NMHYX vs. PYHRX
NMHYX (Northern Multi-Manager High Yield Opportunity Fund) and PYHRX (Payden High Income Fund) are both High Yield Bonds funds. Over the past 10 years, NMHYX returned 5.34%/yr vs 13.68%/yr for PYHRX. Their correlation of 0.84 suggests significant overlap in exposure. NMHYX charges 0.87%/yr vs 0.60%/yr for PYHRX.
Performance
NMHYX vs. PYHRX - Performance Comparison
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Returns By Period
In the year-to-date period, NMHYX achieves a 1.06% return, which is significantly lower than PYHRX's 2.44% return. Over the past 10 years, NMHYX has underperformed PYHRX with an annualized return of 5.34%, while PYHRX has yielded a comparatively higher 13.68% annualized return.
NMHYX
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.06%
- YTD
- 1.06%
- 1Y
- 4.08%
- 3Y*
- 7.72%
- 5Y*
- 3.63%
- 10Y*
- 5.34%
PYHRX
- 1D
- -0.08%
- 1M
- 0.07%
- 6M
- 2.44%
- YTD
- 2.44%
- 1Y
- 7.02%
- 3Y*
- 37.74%
- 5Y*
- 20.38%
- 10Y*
- 13.68%
NMHYX vs. PYHRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMHYX Northern Multi-Manager High Yield Opportunity Fund | 1.06% | 7.57% | 7.14% | 12.88% | -10.61% | 6.83% | 6.16% | 10.38% | -2.09% | 7.88% |
PYHRX Payden High Income Fund | 2.44% | 117.46% | 8.13% | 14.73% | -9.76% | 6.62% | 7.38% | 16.75% | -2.85% | 6.54% |
Correlation
The correlation between NMHYX and PYHRX is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2009 | 0.84 |
The correlation between NMHYX and PYHRX has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.
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Return for Risk
NMHYX vs. PYHRX — Risk / Return Rank
NMHYX
PYHRX
NMHYX vs. PYHRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Multi-Manager High Yield Opportunity Fund (NMHYX) 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.
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.
| NMHYX | PYHRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.63 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 3.48 | -1.87 |
| Martin ratioReturn relative to average drawdown | 7.49 | 18.47 | -10.98 |
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Drawdowns
NMHYX vs. PYHRX - Drawdown Comparison
The maximum NMHYX drawdown since its inception was -21.19%, smaller than the maximum PYHRX drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for NMHYX and PYHRX.
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Drawdown Indicators
| NMHYX | PYHRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.19% | -27.80% | +6.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -2.02% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -4.21% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -14.06% | -14.08% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -21.19% | -21.45% | +0.26% |
Current DrawdownCurrent decline from peak | -0.11% | -0.24% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -2.10% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.38% | +0.17% |
Volatility
NMHYX vs. PYHRX - Volatility Comparison
The current volatility for Northern Multi-Manager High Yield Opportunity Fund (NMHYX) is 0.55%, while Payden High Income Fund (PYHRX) has a volatility of 0.64%. This indicates that NMHYX 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.
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Volatility by Period
| NMHYX | PYHRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.64% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 2.03% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.75% | 2.48% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 45.86% | -41.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 32.62% | -27.81% |
NMHYX vs. PYHRX - Expense Ratio Comparison
NMHYX has a 0.87% expense ratio, which is higher than PYHRX's 0.60% expense ratio.
Dividends
NMHYX vs. PYHRX - Dividend Comparison
NMHYX's dividend yield for the trailing twelve months is around 6.62%, more than PYHRX's 6.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMHYX Northern Multi-Manager High Yield Opportunity Fund | 6.62% | 7.33% | 7.42% | 7.29% | 5.32% | 5.22% | 6.68% | 6.78% | 5.53% | 7.18% | 5.55% | 6.24% |
PYHRX Payden High Income Fund | 6.42% | 5.66% | 7.20% | 6.67% | 6.05% | 4.79% | 4.99% | 5.23% | 5.88% | 5.27% | 5.24% | 5.49% |
Frequently Asked Questions
NMHYX and PYHRX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYHRX has higher volatility (0.64%) compared to NMHYX (0.55%). In terms of maximum drawdown, NMHYX dropped -21.19% vs PYHRX's -27.80%.
PYHRX currently has the higher Sharpe Ratio (2.85 vs 1.50), 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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