PYARX vs. RPIEX
PYARX (Payden Absolute Return Bond Fund) and RPIEX (T. Rowe Price Dynamic Global Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, PYARX returned 3.31%/yr vs 2.29%/yr for RPIEX. At a 0.01 correlation, their price movements are largely independent. PYARX charges 0.70%/yr vs 0.71%/yr for RPIEX.
Performance
PYARX vs. RPIEX - Performance Comparison
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Returns By Period
In the year-to-date period, PYARX achieves a 0.82% return, which is significantly lower than RPIEX's 2.75% return. Over the past 10 years, PYARX has outperformed RPIEX with an annualized return of 3.31%, while RPIEX has yielded a comparatively lower 2.29% annualized return.
PYARX
- 1D
- 0.00%
- 1M
- 0.42%
- YTD
- 0.82%
- 6M
- 1.20%
- 1Y
- 4.76%
- 3Y*
- 5.88%
- 5Y*
- 3.44%
- 10Y*
- 3.31%
RPIEX
- 1D
- -0.13%
- 1M
- 1.00%
- YTD
- 2.75%
- 6M
- 4.12%
- 1Y
- 4.95%
- 3Y*
- 3.89%
- 5Y*
- 1.86%
- 10Y*
- 2.29%
PYARX vs. RPIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYARX Payden Absolute Return Bond Fund | 0.82% | 5.84% | 7.55% | 6.22% | -2.74% | 1.13% | 2.81% | 5.52% | 0.95% | 3.40% |
RPIEX T. Rowe Price Dynamic Global Bond Fund | 2.75% | 4.82% | 6.83% | -4.51% | 3.08% | 0.08% | 9.42% | -0.39% | 0.89% | -1.89% |
Correlation
The correlation between PYARX and RPIEX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016 | 0.01 |
The correlation between PYARX and RPIEX shifts across timeframes, from -0.01 (5 years) to 0.15 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PYARX vs. RPIEX — Risk / Return Rank
PYARX
RPIEX
PYARX vs. RPIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Absolute Return Bond Fund (PYARX) and T. Rowe Price Dynamic Global Bond Fund (RPIEX). 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.
| PYARX | RPIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.25 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 1.37 | +1.07 |
| Martin ratioReturn relative to average drawdown | 9.86 | 4.59 | +5.28 |
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
| PYARX | RPIEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 1.14 | +1.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.47 | 0.38 | +1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.17 | 0.55 | +0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.17 | 0.58 | +0.59 |
Drawdowns
PYARX vs. RPIEX - Drawdown Comparison
The maximum PYARX drawdown since its inception was -15.70%, which is greater than RPIEX's maximum drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for PYARX and RPIEX.
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Drawdown Indicators
| PYARX | RPIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -9.59% | -6.11% |
Max Drawdown (1Y)Largest decline over 1 year | -1.96% | -3.64% | +1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -2.18% | -3.64% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -6.12% | -9.59% | +3.47% |
Max Drawdown (10Y)Largest decline over 10 years | -15.70% | -9.59% | -6.11% |
Current DrawdownCurrent decline from peak | -0.13% | -0.26% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -2.48% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 1.08% | -0.60% |
Volatility
PYARX vs. RPIEX - Volatility Comparison
The current volatility for Payden Absolute Return Bond Fund (PYARX) is 0.40%, while T. Rowe Price Dynamic Global Bond Fund (RPIEX) has a volatility of 0.86%. This indicates that PYARX experiences smaller price fluctuations and is considered to be less risky than RPIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYARX | RPIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.86% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 1.38% | 3.87% | -2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.82% | 4.36% | -2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.35% | 4.92% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.84% | 4.19% | -1.35% |
PYARX vs. RPIEX - Expense Ratio Comparison
PYARX has a 0.70% expense ratio, which is lower than RPIEX's 0.71% expense ratio.
Dividends
PYARX vs. RPIEX - Dividend Comparison
PYARX's dividend yield for the trailing twelve months is around 6.24%, less than RPIEX's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYARX Payden Absolute Return Bond Fund | 6.24% | 6.69% | 6.68% | 5.18% | 3.59% | 2.24% | 2.50% | 3.15% | 3.41% | 2.54% | 2.52% | 2.16% |
RPIEX T. Rowe Price Dynamic Global Bond Fund | 7.55% | 7.69% | 6.32% | 4.68% | 15.28% | 3.76% | 1.93% | 2.51% | 4.36% | 0.61% | 2.72% | 0.00% |
Frequently Asked Questions
PYARX and RPIEX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPIEX has higher volatility (0.86%) compared to PYARX (0.40%). In terms of maximum drawdown, PYARX dropped -15.70% vs RPIEX's -9.59%.
PYARX currently has the higher Sharpe Ratio (2.63 vs 1.14), 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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