PYARX vs. PYGSX
PYARX (Payden Absolute Return Bond Fund) and PYGSX (Payden Global Low Duration Fund) are both mutual funds - PYARX is a Nontraditional Bonds fund managed by Paydenfunds, while PYGSX is a Global Bonds fund managed by Paydenfunds. Over the past 10 years, PYARX returned 3.25%/yr vs 2.45%/yr for PYGSX. Their 0.48 correlation means their historical movements had little consistent relationship. PYARX charges 0.70%/yr vs 0.53%/yr for PYGSX.
Performance
PYARX vs. PYGSX - Performance Comparison
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Returns By Period
In the year-to-date period, PYARX achieves a 1.50% return, which is significantly higher than PYGSX's 1.07% return. Over the past 10 years, PYARX has outperformed PYGSX with an annualized return of 3.25%, while PYGSX has yielded a comparatively lower 2.45% annualized return.
PYARX
- 1D
- 0.11%
- 1M
- 0.49%
- 6M
- 0.86%
- YTD
- 1.50%
- 1Y
- 3.96%
- 3Y*
- 5.74%
- 5Y*
- 3.55%
- 10Y*
- 3.25%
- ALL TIME*
- 3.15%
PYGSX
- 1D
- 0.10%
- 1M
- 0.18%
- 6M
- 0.75%
- YTD
- 1.07%
- 1Y
- 3.07%
- 3Y*
- 5.04%
- 5Y*
- 2.68%
- 10Y*
- 2.45%
- ALL TIME*
- 3.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PYARX vs. PYGSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYARX Payden Absolute Return Bond Fund | 1.50% | 5.84% | 7.55% | 6.22% | -2.74% | 1.13% | 2.81% | 5.52% | 0.95% | 3.40% |
PYGSX Payden Global Low Duration Fund | 1.07% | 5.72% | 5.19% | 5.61% | -3.38% | 0.17% | 3.14% | 4.77% | 0.58% | 1.90% |
Correlation
The correlation between PYARX and PYGSX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.48 |
The correlation between PYARX and PYGSX shifts across timeframes, from 0.39 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PYARX vs. PYGSX — Risk / Return Rank
PYARX
PYGSX
PYARX vs. PYGSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Absolute Return Bond Fund (PYARX) and Payden Global Low Duration Fund (PYGSX). 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 | PYGSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.47 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 2.51 | -0.48 |
| Martin ratioReturn relative to average drawdown | 8.27 | 9.53 | -1.26 |
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Drawdowns
PYARX vs. PYGSX - Drawdown Comparison
The maximum PYARX drawdown since its inception was -15.70%, which is greater than PYGSX's maximum drawdown of -7.29%. Use the drawdown chart below to compare losses from any high point for PYARX and PYGSX.
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Drawdown Indicators
| PYARX | PYGSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -7.29% | -8.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.96% | -1.23% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -2.18% | -1.23% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -6.12% | -5.38% | -0.74% |
Max Drawdown (10Y)Largest decline over 10 years | -15.70% | -7.29% | -8.41% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.72% | -0.49% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.32% | +0.16% |
Volatility
PYARX vs. PYGSX - Volatility Comparison
The current volatility for Payden Absolute Return Bond Fund (PYARX) is 0.37%, while Payden Global Low Duration Fund (PYGSX) has a volatility of 0.40%. This indicates that PYARX experiences smaller price fluctuations and is considered to be less risky than PYGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYARX | PYGSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 0.40% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.39% | 1.21% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 1.45% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.36% | 1.91% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.84% | 1.76% | +1.08% |
PYARX vs. PYGSX - Expense Ratio Comparison
PYARX has a 0.70% expense ratio, which is higher than PYGSX's 0.53% expense ratio.
Dividends
PYARX vs. PYGSX - Dividend Comparison
PYARX's dividend yield for the trailing twelve months is around 6.33%, more than PYGSX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYARX Payden Absolute Return Bond Fund | 6.33% | 6.69% | 6.68% | 5.18% | 3.59% | 2.24% | 2.50% | 3.15% | 3.41% | 2.54% | 2.52% | 2.16% |
PYGSX Payden Global Low Duration Fund | 4.74% | 4.63% | 4.64% | 3.84% | 2.14% | 1.68% | 1.78% | 2.74% | 2.51% | 1.68% | 1.19% | 1.20% |
Frequently Asked Questions
PYARX and PYGSX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYGSX has higher volatility (0.40%) compared to PYARX (0.37%). In terms of maximum drawdown, PYARX dropped -15.70% vs PYGSX's -7.29%.
PYARX currently has the higher Sharpe Ratio (2.43 vs 2.13), 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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