MGHAX vs. PYELX

Last updated Jun 23, 2026

MGHAX (MainStay Candriam Emerging Markets Debt Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, MGHAX returned 6.45%/yr vs 10.18%/yr for PYELX. A 0.57 correlation means they provide meaningful diversification when combined. MGHAX charges 1.15%/yr vs 0.09%/yr for PYELX.

Performance

MGHAX vs. PYELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Candriam Emerging Markets Debt Fund (MGHAX) 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, MGHAX achieves a 2.52% return, which is significantly higher than PYELX's 1.30% return. Over the past 10 years, MGHAX has underperformed PYELX with an annualized return of 6.45%, while PYELX has yielded a comparatively higher 10.18% annualized return.

MGHAX

• 1D: 0.12%
• 1M: 2.28%
• YTD: 2.52%
• 6M: 2.90%
• 1Y: 12.59%
• 3Y*: 10.99%
• 5Y*: 8.08%
• 10Y*: 6.45%

PYELX

• 1D: -0.60%
• 1M: 1.61%
• YTD: 1.30%
• 6M: 2.12%
• 1Y: 10.43%
• 3Y*: 34.54%
• 5Y*: 17.58%
• 10Y*: 10.18%

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

MGHAX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGHAX MainStay Candriam Emerging Markets Debt Fund	2.52%	13.27%	6.74%	13.27%	9.23%	-4.88%	2.97%	15.49%	-6.88%	11.33%
PYELX Payden Emerging Markets Local Bond Fund	1.30%	139.58%	-3.48%	13.16%	-11.28%	-7.83%	1.79%	13.92%	-8.16%	15.38%

Correlation

The correlation between MGHAX and PYELX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.57

The correlation between MGHAX and PYELX shifts across timeframes, from 0.54 (10 years) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MGHAX vs. PYELX — Risk / Return Rank

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

MGHAX

MGHAX Risk / Return Rank: 74
MGHAX Sharpe Ratio Rank: 87
MGHAX Sortino Ratio Rank: 91
MGHAX Omega Ratio Rank: 84
MGHAX Calmar Ratio Rank: 53
MGHAX Martin Ratio Rank: 56

PYELX

PYELX Risk / Return Rank: 29
PYELX Sharpe Ratio Rank: 34
PYELX Sortino Ratio Rank: 34
PYELX Omega Ratio Rank: 38
PYELX Calmar Ratio Rank: 18
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.

MGHAX vs. PYELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Candriam Emerging Markets Debt Fund (MGHAX) 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.

	MGHAX	PYELX	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.55	+1.09
Sortino ratio: Return per unit of downside risk	4.18	2.24	+1.94
Omega ratio: Gain probability vs. loss probability	1.52	1.30	+0.22
Calmar ratio: Return relative to maximum drawdown	2.67	1.45	+1.22
Martin ratio: Return relative to average drawdown	10.65	4.66	+5.99

MGHAX vs. PYELX - Sharpe Ratio Comparison

The current MGHAX Sharpe Ratio is 2.64, which is higher than the PYELX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of MGHAX 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

MGHAX vs. PYELX - Drawdown Comparison

The maximum MGHAX drawdown since its inception was -33.23%, smaller than the maximum PYELX drawdown of -35.29%. Use the drawdown chart below to compare losses from any high point for MGHAX and PYELX.

Drawdown Indicators

	MGHAX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-33.23%	-35.29%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.70%	-7.22%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	-6.87%	-9.49%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-29.50%	-24.24%	-5.26%
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	-26.58%	-3.03%
Current Drawdown Current decline from peak	-0.24%	-2.49%	+2.25%
Average Drawdown Average peak-to-trough decline	-4.50%	-16.38%	+11.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.24%	-1.07%

Volatility

MGHAX vs. PYELX - Volatility Comparison

The current volatility for MainStay Candriam Emerging Markets Debt Fund (MGHAX) is 1.46%, while Payden Emerging Markets Local Bond Fund (PYELX) has a volatility of 2.19%. This indicates that MGHAX experiences smaller price fluctuations and is considered to be less risky than PYELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGHAX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	2.19%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	5.89%	-1.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	6.74%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	45.33%	-29.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.52%	32.70%	-20.18%

MGHAX vs. PYELX - Expense Ratio Comparison

MGHAX has a 1.15% expense ratio, which is higher than PYELX's 0.09% expense ratio.

Dividends

MGHAX vs. PYELX - Dividend Comparison

MGHAX's dividend yield for the trailing twelve months is around 6.36%, less than PYELX's 7.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGHAX MainStay Candriam Emerging Markets Debt Fund	6.36%	6.49%	7.62%	5.95%	31.14%	5.06%	5.54%	4.24%	4.96%	4.18%	5.29%	6.11%
PYELX Payden Emerging Markets Local Bond Fund	7.18%	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 MGHAX and PYELX in my portfolio?

MGHAX and PYELX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGHAX or PYELX?

PYELX has higher volatility (2.19%) compared to MGHAX (1.46%). In terms of maximum drawdown, MGHAX dropped -33.23% vs PYELX's -35.29%.

Which has better risk-adjusted returns?

MGHAX currently has the higher Sharpe Ratio (2.64 vs 1.55), 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.