PAIHX vs. PYHRX
PAIHX (T. Rowe Price Global High Income Bond Fund) and PYHRX (Payden High Income Fund) are both High Yield Bonds funds. Over the past 10 years, PAIHX returned 5.04%/yr vs 13.74%/yr for PYHRX. A 0.72 correlation means they provide meaningful diversification when combined. PAIHX charges 0.96%/yr vs 0.60%/yr for PYHRX.
Performance
PAIHX vs. PYHRX - Performance Comparison
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Returns By Period
In the year-to-date period, PAIHX achieves a 1.37% return, which is significantly lower than PYHRX's 2.44% return. Over the past 10 years, PAIHX has underperformed PYHRX with an annualized return of 5.04%, while PYHRX has yielded a comparatively higher 13.74% annualized return.
PAIHX
- 1D
- 0.00%
- 1M
- 0.90%
- YTD
- 1.37%
- 6M
- 2.21%
- 1Y
- 6.89%
- 3Y*
- 8.74%
- 5Y*
- 3.10%
- 10Y*
- 5.04%
PYHRX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 2.44%
- 6M
- 2.78%
- 1Y
- 8.16%
- 3Y*
- 37.77%
- 5Y*
- 20.58%
- 10Y*
- 13.74%
PAIHX vs. PYHRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAIHX T. Rowe Price Global High Income Bond Fund | 1.37% | 9.10% | 7.77% | 12.51% | -13.33% | 2.86% | 5.67% | 14.47% | -2.07% | 8.58% |
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 PAIHX and PYHRX is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.72 |
The correlation between PAIHX and PYHRX has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.
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Return for Risk
PAIHX vs. PYHRX — Risk / Return Rank
PAIHX
PYHRX
PAIHX vs. PYHRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global High Income Bond Fund (PAIHX) 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.
| PAIHX | PYHRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.76 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 4.13 | -1.77 |
| Martin ratioReturn relative to average drawdown | 10.57 | 22.09 | -11.52 |
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Drawdowns
PAIHX vs. PYHRX - Drawdown Comparison
The maximum PAIHX drawdown since its inception was -23.76%, smaller than the maximum PYHRX drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for PAIHX and PYHRX.
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Drawdown Indicators
| PAIHX | PYHRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.76% | -27.80% | +4.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -2.02% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -4.21% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -19.47% | -14.08% | -5.39% |
Max Drawdown (10Y)Largest decline over 10 years | -23.76% | -21.45% | -2.31% |
Current DrawdownCurrent decline from peak | -0.23% | -0.23% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -2.11% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 0.38% | +0.27% |
Volatility
PAIHX vs. PYHRX - Volatility Comparison
T. Rowe Price Global High Income Bond Fund (PAIHX) has a higher volatility of 0.87% compared to Payden High Income Fund (PYHRX) at 0.75%. This indicates that PAIHX's price experiences larger fluctuations and is considered to be riskier 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
| PAIHX | PYHRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.75% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 2.03% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.02% | 2.50% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 45.84% | -41.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 32.61% | -27.33% |
PAIHX vs. PYHRX - Expense Ratio Comparison
PAIHX has a 0.96% expense ratio, which is higher than PYHRX's 0.60% expense ratio.
Dividends
PAIHX vs. PYHRX - Dividend Comparison
PAIHX's dividend yield for the trailing twelve months is around 6.46%, which matches PYHRX's 6.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAIHX T. Rowe Price Global High Income Bond Fund | 6.46% | 6.34% | 5.90% | 5.25% | 8.37% | 5.19% | 5.16% | 5.96% | 7.12% | 6.07% | 6.02% | 0.00% |
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
PAIHX and PYHRX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAIHX has higher volatility (0.87%) compared to PYHRX (0.75%). In terms of maximum drawdown, PAIHX dropped -23.76% vs PYHRX's -27.80%.
PYHRX currently has the higher Sharpe Ratio (3.35 vs 2.30), 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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