ESFIX vs. PYELX
ESFIX (Ashmore Emerging Markets Short Duration Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, ESFIX returned -1.33%/yr vs 9.90%/yr for PYELX. Their 0.28 correlation means their historical movements had little consistent relationship. ESFIX charges 0.65%/yr vs 0.09%/yr for PYELX.
Performance
ESFIX vs. PYELX - Performance Comparison
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Returns By Period
In the year-to-date period, ESFIX achieves a 2.70% return, which is significantly higher than PYELX's 1.36% return. Over the past 10 years, ESFIX has underperformed PYELX with an annualized return of -1.33%, while PYELX has yielded a comparatively higher 9.90% annualized return.
ESFIX
- 1D
- 0.21%
- 1M
- 0.63%
- 6M
- 2.31%
- YTD
- 2.70%
- 1Y
- 6.09%
- 3Y*
- 10.01%
- 5Y*
- -2.43%
- 10Y*
- -1.33%
- ALL TIME*
- -1.06%
PYELX
- 1D
- 0.60%
- 1M
- -0.11%
- 6M
- -0.52%
- YTD
- 1.36%
- 1Y
- 8.96%
- 3Y*
- 33.43%
- 5Y*
- 17.64%
- 10Y*
- 9.90%
- ALL TIME*
- 6.12%
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 |
ESFIX vs. PYELX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ESFIX Ashmore Emerging Markets Short Duration Fund | 2.70% | 7.09% | 7.94% | 13.03% | -21.54% | -18.83% | -6.89% | 1.22% | -0.16% | 7.11% |
PYELX Payden Emerging Markets Local Bond Fund | 1.36% | 139.58% | -3.48% | 13.16% | -11.28% | -7.83% | 1.79% | 13.92% | -8.16% | 15.38% |
Correlation
The correlation between ESFIX and PYELX is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2014 | 0.29 |
The correlation between ESFIX and PYELX shifts across timeframes, from 0.09 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ESFIX vs. PYELX — Risk / Return Rank
ESFIX
PYELX
ESFIX vs. PYELX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Short Duration Fund (ESFIX) 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.
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.
| ESFIX | PYELX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.28 | -0.02 |
| Martin ratioReturn relative to average drawdown | 4.68 | 3.85 | +0.84 |
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Drawdowns
ESFIX vs. PYELX - Drawdown Comparison
The maximum ESFIX drawdown since its inception was -48.22%, which is greater than PYELX's maximum drawdown of -35.29%. Use the drawdown chart below to compare losses from any high point for ESFIX and PYELX.
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Drawdown Indicators
| ESFIX | PYELX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.22% | -35.29% | -12.93% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -7.22% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -5.18% | -8.12% | +2.94% |
Max Drawdown (5Y)Largest decline over 5 years | -40.62% | -24.24% | -16.38% |
Max Drawdown (10Y)Largest decline over 10 years | -48.22% | -26.58% | -21.64% |
Current DrawdownCurrent decline from peak | -24.15% | -2.44% | -21.71% |
Average DrawdownAverage peak-to-trough decline | -17.04% | -16.27% | -0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 2.39% | -1.09% |
Volatility
ESFIX vs. PYELX - Volatility Comparison
Ashmore Emerging Markets Short Duration Fund (ESFIX) has a higher volatility of 1.97% compared to Payden Emerging Markets Local Bond Fund (PYELX) at 1.74%. This indicates that ESFIX's price experiences larger fluctuations and is considered to be riskier than PYELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESFIX | PYELX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.74% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 6.02% | -2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.17% | 6.78% | +2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 45.35% | -37.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.34% | 32.68% | -24.34% |
ESFIX vs. PYELX - Expense Ratio Comparison
ESFIX has a 0.65% expense ratio, which is higher than PYELX's 0.09% expense ratio.
Dividends
ESFIX vs. PYELX - Dividend Comparison
ESFIX's dividend yield for the trailing twelve months is around 7.79%, more than PYELX's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESFIX Ashmore Emerging Markets Short Duration Fund | 7.79% | 3.70% | 4.37% | 7.75% | 6.83% | 7.62% | 5.38% | 8.15% | 6.58% | 5.63% | 1.37% | 0.00% |
PYELX Payden Emerging Markets Local Bond Fund | 7.15% | 6.28% | 7.08% | 5.38% | 5.93% | 5.36% | 4.69% | 5.46% | 6.67% | 6.15% | 5.44% | 5.26% |
Frequently Asked Questions
ESFIX and PYELX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESFIX has higher volatility (1.97%) compared to PYELX (1.74%). In terms of maximum drawdown, ESFIX dropped -48.22% vs PYELX's -35.29%.
PYELX currently has the higher Sharpe Ratio (1.36 vs 0.67), 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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