FRA vs. PYFRX
FRA (BlackRock Floating Rate Income Strategies Fund Inc) and PYFRX (Payden Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, FRA returned 6.34%/yr vs 5.00%/yr for PYFRX. Their 0.25 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 0.70%/yr for PYFRX.
Performance
FRA vs. PYFRX - Performance Comparison
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Returns By Period
In the year-to-date period, FRA achieves a -0.58% return, which is significantly lower than PYFRX's 2.36% return. Over the past 10 years, FRA has outperformed PYFRX with an annualized return of 6.34%, while PYFRX has yielded a comparatively lower 5.00% annualized return.
FRA
- 1D
- 0.18%
- 1M
- 0.41%
- 6M
- -0.75%
- YTD
- -0.58%
- 1Y
- -6.80%
- 3Y*
- 7.37%
- 5Y*
- 6.05%
- 10Y*
- 6.34%
- ALL TIME*
- 5.13%
PYFRX
- 1D
- 0.11%
- 1M
- 0.60%
- 6M
- 2.36%
- YTD
- 2.36%
- 1Y
- 5.48%
- 3Y*
- 7.69%
- 5Y*
- 6.44%
- 10Y*
- 5.00%
- ALL TIME*
- 4.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.48M | $1.59M | $1.48M | |
| $0.00 | $0.00 | $0.00 |
FRA vs. PYFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | -0.58% | -3.75% | 21.56% | 25.46% | -10.59% | 17.81% | -2.38% | 20.82% | -8.27% | 0.76% |
PYFRX Payden Floating Rate Fund | 2.36% | 6.61% | 8.90% | 12.86% | 0.27% | 3.93% | 1.72% | 8.49% | 0.31% | 2.82% |
Correlation
The correlation between FRA and PYFRX is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.25 |
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Return for Risk
FRA vs. PYFRX — Risk / Return Rank
FRA
PYFRX
FRA vs. PYFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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.
| FRA | PYFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.98 | ||
| Sortino ratioReturn per unit of downside risk | -8.46 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 2.42 | -1.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 5.58 | -6.02 |
| Martin ratioReturn relative to average drawdown | -0.81 | 23.32 | -24.12 |
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Drawdowns
FRA vs. PYFRX - Drawdown Comparison
The maximum FRA drawdown since its inception was -51.43%, which is greater than PYFRX's maximum drawdown of -20.18%. Use the drawdown chart below to compare losses from any high point for FRA and PYFRX.
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Drawdown Indicators
| FRA | PYFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.43% | -20.18% | -31.25% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -0.97% | -14.50% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -2.66% | -16.11% |
Max Drawdown (5Y)Largest decline over 5 years | -18.77% | -4.80% | -13.97% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -20.18% | -22.62% |
Current DrawdownCurrent decline from peak | -9.05% | 0.00% | -9.05% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -0.58% | -6.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.46% | 0.23% | +8.23% |
Volatility
FRA vs. PYFRX - Volatility Comparison
BlackRock Floating Rate Income Strategies Fund Inc (FRA) has a higher volatility of 1.89% compared to Payden Floating Rate Fund (PYFRX) at 0.32%. This indicates that FRA'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
| FRA | PYFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 0.32% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 1.07% | +6.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.07% | 1.25% | +8.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 1.95% | +10.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 3.62% | +11.90% |
FRA vs. PYFRX - Expense Ratio Comparison
FRA has a 2.17% expense ratio, which is higher than PYFRX's 0.70% expense ratio.
Dividends
FRA vs. PYFRX - Dividend Comparison
FRA's dividend yield for the trailing twelve months is around 13.71%, more than PYFRX's 6.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | 13.71% | 12.62% | 10.81% | 10.44% | 6.88% | 5.96% | 7.61% | 6.44% | 6.90% | 5.31% | 5.65% | 6.17% |
PYFRX Payden Floating Rate Fund | 6.97% | 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
FRA and PYFRX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRA has higher volatility (1.89%) compared to PYFRX (0.32%). In terms of maximum drawdown, FRA dropped -51.43% vs PYFRX's -20.18%.
PYFRX currently has the higher Sharpe Ratio (4.30 vs -0.68), 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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