PKBIX vs. RFXIX

Last updated Jun 4, 2026

PKBIX (Payden/Kravitz Cash Balance Plan Fund) and RFXIX (Rational Special Situations Income Fund) are both Multisector Bonds funds. Over the past 5 years, PKBIX returned 3.88%/yr vs 4.26%/yr for RFXIX. At a 0.29 correlation, their price movements are largely independent. PKBIX charges 1.25%/yr vs 1.76%/yr for RFXIX.

Performance

PKBIX vs. RFXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden/Kravitz Cash Balance Plan Fund (PKBIX) and Rational Special Situations Income Fund (RFXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PKBIX achieves a 1.51% return, which is significantly lower than RFXIX's 1.79% return.

PKBIX

• 1D: 0.10%
• 1M: 0.70%
• YTD: 1.51%
• 6M: 1.97%
• 1Y: 6.05%
• 3Y*: 6.78%
• 5Y*: 3.88%
• 10Y*: 3.61%

RFXIX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.79%
• 6M: 1.65%
• 1Y: 5.05%
• 3Y*: 5.71%
• 5Y*: 4.26%
• 10Y*: —

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

PKBIX vs. RFXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PKBIX Payden/Kravitz Cash Balance Plan Fund	1.51%	6.75%	8.14%	6.21%	-3.89%	3.97%	1.89%	1.00%
RFXIX Rational Special Situations Income Fund	1.79%	4.73%	8.95%	4.08%	-0.85%	5.30%	2.84%	1.91%

Correlation

The correlation between PKBIX and RFXIX 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	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.29

The correlation between PKBIX and RFXIX shifts across timeframes, from 0.25 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PKBIX vs. RFXIX — Risk / Return Rank

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

PKBIX

PKBIX Risk / Return Rank: 83
PKBIX Sharpe Ratio Rank: 91
PKBIX Sortino Ratio Rank: 93
PKBIX Omega Ratio Rank: 93
PKBIX Calmar Ratio Rank: 68
PKBIX Martin Ratio Rank: 71

RFXIX

RFXIX Risk / Return Rank: 97
RFXIX Sharpe Ratio Rank: 97
RFXIX Sortino Ratio Rank: 96
RFXIX Omega Ratio Rank: 98
RFXIX Calmar Ratio Rank: 97
RFXIX Martin Ratio Rank: 97

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.

PKBIX vs. RFXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden/Kravitz Cash Balance Plan Fund (PKBIX) and Rational Special Situations Income Fund (RFXIX). 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.

	PKBIX	RFXIX	Difference
Sharpe ratio: Return per unit of total volatility	3.09	3.61	-0.52
Sortino ratio: Return per unit of downside risk	4.80	5.38	-0.58
Omega ratio: Gain probability vs. loss probability	1.71	2.10	-0.39
Calmar ratio: Return relative to maximum drawdown	3.20	7.03	-3.83
Martin ratio: Return relative to average drawdown	13.62	28.70	-15.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PKBIX vs. RFXIX - Sharpe Ratio Comparison

The current PKBIX Sharpe Ratio is 3.09, which is comparable to the RFXIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of PKBIX and RFXIX, 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

	PKBIX	RFXIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	3.61	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	2.19	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.41	-0.29

Drawdowns

PKBIX vs. RFXIX - Drawdown Comparison

The maximum PKBIX drawdown since its inception was -19.17%, which is greater than RFXIX's maximum drawdown of -12.91%. Use the drawdown chart below to compare losses from any high point for PKBIX and RFXIX.

Drawdown Indicators

	PKBIX	RFXIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.17%	-12.91%	-6.26%
Max Drawdown (1Y) Largest decline over 1 year	-1.90%	-0.72%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-2.11%	-1.05%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-7.05%	-4.93%	-2.12%
Max Drawdown (10Y) Largest decline over 10 years	-19.17%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.87%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.18%	+0.26%

Volatility

PKBIX vs. RFXIX - Volatility Comparison

Payden/Kravitz Cash Balance Plan Fund (PKBIX) has a higher volatility of 0.56% compared to Rational Special Situations Income Fund (RFXIX) at 0.32%. This indicates that PKBIX's price experiences larger fluctuations and is considered to be riskier than RFXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PKBIX	RFXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.32%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	0.77%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	1.97%	1.41%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.60%	1.95%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.33%	2.95%	+0.38%

PKBIX vs. RFXIX - Expense Ratio Comparison

PKBIX has a 1.25% expense ratio, which is lower than RFXIX's 1.76% expense ratio.

Dividends

PKBIX vs. RFXIX - Dividend Comparison

PKBIX's dividend yield for the trailing twelve months is around 8.13%, more than RFXIX's 5.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PKBIX Payden/Kravitz Cash Balance Plan Fund	8.13%	8.25%	6.95%	5.55%	1.94%	2.18%	3.57%	3.32%	3.27%	2.50%	1.70%	2.00%
RFXIX Rational Special Situations Income Fund	5.40%	5.02%	6.69%	7.85%	6.08%	5.04%	4.99%	1.39%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PKBIX and RFXIX in my portfolio?

PKBIX and RFXIX 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, PKBIX or RFXIX?

PKBIX has higher volatility (0.56%) compared to RFXIX (0.32%). In terms of maximum drawdown, PKBIX dropped -19.17% vs RFXIX's -12.91%.

Which has better risk-adjusted returns?

RFXIX currently has the higher Sharpe Ratio (3.61 vs 3.09), 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.