FEMZX vs. PYELX

Last updated Jul 2, 2026

FEMZX (Templeton Sustainable Emerging Markets Bond Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 5 years, FEMZX returned 3.91%/yr vs 17.60%/yr for PYELX. A 0.70 correlation means they provide meaningful diversification when combined. FEMZX charges 0.88%/yr vs 0.09%/yr for PYELX.

Performance

FEMZX vs. PYELX - Performance Comparison

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

Returns By Period

In the year-to-date period, FEMZX achieves a 3.26% return, which is significantly higher than PYELX's 1.47% return.

FEMZX

• 1D: 0.19%
• 1M: 0.98%
• YTD: 3.26%
• 6M: 3.26%
• 1Y: 12.31%
• 3Y*: 9.92%
• 5Y*: 3.91%
• 10Y*: —

PYELX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.47%
• 6M: 1.47%
• 1Y: 7.85%
• 3Y*: 34.68%
• 5Y*: 17.60%
• 10Y*: 9.94%

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

FEMZX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMZX Templeton Sustainable Emerging Markets Bond Fund	3.26%	26.14%	-3.41%	12.35%	-10.28%	-5.45%	-7.20%	5.28%	-3.00%	6.69%
PYELX Payden Emerging Markets Local Bond Fund	1.47%	139.58%	-3.48%	13.16%	-11.28%	-7.83%	1.79%	13.92%	-8.16%	14.16%

Correlation

The correlation between FEMZX and PYELX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 19, 2017	0.70

Over the past year, FEMZX and PYELX have become more correlated (0.90) than their long-term average of 0.70, meaning their price movements have been converging.

Return for Risk

FEMZX vs. PYELX — Risk / Return Rank

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

FEMZX

FEMZX Risk / Return Rank: 49
FEMZX Sharpe Ratio Rank: 61
FEMZX Sortino Ratio Rank: 56
FEMZX Omega Ratio Rank: 65
FEMZX Calmar Ratio Rank: 32
FEMZX Martin Ratio Rank: 31

PYELX

PYELX Risk / Return Rank: 24
PYELX Sharpe Ratio Rank: 29
PYELX Sortino Ratio Rank: 28
PYELX Omega Ratio Rank: 31
PYELX Calmar Ratio Rank: 17
PYELX Martin Ratio Rank: 17

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.

FEMZX vs. PYELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Sustainable Emerging Markets Bond Fund (FEMZX) 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.

	FEMZX	PYELX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.25	+0.58
Sortino ratio: Return per unit of downside risk	2.51	1.80	+0.71
Omega ratio: Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	1.73	1.15	+0.57
Martin ratio: Return relative to average drawdown	5.80	3.63	+2.17

FEMZX vs. PYELX - Sharpe Ratio Comparison

The current FEMZX Sharpe Ratio is 1.83, which is higher than the PYELX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FEMZX 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.

Drawdowns

FEMZX vs. PYELX - Drawdown Comparison

The maximum FEMZX drawdown since its inception was -32.81%, smaller than the maximum PYELX drawdown of -35.29%. Use the drawdown chart below to compare losses from any high point for FEMZX and PYELX.

Drawdown Indicators

	FEMZX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-35.29%	+2.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.42%	-7.22%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.54%	-9.49%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-24.57%	-24.24%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.58%	—
Current Drawdown Current decline from peak	-1.44%	-2.33%	+0.89%
Average Drawdown Average peak-to-trough decline	-10.80%	-16.35%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.29%	-0.09%

Volatility

FEMZX vs. PYELX - Volatility Comparison

Templeton Sustainable Emerging Markets Bond Fund (FEMZX) and Payden Emerging Markets Local Bond Fund (PYELX) have volatilities of 2.11% and 2.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMZX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.18%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	5.93%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	6.70%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.07%	45.35%	-37.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.40%	32.70%	-25.30%

FEMZX vs. PYELX - Expense Ratio Comparison

FEMZX has a 0.88% expense ratio, which is higher than PYELX's 0.09% expense ratio.

Dividends

FEMZX vs. PYELX - Dividend Comparison

FEMZX's dividend yield for the trailing twelve months is around 9.82%, more than PYELX's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMZX Templeton Sustainable Emerging Markets Bond Fund	9.82%	7.26%	8.50%	6.12%	6.40%	9.12%	7.77%	9.83%	9.11%	3.60%	0.00%	0.00%
PYELX Payden Emerging Markets Local Bond Fund	7.10%	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

Can I hold both FEMZX and PYELX in my portfolio?

With a correlation of 0.90, FEMZX and PYELX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FEMZX or PYELX?

PYELX has higher volatility (2.18%) compared to FEMZX (2.11%). In terms of maximum drawdown, FEMZX dropped -32.81% vs PYELX's -35.29%.

Which has better risk-adjusted returns?

FEMZX currently has the higher Sharpe Ratio (1.82 vs 1.25), 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.