FLRN vs. PYHRX

Last updated Jun 4, 2026

FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) and PYHRX (Payden High Income Fund) are both funds - FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y), while PYHRX is a High Yield Bonds fund managed by Paydenfunds. Over the past 10 years, FLRN returned 3.03%/yr vs 6.15%/yr for PYHRX. At a 0.10 correlation, their price movements are largely independent. FLRN charges 0.15%/yr vs 0.60%/yr for PYHRX.

Performance

FLRN vs. PYHRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) and Payden High Income Fund (PYHRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLRN achieves a 1.87% return, which is significantly lower than PYHRX's 2.36% return. Over the past 10 years, FLRN has underperformed PYHRX with an annualized return of 3.03%, while PYHRX has yielded a comparatively higher 6.15% annualized return.

FLRN

• 1D: 0.03%
• 1M: 0.45%
• YTD: 1.87%
• 6M: 2.19%
• 1Y: 4.88%
• 3Y*: 5.67%
• 5Y*: 4.19%
• 10Y*: 3.03%

PYHRX

• 1D: 0.08%
• 1M: 0.72%
• YTD: 2.36%
• 6M: 3.11%
• 1Y: 9.03%
• 3Y*: 9.63%
• 5Y*: 5.08%
• 10Y*: 6.15%

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

FLRN vs. PYHRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF	1.87%	5.01%	6.32%	6.54%	1.31%	0.39%	0.77%	4.02%	1.39%	1.81%
PYHRX Payden High Income Fund	2.36%	8.73%	8.13%	14.73%	-9.76%	6.62%	7.38%	16.75%	-2.85%	6.54%

Correlation

The correlation between FLRN and PYHRX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Dec 2, 2011	0.10

The correlation between FLRN and PYHRX shifts across timeframes, from 0.10 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLRN vs. PYHRX — Risk / Return Rank

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

FLRN

FLRN Risk / Return Rank: 99
FLRN Sharpe Ratio Rank: 99
FLRN Sortino Ratio Rank: 99
FLRN Omega Ratio Rank: 99
FLRN Calmar Ratio Rank: 99
FLRN Martin Ratio Rank: 99

PYHRX

PYHRX Risk / Return Rank: 95
PYHRX Sharpe Ratio Rank: 97
PYHRX Sortino Ratio Rank: 97
PYHRX Omega Ratio Rank: 97
PYHRX Calmar Ratio Rank: 89
PYHRX Martin Ratio Rank: 96

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.

FLRN vs. PYHRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) and Payden High Income Fund (PYHRX). 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.

	FLRN	PYHRX	Difference
Sharpe ratio Return per unit of total volatility	7.18	3.76	+3.42
Sortino ratio Return per unit of downside risk	13.18	5.91	+7.27
Omega ratio Gain probability vs. loss probability	3.44	1.89	+1.55
Calmar ratio Return relative to maximum drawdown	21.54	4.56	+16.98
Martin ratio Return relative to average drawdown	130.06	24.63	+105.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLRN vs. PYHRX - Sharpe Ratio Comparison

The current FLRN Sharpe Ratio is 7.18, which is higher than the PYHRX Sharpe Ratio of 3.76. The chart below compares the historical Sharpe Ratios of FLRN and PYHRX, 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

	FLRN	PYHRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.18	3.76	+3.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.50	0.10	+2.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.17	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.26	+0.24

Drawdowns

FLRN vs. PYHRX - Drawdown Comparison

The maximum FLRN drawdown since its inception was -14.64%, smaller than the maximum PYHRX drawdown of -50.79%. Use the drawdown chart below to compare losses from any high point for FLRN and PYHRX.

Drawdown Indicators

	FLRN	PYHRX	Difference
Max Drawdown Largest peak-to-trough decline	-14.64%	-50.79%	+36.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-2.02%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-1.43%	-50.79%	+49.36%
Max Drawdown (5Y) Largest decline over 5 years	-2.16%	-50.79%	+48.63%
Max Drawdown (10Y) Largest decline over 10 years	-14.64%	-50.79%	+36.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.12%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.37%	-0.33%

Volatility

FLRN vs. PYHRX - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) is 0.15%, while Payden High Income Fund (PYHRX) has a volatility of 0.75%. This indicates that FLRN experiences smaller price fluctuations and is considered to be less risky than PYHRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLRN	PYHRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.75%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	1.96%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	0.68%	2.46%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.69%	51.06%	-49.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.20%	36.29%	-32.09%

FLRN vs. PYHRX - Expense Ratio Comparison

FLRN has a 0.15% expense ratio, which is lower than PYHRX's 0.60% expense ratio.

Dividends

FLRN vs. PYHRX - Dividend Comparison

FLRN's dividend yield for the trailing twelve months is around 4.51%, less than PYHRX's 6.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF	4.51%	4.89%	5.67%	5.68%	1.95%	0.39%	1.22%	2.76%	2.39%	1.64%	1.06%	0.63%
PYHRX Payden High Income Fund	6.42%	6.81%	7.20%	6.67%	6.05%	4.79%	4.99%	5.23%	5.88%	5.27%	5.24%	5.49%

Frequently Asked Questions

Can I hold both FLRN and PYHRX in my portfolio?

FLRN and PYHRX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLRN or PYHRX?

PYHRX has higher volatility (0.75%) compared to FLRN (0.15%). In terms of maximum drawdown, FLRN dropped -14.64% vs PYHRX's -50.79%.

Which has better risk-adjusted returns?

FLRN currently has the higher Sharpe Ratio (7.18 vs 3.76), 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.