PAYX vs. GOVT
PAYX (Paychex, Inc.) is a stock, while GOVT (iShares U.S. Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Over the past 10 years, PAYX returned 9.45%/yr vs 0.79%/yr for GOVT. At a correlation of -0.11, they often move in opposite directions.
Performance
PAYX vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, PAYX achieves a -9.76% return, which is significantly lower than GOVT's -0.44% return. Over the past 10 years, PAYX has outperformed GOVT with an annualized return of 9.45%, while GOVT has yielded a comparatively lower 0.79% annualized return.
PAYX
- 1D
- -1.60%
- 1M
- 6.67%
- YTD
- -9.76%
- 6M
- -9.97%
- 1Y
- -35.54%
- 3Y*
- -0.75%
- 5Y*
- 2.11%
- 10Y*
- 9.45%
GOVT
- 1D
- -0.11%
- 1M
- -0.70%
- YTD
- -0.44%
- 6M
- -0.15%
- 1Y
- 3.62%
- 3Y*
- 2.77%
- 5Y*
- -0.59%
- 10Y*
- 0.79%
PAYX vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAYX Paychex, Inc. | -9.76% | -17.49% | 21.31% | 6.21% | -13.16% | 50.16% | 13.25% | 34.53% | -1.08% | 15.41% |
GOVT iShares U.S. Treasury Bond ETF | -0.44% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
Correlation
The correlation between PAYX and GOVT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | -0.11 |
The correlation between PAYX and GOVT shifts across timeframes, from -0.11 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAYX vs. GOVT — Risk / Return Rank
PAYX
GOVT
PAYX vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Paychex, Inc. (PAYX) and iShares U.S. Treasury Bond ETF (GOVT). 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.
| PAYX | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.17 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.27 | -2.08 |
| Martin ratioReturn relative to average drawdown | -1.27 | 3.66 | -4.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAYX | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.34 | 1.02 | -2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | -0.10 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.15 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.25 | +0.29 |
Drawdowns
PAYX vs. GOVT - Drawdown Comparison
The maximum PAYX drawdown since its inception was -64.85%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for PAYX and GOVT.
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Drawdown Indicators
| PAYX | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.85% | -19.07% | -45.78% |
Max Drawdown (1Y)Largest decline over 1 year | -43.97% | -2.85% | -41.12% |
Max Drawdown (3Y)Largest decline over 3 years | -44.95% | -5.43% | -39.52% |
Max Drawdown (5Y)Largest decline over 5 years | -44.95% | -16.60% | -28.35% |
Max Drawdown (10Y)Largest decline over 10 years | -44.95% | -19.07% | -25.88% |
Current DrawdownCurrent decline from peak | -35.54% | -7.48% | -28.06% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -5.25% | -12.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.02% | 0.99% | +28.03% |
Volatility
PAYX vs. GOVT - Volatility Comparison
Paychex, Inc. (PAYX) has a higher volatility of 9.62% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.05%. This indicates that PAYX's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAYX | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.62% | 1.05% | +8.57% |
Volatility (6M)Calculated over the trailing 6-month period | 20.68% | 2.53% | +18.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.74% | 3.56% | +23.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 6.04% | +17.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.25% | 5.23% | +20.02% |
Dividends
PAYX vs. GOVT - Dividend Comparison
PAYX's dividend yield for the trailing twelve months is around 4.48%, more than GOVT's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.60% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
PAYX Paychex, Inc. | 4.48% | 3.76% | 2.73% | 2.90% | 2.62% | 1.90% | 2.66% | 2.85% | 3.35% | 2.82% | 2.89% | 3.03% |
Frequently Asked Questions
PAYX and GOVT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAYX has higher volatility (9.62%) compared to GOVT (1.05%). In terms of maximum drawdown, PAYX dropped -64.85% vs GOVT's -19.07%.
GOVT currently has the higher Sharpe Ratio (1.02 vs -1.34), 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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