OEMYX vs. PYELX
OEMYX (Invesco Emerging Markets Local Debt Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, OEMYX returned 2.42%/yr vs 9.90%/yr for PYELX. Their correlation of 0.91 means they have usually moved in the same direction. OEMYX charges 1.12%/yr vs 0.09%/yr for PYELX.
Performance
OEMYX vs. PYELX - Performance Comparison
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Returns By Period
In the year-to-date period, OEMYX achieves a -0.93% return, which is significantly lower than PYELX's 1.36% return. Over the past 10 years, OEMYX has underperformed PYELX with an annualized return of 2.42%, while PYELX has yielded a comparatively higher 9.90% annualized return.
OEMYX
- 1D
- 0.56%
- 1M
- -0.74%
- 6M
- -3.53%
- YTD
- -0.93%
- 1Y
- 4.84%
- 3Y*
- 4.03%
- 5Y*
- 1.80%
- 10Y*
- 2.42%
- ALL TIME*
- 2.21%
PYELX
- 1D
- 0.60%
- 1M
- -0.11%
- 6M
- -0.52%
- YTD
- 1.36%
- 1Y
- 8.96%
- 3Y*
- 33.43%
- 5Y*
- 17.64%
- 10Y*
- 9.90%
- ALL TIME*
- 6.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
OEMYX vs. PYELX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OEMYX Invesco Emerging Markets Local Debt Fund | -0.93% | 18.09% | -4.60% | 12.85% | -9.39% | -10.13% | 3.99% | 13.75% | -6.83% | 15.23% |
PYELX Payden Emerging Markets Local Bond Fund | 1.36% | 139.58% | -3.48% | 13.16% | -11.28% | -7.83% | 1.79% | 13.92% | -8.16% | 15.38% |
Correlation
The correlation between OEMYX and PYELX is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012 | 0.91 |
The correlation between OEMYX and PYELX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.
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Return for Risk
OEMYX vs. PYELX — Risk / Return Rank
OEMYX
PYELX
OEMYX vs. PYELX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Local Debt Fund (OEMYX) 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.
| OEMYX | PYELX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.26 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 1.28 | -0.60 |
| Martin ratioReturn relative to average drawdown | 1.85 | 3.85 | -1.99 |
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Drawdowns
OEMYX vs. PYELX - Drawdown Comparison
The maximum OEMYX drawdown since its inception was -27.97%, smaller than the maximum PYELX drawdown of -35.29%. Use the drawdown chart below to compare losses from any high point for OEMYX and PYELX.
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Drawdown Indicators
| OEMYX | PYELX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.97% | -35.29% | +7.32% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -7.22% | -2.00% |
Max Drawdown (3Y)Largest decline over 3 years | -9.22% | -8.12% | -1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -24.24% | +1.52% |
Max Drawdown (10Y)Largest decline over 10 years | -27.09% | -26.58% | -0.51% |
Current DrawdownCurrent decline from peak | -4.03% | -2.44% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -8.81% | -16.27% | +7.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.39% | +0.82% |
Volatility
OEMYX vs. PYELX - Volatility Comparison
Invesco Emerging Markets Local Debt Fund (OEMYX) has a higher volatility of 1.86% compared to Payden Emerging Markets Local Bond Fund (PYELX) at 1.74%. This indicates that OEMYX's price experiences larger fluctuations and is considered to be riskier than PYELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OEMYX | PYELX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 1.74% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 7.56% | 6.02% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.75% | 6.78% | +1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 45.35% | -37.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.68% | 32.68% | -24.00% |
OEMYX vs. PYELX - Expense Ratio Comparison
OEMYX has a 1.12% expense ratio, which is higher than PYELX's 0.09% expense ratio.
Dividends
OEMYX vs. PYELX - Dividend Comparison
OEMYX's dividend yield for the trailing twelve months is around 4.75%, less than PYELX's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OEMYX Invesco Emerging Markets Local Debt Fund | 4.75% | 6.33% | 7.09% | 4.98% | 4.71% | 4.64% | 3.35% | 5.49% | 6.24% | 6.14% | 10.70% | 6.59% |
PYELX Payden Emerging Markets Local Bond Fund | 7.15% | 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
OEMYX and PYELX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OEMYX has higher volatility (1.86%) compared to PYELX (1.74%). In terms of maximum drawdown, OEMYX dropped -27.97% vs PYELX's -35.29%.
PYELX currently has the higher Sharpe Ratio (1.36 vs 0.71), 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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