	19.79%	-3.48%	13.16%	-11.28%	-7.83%	1.79%	13.92%	-8.16%	15.38%

Correlation

The correlation between DEDIX and PYELX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.52

The correlation between DEDIX and PYELX has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

DEDIX vs. PYELX — Risk / Return Rank

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

DEDIX

DEDIX Risk / Return Rank: 90
DEDIX Sharpe Ratio Rank: 98
DEDIX Sortino Ratio Rank: 98
DEDIX Omega Ratio Rank: 98
DEDIX Calmar Ratio Rank: 78
DEDIX Martin Ratio Rank: 79

PYELX

PYELX Risk / Return Rank: 30
PYELX Sharpe Ratio Rank: 36
PYELX Sortino Ratio Rank: 36
PYELX Omega Ratio Rank: 41
PYELX Calmar Ratio Rank: 19
PYELX Martin Ratio Rank: 20

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.

DEDIX vs. PYELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Emerging Markets Debt Corporate Fund (DEDIX) and Payden Emerging Markets Local Bond Fund (PYELX). 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.

	DEDIX	PYELX	Difference
Sharpe ratio Return per unit of total volatility	4.12	1.74	+2.39
Sortino ratio Return per unit of downside risk	6.95	2.50	+4.45
Omega ratio Gain probability vs. loss probability	2.13	1.35	+0.78
Calmar ratio Return relative to maximum drawdown	3.57	1.56	+2.00
Martin ratio Return relative to average drawdown	14.83	5.28	+9.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEDIX vs. PYELX - Sharpe Ratio Comparison

The current DEDIX Sharpe Ratio is 4.12, which is higher than the PYELX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DEDIX and PYELX, 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

	DEDIX	PYELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.12	1.74	+2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.04	+0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.20	0.08	+1.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.04	+1.11

Drawdowns

DEDIX vs. PYELX - Drawdown Comparison

The maximum DEDIX drawdown since its inception was -20.06%, smaller than the maximum PYELX drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for DEDIX and PYELX.

Drawdown Indicators

	DEDIX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-20.06%	-56.98%	+36.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-7.22%	+4.76%
Max Drawdown (3Y) Largest decline over 3 years	-3.25%	-50.49%	+47.24%
Max Drawdown (5Y) Largest decline over 5 years	-20.06%	-51.98%	+31.92%
Max Drawdown (10Y) Largest decline over 10 years	-20.06%	-52.62%	+32.56%
Current Drawdown Current decline from peak	0.00%	-2.59%	+2.59%
Average Drawdown Average peak-to-trough decline	-3.40%	-16.80%	+13.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	2.13%	-1.54%

Volatility

DEDIX vs. PYELX - Volatility Comparison

The current volatility for Delaware Emerging Markets Debt Corporate Fund (DEDIX) is 0.78%, while Payden Emerging Markets Local Bond Fund (PYELX) has a volatility of 2.13%. This indicates that DEDIX experiences smaller price fluctuations and is considered to be less risky than PYELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEDIX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	2.13%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	5.60%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.13%	6.52%	-4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	50.60%	-47.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	36.37%	-32.31%

DEDIX vs. PYELX - Expense Ratio Comparison

DEDIX has a 0.79% expense ratio, which is higher than PYELX's 0.09% expense ratio.

Dividends

DEDIX vs. PYELX - Dividend Comparison

DEDIX's dividend yield for the trailing twelve months is around 6.16%, less than PYELX's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEDIX Delaware Emerging Markets Debt Corporate Fund	6.16%	5.76%	6.69%	5.40%	4.96%	4.42%	4.38%	4.31%	5.59%	6.04%	4.02%	3.54%
PYELX Payden Emerging Markets Local Bond Fund	7.19%	7.32%	7.08%	5.38%	5.93%	5.36%	4.69%	5.46%	6.67%	6.15%	5.44%	5.26%

Frequently Asked Questions

Can I hold both DEDIX and PYELX in my portfolio?

DEDIX and PYELX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEDIX or PYELX?

PYELX has higher volatility (2.13%) compared to DEDIX (0.78%). In terms of maximum drawdown, DEDIX dropped -20.06% vs PYELX's -56.98%.

Which has better risk-adjusted returns?

DEDIX currently has the higher Sharpe Ratio (4.12 vs 1.74), 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.