PACEX vs. PYELX

Last updated Jun 4, 2026

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 3.47%/yr vs 2.96%/yr for PYELX. At a 0.43 correlation, their price movements are largely independent. PACEX charges 1.16%/yr vs 0.09%/yr for PYELX.

Performance

PACEX vs. PYELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Corporate Bond Fund (PACEX) 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, PACEX achieves a 1.52% return, which is significantly higher than PYELX's 1.20% return. Over the past 10 years, PACEX has outperformed PYELX with an annualized return of 3.47%, while PYELX has yielded a comparatively lower 2.96% annualized return.

PACEX

• 1D: 0.11%
• 1M: 0.67%
• YTD: 1.52%
• 6M: 2.24%
• 1Y: 7.73%
• 3Y*: 7.25%
• 5Y*: 1.18%
• 10Y*: 3.47%

PYELX

• 1D: 0.30%
• 1M: 1.50%
• YTD: 1.20%
• 6M: 2.01%
• 1Y: 11.47%
• 3Y*: 7.70%
• 5Y*: 1.97%
• 10Y*: 2.96%

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

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	1.52%	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	1.20%	19.79%	-3.48%	13.16%	-11.28%	-7.83%	1.79%	13.92%	-8.16%	15.38%

Correlation

The correlation between PACEX and PYELX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 29, 2012	0.43

Return for Risk

PACEX vs. PYELX — Risk / Return Rank

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

PACEX

PACEX Risk / Return Rank: 75
PACEX Sharpe Ratio Rank: 91
PACEX Sortino Ratio Rank: 96
PACEX Omega Ratio Rank: 96
PACEX Calmar Ratio Rank: 42
PACEX Martin Ratio Rank: 49

PYELX

PYELX Risk / Return Rank: 30
PYELX Sharpe Ratio Rank: 36
PYELX Sortino Ratio Rank: 36
PYELX Omega Ratio Rank: 41
PYELX Calmar Ratio Rank: 19
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.

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.

	PACEX	PYELX	Difference
Sharpe ratio: Return per unit of total volatility	3.05	1.74	+1.31
Sortino ratio: Return per unit of downside risk	5.52	2.50	+3.03
Omega ratio: Gain probability vs. loss probability	1.81	1.35	+0.47
Calmar ratio: Return relative to maximum drawdown	2.48	1.56	+0.92
Martin ratio: Return relative to average drawdown	10.10	5.28	+4.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PACEX vs. PYELX - Sharpe Ratio Comparison

The current PACEX Sharpe Ratio is 3.05, which is higher than the PYELX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of PACEX 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.

Sharpe Ratios by Period

	PACEX	PYELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	1.74	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.04	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.08	+0.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.04	+0.95

Drawdowns

PACEX vs. PYELX - Drawdown Comparison

The maximum PACEX drawdown since its inception was -23.40%, smaller than the maximum PYELX drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for PACEX and PYELX.

Drawdown Indicators

	PACEX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-56.98%	+33.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-7.22%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-3.81%	-50.49%	+46.68%
Max Drawdown (5Y) Largest decline over 5 years	-23.40%	-51.98%	+28.58%
Max Drawdown (10Y) Largest decline over 10 years	-23.40%	-52.62%	+29.22%
Current Drawdown Current decline from peak	0.00%	-2.59%	+2.59%
Average Drawdown Average peak-to-trough decline	-4.16%	-16.80%	+12.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.13%	-1.35%

Volatility

PACEX vs. PYELX - Volatility Comparison

The current volatility for T. Rowe Price Emerging Markets Corporate Bond Fund (PACEX) is 0.88%, while Payden Emerging Markets Local Bond Fund (PYELX) has a volatility of 2.13%. 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.

Volatility by Period

	PACEX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	2.13%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	5.60%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	6.52%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	50.60%	-47.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.07%	36.37%	-32.30%

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 5.50%, less than PYELX's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PACEX T. Rowe Price Emerging Markets Corporate Bond Fund	5.50%	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	7.19%	7.32%	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 PACEX and PYELX in my portfolio?

PACEX and PYELX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PACEX or PYELX?

PYELX has higher volatility (2.13%) compared to PACEX (0.88%). In terms of maximum drawdown, PACEX dropped -23.40% vs PYELX's -56.98%.

Which has better risk-adjusted returns?

PACEX currently has the higher Sharpe Ratio (3.05 vs 1.74), 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.