PACEX vs. PYELX
PACEX (T. Rowe Price Emerging Markets Corporate Bond Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, PACEX returned 2.96%/yr vs 9.90%/yr for PYELX. Their 0.43 correlation means their historical movements had little consistent relationship. PACEX charges 1.16%/yr vs 0.09%/yr for PYELX.
Performance
PACEX vs. PYELX - Performance Comparison
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Returns By Period
In the year-to-date period, PACEX achieves a 0.43% return, which is significantly lower than PYELX's 1.36% return. Over the past 10 years, PACEX has underperformed PYELX with an annualized return of 2.96%, while PYELX has yielded a comparatively higher 9.90% annualized return.
PACEX
- 1D
- 0.00%
- 1M
- -0.65%
- 6M
- -0.57%
- YTD
- 0.43%
- 1Y
- 3.78%
- 3Y*
- 6.10%
- 5Y*
- 0.89%
- 10Y*
- 2.96%
- ALL TIME*
- 3.76%
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 |
PACEX vs. PYELX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PACEX T. Rowe Price Emerging Markets Corporate Bond Fund | 0.43% | 8.38% | 6.64% | 6.38% | -13.41% | -2.01% | 6.59% | 12.82% | -1.80% | 8.88% |
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 PACEX and PYELX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 25, 2012 | 0.43 |
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Return for Risk
PACEX vs. PYELX — Risk / Return Rank
PACEX
PYELX
PACEX vs. PYELX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Corporate Bond Fund (PACEX) 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.
| PACEX | PYELX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.26 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.28 | -0.05 |
| Martin ratioReturn relative to average drawdown | 4.76 | 3.85 | +0.91 |
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Drawdowns
PACEX vs. PYELX - Drawdown Comparison
The maximum PACEX drawdown since its inception was -23.40%, smaller than the maximum PYELX drawdown of -35.29%. Use the drawdown chart below to compare losses from any high point for PACEX and PYELX.
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Drawdown Indicators
| PACEX | PYELX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.40% | -35.29% | +11.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -7.22% | +4.04% |
Max Drawdown (3Y)Largest decline over 3 years | -3.64% | -8.12% | +4.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.40% | -24.24% | +0.84% |
Max Drawdown (10Y)Largest decline over 10 years | -23.40% | -26.58% | +3.18% |
Current DrawdownCurrent decline from peak | -1.00% | -2.44% | +1.44% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -16.27% | +12.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 2.39% | -1.57% |
Volatility
PACEX vs. PYELX - Volatility Comparison
The current volatility for T. Rowe Price Emerging Markets Corporate Bond Fund (PACEX) is 0.39%, while Payden Emerging Markets Local Bond Fund (PYELX) has a volatility of 1.74%. This indicates that PACEX 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.
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Volatility by Period
| PACEX | PYELX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 1.74% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 6.02% | -4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 6.78% | -4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.47% | 45.35% | -41.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.05% | 32.68% | -28.63% |
PACEX vs. PYELX - Expense Ratio Comparison
PACEX has a 1.16% expense ratio, which is higher than PYELX's 0.09% expense ratio.
Dividends
PACEX vs. PYELX - Dividend Comparison
PACEX's dividend yield for the trailing twelve months is around 4.64%, less than PYELX's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PACEX T. Rowe Price Emerging Markets Corporate Bond Fund | 4.64% | 5.50% | 4.76% | 3.86% | 3.06% | 3.36% | 3.85% | 4.26% | 4.46% | 3.94% | 4.27% | 4.92% |
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
PACEX and PYELX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYELX has higher volatility (1.74%) compared to PACEX (0.39%). In terms of maximum drawdown, PACEX dropped -23.40% vs PYELX's -35.29%.
PACEX currently has the higher Sharpe Ratio (1.57 vs 1.36), 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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