OEMYX vs. PYELX

Last updated Jun 23, 2026

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 2.73%/yr vs 10.18%/yr for PYELX. Their correlation of 0.91 suggests significant overlap in exposure. OEMYX charges 1.12%/yr vs 0.09%/yr for PYELX.

Performance

OEMYX vs. PYELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets Local Debt Fund (OEMYX) 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, OEMYX achieves a -1.04% return, which is significantly lower than PYELX's 1.30% return. Over the past 10 years, OEMYX has underperformed PYELX with an annualized return of 2.73%, while PYELX has yielded a comparatively higher 10.18% annualized return.

OEMYX

• 1D: -0.92%
• 1M: 1.42%
• YTD: -1.04%
• 6M: 0.34%
• 1Y: 6.57%
• 3Y*: 5.02%
• 5Y*: 1.62%
• 10Y*: 2.73%

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)

OEMYX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OEMYX Invesco Emerging Markets Local Debt Fund	-1.04%	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	1.30%	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 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	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.

Return for Risk

OEMYX vs. PYELX — Risk / Return Rank

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

OEMYX

OEMYX Risk / Return Rank: 10
OEMYX Sharpe Ratio Rank: 10
OEMYX Sortino Ratio Rank: 11
OEMYX Omega Ratio Rank: 11
OEMYX Calmar Ratio Rank: 8
OEMYX Martin Ratio Rank: 9

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.

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 ratio: Return per unit of total volatility	0.81	1.55	-0.75
Sortino ratio: Return per unit of downside risk	1.21	2.24	-1.03
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.15
Calmar ratio: Return relative to maximum drawdown	0.77	1.45	-0.68
Martin ratio: Return relative to average drawdown	2.29	4.66	-2.37

OEMYX vs. PYELX - Sharpe Ratio Comparison

The current OEMYX Sharpe Ratio is 0.81, which is lower than the PYELX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of OEMYX 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

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.

Drawdown Indicators

	OEMYX	PYELX	Difference
Max Drawdown Largest 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%	-9.49%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-23.04%	-24.24%	+1.20%
Max Drawdown (10Y) Largest decline over 10 years	-27.09%	-26.58%	-0.51%
Current Drawdown Current decline from peak	-4.14%	-2.49%	-1.65%
Average Drawdown Average peak-to-trough decline	-8.84%	-16.38%	+7.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.24%	+0.70%

Volatility

OEMYX vs. PYELX - Volatility Comparison

Invesco Emerging Markets Local Debt Fund (OEMYX) has a higher volatility of 2.60% compared to Payden Emerging Markets Local Bond Fund (PYELX) at 2.19%. 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.

Volatility by Period

	OEMYX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	2.19%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	5.89%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	8.81%	6.74%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.31%	45.33%	-37.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.79%	32.70%	-23.91%

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 5.42%, less than PYELX's 7.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OEMYX Invesco Emerging Markets Local Debt Fund	5.42%	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	7.18%	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 OEMYX and PYELX in my portfolio?

With a correlation of 0.90, OEMYX 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, OEMYX or PYELX?

OEMYX has higher volatility (2.60%) compared to PYELX (2.19%). In terms of maximum drawdown, OEMYX dropped -27.97% vs PYELX's -35.29%.

Which has better risk-adjusted returns?

PYELX currently has the higher Sharpe Ratio (1.55 vs 0.81), 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.