PYARX vs. CELFX

Last updated Jul 15, 2026

PYARX (Payden Absolute Return Bond Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, PYARX returned 3.51%/yr vs 11.97%/yr for CELFX. At a 0.06 correlation, their price movements are largely independent. PYARX charges 0.70%/yr vs 2.68%/yr for CELFX.

Performance

PYARX vs. CELFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Absolute Return Bond Fund (PYARX) and Cliffwater Enhanced Lending Fund (CELFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYARX achieves a 1.33% return, which is significantly lower than CELFX's 4.08% return.

PYARX

• 1D: 0.00%
• 1M: 0.39%
• 6M: 1.33%
• YTD: 1.33%
• 1Y: 4.48%
• 3Y*: 5.79%
• 5Y*: 3.51%
• 10Y*: 3.28%

CELFX

• 1D: 0.00%
• 1M: 0.74%
• 6M: 3.79%
• YTD: 4.08%
• 1Y: 9.09%
• 3Y*: 11.66%
• 5Y*: 11.97%
• 10Y*: —

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

PYARX vs. CELFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PYARX Payden Absolute Return Bond Fund	1.33%	5.84%	7.55%	6.22%	-2.74%	-0.26%
CELFX Cliffwater Enhanced Lending Fund	4.08%	11.33%	12.91%	12.77%	11.57%	7.35%

Correlation

The correlation between PYARX and CELFX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.06

Return for Risk

PYARX vs. CELFX — Risk / Return Rank

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

PYARX

PYARX Risk / Return Rank: 80
PYARX Sharpe Ratio Rank: 94
PYARX Sortino Ratio Rank: 94
PYARX Omega Ratio Rank: 95
PYARX Calmar Ratio Rank: 56
PYARX Martin Ratio Rank: 61

CELFX

CELFX Risk / Return Rank: 100
CELFX Sharpe Ratio Rank: 100
CELFX Sortino Ratio Rank: 100
CELFX Omega Ratio Rank: 100
CELFX Calmar Ratio Rank: 100
CELFX Martin Ratio Rank: 100

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.

PYARX vs. CELFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Absolute Return Bond Fund (PYARX) and Cliffwater Enhanced Lending Fund (CELFX). 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.

	PYARX	CELFX	Difference
Sharpe ratio: Return per unit of total volatility	2.66	10.73	-8.07
Sortino ratio: Return per unit of downside risk	4.13	35.56	-31.44
Omega ratio: Gain probability vs. loss probability	1.66	18.54	-16.88
Calmar ratio: Return relative to maximum drawdown	2.29	49.79	-47.50
Martin ratio: Return relative to average drawdown	9.36	516.24	-506.89

PYARX vs. CELFX - Sharpe Ratio Comparison

The current PYARX Sharpe Ratio is 2.66, which is lower than the CELFX Sharpe Ratio of 10.73. The chart below compares the historical Sharpe Ratios of PYARX and CELFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PYARX vs. CELFX - Drawdown Comparison

The maximum PYARX drawdown since its inception was -15.70%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for PYARX and CELFX.

Drawdown Indicators

	PYARX	CELFX	Difference
Max Drawdown Largest peak-to-trough decline	-15.70%	-2.61%	-13.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-0.18%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-2.18%	-2.61%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-6.12%	-2.61%	-3.51%
Max Drawdown (10Y) Largest decline over 10 years	-15.70%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.72%	-0.08%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.02%	+0.46%

Volatility

PYARX vs. CELFX - Volatility Comparison

Payden Absolute Return Bond Fund (PYARX) has a higher volatility of 0.37% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.30%. This indicates that PYARX's price experiences larger fluctuations and is considered to be riskier than CELFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYARX	CELFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.30%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	0.61%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	1.69%	0.85%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.36%	2.17%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.84%	2.16%	+0.68%

PYARX vs. CELFX - Expense Ratio Comparison

PYARX has a 0.70% expense ratio, which is lower than CELFX's 2.68% expense ratio.

Dividends

PYARX vs. CELFX - Dividend Comparison

PYARX's dividend yield for the trailing twelve months is around 6.28%, less than CELFX's 10.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CELFX Cliffwater Enhanced Lending Fund	10.56%	11.19%	11.26%	10.67%	9.42%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PYARX Payden Absolute Return Bond Fund	6.28%	6.69%	6.68%	5.18%	3.59%	2.24%	2.50%	3.15%	3.41%	2.54%	2.52%	2.16%

Frequently Asked Questions

Can I hold both PYARX and CELFX in my portfolio?

PYARX and CELFX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYARX or CELFX?

PYARX has higher volatility (0.37%) compared to CELFX (0.30%). In terms of maximum drawdown, PYARX dropped -15.70% vs CELFX's -2.61%.

Which has better risk-adjusted returns?

CELFX currently has the higher Sharpe Ratio (10.73 vs 2.66), 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.