JABAX vs. PYLMX

Last updated Aug 1, 2026

JABAX (Janus Henderson Balanced Fund Class T) and PYLMX (Payden Limited Maturity Fund) are both mutual funds - JABAX is a Diversified Portfolio fund actively managed by Janus Henderson, while PYLMX is a Ultrashort Bond fund managed by Paydenfunds. Over the past 10 years, JABAX returned 10.46%/yr vs 2.77%/yr for PYLMX. Their 0.04 correlation means their historical movements had little consistent relationship. JABAX charges 0.66%/yr vs 0.25%/yr for PYLMX.

Performance

JABAX vs. PYLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Balanced Fund Class T (JABAX) and Payden Limited Maturity Fund (PYLMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JABAX achieves a 3.11% return, which is significantly higher than PYLMX's 1.65% return. Over the past 10 years, JABAX has outperformed PYLMX with an annualized return of 10.46%, while PYLMX has yielded a comparatively lower 2.77% annualized return.

JABAX

• 1D: 1.54%
• 1M: -0.34%
• 6M: 2.54%
• YTD: 3.11%
• 1Y: 9.32%
• 3Y*: 14.02%
• 5Y*: 7.63%
• 10Y*: 10.46%
• ALL TIME*: 9.77%

PYLMX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.27%
• YTD: 1.65%
• 1Y: 3.74%
• 3Y*: 4.98%
• 5Y*: 3.73%
• 10Y*: 2.77%
• ALL TIME*: 2.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JABAX Janus Henderson Balanced Fund Class T	$0.00	$0.00	$0.00
PYLMX Payden Limited Maturity Fund	$0.00	$0.00	$0.00

JABAX vs. PYLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JABAX Janus Henderson Balanced Fund Class T	3.11%	14.85%	20.63%	15.29%	-16.70%	17.07%	14.22%	22.40%	0.53%	17.68%
PYLMX Payden Limited Maturity Fund	1.65%	5.22%	6.08%	5.34%	0.56%	0.19%	1.85%	3.34%	1.76%	1.64%

Correlation

The correlation between JABAX and PYLMX is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.16
Correlation (10Y) Provides a long-term view across more market conditions.	0.12
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.04

The correlation between JABAX and PYLMX shifts across timeframes, from 0.04 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JABAX vs. PYLMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JABAX

JABAX Risk / Return Rank: 26
JABAX Sharpe Ratio Rank: 27
JABAX Sortino Ratio Rank: 26
JABAX Omega Ratio Rank: 26
JABAX Calmar Ratio Rank: 23
JABAX Martin Ratio Rank: 30

PYLMX

PYLMX Risk / Return Rank: 98
PYLMX Sharpe Ratio Rank: 97
PYLMX Sortino Ratio Rank: 99
PYLMX Omega Ratio Rank: 99
PYLMX Calmar Ratio Rank: 99
PYLMX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JABAX vs. PYLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Balanced Fund Class T (JABAX) and Payden Limited Maturity Fund (PYLMX). 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.

	JABAX	PYLMX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.85	-1.96
Sortino ratio: Return per unit of downside risk	1.31	7.89	-6.58
Omega ratio: Gain probability vs. loss probability	1.16	2.52	-1.36
Calmar ratio: Return relative to maximum drawdown	1.03	8.39	-7.36
Martin ratio: Return relative to average drawdown	4.35	36.17	-31.82

JABAX vs. PYLMX - Sharpe Ratio Comparison

The current JABAX Sharpe Ratio is 0.89, which is lower than the PYLMX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of JABAX and PYLMX, 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

JABAX vs. PYLMX - Drawdown Comparison

The maximum JABAX drawdown since its inception was -25.98%, which is greater than PYLMX's maximum drawdown of -5.56%. Use the drawdown chart below to compare losses from any high point for JABAX and PYLMX.

Drawdown Indicators

	JABAX	PYLMX	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-5.56%	-20.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-0.52%	-7.62%
Max Drawdown (3Y) Largest decline over 3 years	-11.93%	-0.52%	-11.41%
Max Drawdown (5Y) Largest decline over 5 years	-21.60%	-1.24%	-20.36%
Max Drawdown (10Y) Largest decline over 10 years	-22.50%	-5.56%	-16.94%
Current Drawdown Current decline from peak	-0.90%	0.00%	-0.90%
Average Drawdown Average peak-to-trough decline	-4.13%	-0.16%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	0.12%	+1.81%

Volatility

JABAX vs. PYLMX - Volatility Comparison

Janus Henderson Balanced Fund Class T (JABAX) has a higher volatility of 2.67% compared to Payden Limited Maturity Fund (PYLMX) at 0.15%. This indicates that JABAX's price experiences larger fluctuations and is considered to be riskier than PYLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JABAX	PYLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	0.15%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	1.07%	+6.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.47%	1.54%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.46%	1.37%	+10.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.27%	1.31%	+9.96%

JABAX vs. PYLMX - Expense Ratio Comparison

JABAX has a 0.66% expense ratio, which is higher than PYLMX's 0.25% expense ratio.

Dividends

JABAX vs. PYLMX - Dividend Comparison

JABAX's dividend yield for the trailing twelve months is around 8.44%, more than PYLMX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JABAX Janus Henderson Balanced Fund Class T	8.44%	8.67%	11.71%	2.15%	1.83%	4.38%	2.41%	2.76%	6.95%	4.59%	3.28%	6.18%
PYLMX Payden Limited Maturity Fund	4.09%	4.96%	5.36%	3.79%	1.83%	0.50%	1.39%	2.54%	2.28%	1.42%	0.91%	0.73%

Frequently Asked Questions

Can I hold both JABAX and PYLMX in my portfolio?

JABAX and PYLMX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JABAX or PYLMX?

JABAX has higher volatility (2.67%) compared to PYLMX (0.15%). In terms of maximum drawdown, JABAX dropped -25.98% vs PYLMX's -5.56%.

Which has better risk-adjusted returns?

PYLMX currently has the higher Sharpe Ratio (2.85 vs 0.89), 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.