HLDIX vs. PYELX

Last updated Jun 4, 2026

HLDIX (Hartford Emerging Markets Local Debt Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, HLDIX returned 3.17%/yr vs 2.96%/yr for PYELX. Their correlation of 0.93 suggests significant overlap in exposure. HLDIX charges 0.93%/yr vs 0.09%/yr for PYELX.

Performance

HLDIX vs. PYELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford Emerging Markets Local Debt Fund (HLDIX) 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 investments are quite close, with HLDIX having a 1.16% return and PYELX slightly higher at 1.20%. Over the past 10 years, HLDIX has outperformed PYELX with an annualized return of 3.17%, while PYELX has yielded a comparatively lower 2.96% annualized return.

HLDIX

• 1D: 0.20%
• 1M: 1.05%
• YTD: 1.16%
• 6M: 1.99%
• 1Y: 10.30%
• 3Y*: 7.08%
• 5Y*: 1.82%
• 10Y*: 3.17%

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)

HLDIX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLDIX Hartford Emerging Markets Local Debt Fund	1.16%	17.02%	-3.14%	12.88%	-10.85%	-6.83%	3.12%	14.37%	-8.21%	16.95%
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 HLDIX and PYELX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.93

The correlation between HLDIX and PYELX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

HLDIX vs. PYELX — Risk / Return Rank

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

HLDIX

HLDIX Risk / Return Rank: 27
HLDIX Sharpe Ratio Rank: 32
HLDIX Sortino Ratio Rank: 31
HLDIX Omega Ratio Rank: 38
HLDIX Calmar Ratio Rank: 17
HLDIX Martin Ratio Rank: 19

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.

HLDIX vs. PYELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Emerging Markets Local Debt Fund (HLDIX) 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.

	HLDIX	PYELX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.74	-0.11
Sortino ratio: Return per unit of downside risk	2.31	2.50	-0.18
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	1.47	1.56	-0.09
Martin ratio: Return relative to average drawdown	5.11	5.28	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLDIX vs. PYELX - Sharpe Ratio Comparison

The current HLDIX Sharpe Ratio is 1.62, which is comparable to the PYELX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of HLDIX 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

	HLDIX	PYELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.74	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.04	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.08	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.04	+0.13

Drawdowns

HLDIX vs. PYELX - Drawdown Comparison

The maximum HLDIX drawdown since its inception was -30.40%, smaller than the maximum PYELX drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for HLDIX and PYELX.

Drawdown Indicators

	HLDIX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-30.40%	-56.98%	+26.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.02%	-7.22%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.74%	-50.49%	+41.75%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-51.98%	+26.58%
Max Drawdown (10Y) Largest decline over 10 years	-26.18%	-52.62%	+26.44%
Current Drawdown Current decline from peak	-2.84%	-2.59%	-0.25%
Average Drawdown Average peak-to-trough decline	-9.98%	-16.80%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.13%	-0.11%

Volatility

HLDIX vs. PYELX - Volatility Comparison

Hartford Emerging Markets Local Debt Fund (HLDIX) and Payden Emerging Markets Local Bond Fund (PYELX) have volatilities of 2.07% and 2.13%, 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

	HLDIX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.07%	2.13%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	5.44%	5.60%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.39%	6.52%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.47%	50.60%	-43.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	36.37%	-27.94%

HLDIX vs. PYELX - Expense Ratio Comparison

HLDIX has a 0.93% expense ratio, which is higher than PYELX's 0.09% expense ratio.

Dividends

HLDIX vs. PYELX - Dividend Comparison

HLDIX's dividend yield for the trailing twelve months is around 4.81%, less than PYELX's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLDIX Hartford Emerging Markets Local Debt Fund	4.81%	3.87%	5.32%	4.85%	4.27%	4.67%	4.06%	5.01%	7.88%	27.01%	5.01%	5.91%
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 HLDIX and PYELX in my portfolio?

With a correlation of 0.93, HLDIX 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, HLDIX or PYELX?

PYELX has higher volatility (2.13%) compared to HLDIX (2.07%). In terms of maximum drawdown, HLDIX dropped -30.40% vs PYELX's -56.98%.

Which has better risk-adjusted returns?

PYELX currently has the higher Sharpe Ratio (1.74 vs 1.62), 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.