PYCBX vs. PYARX
PYCBX (Payden Core Bond Fund) and PYARX (Payden Absolute Return Bond Fund) are both mutual funds - PYCBX is a Intermediate Core-Plus Bond fund managed by Paydenfunds, while PYARX is a Nontraditional Bonds fund managed by Paydenfunds. Over the past 10 years, PYCBX returned 1.80%/yr vs 3.22%/yr for PYARX. Their 0.46 correlation means their historical movements had little consistent relationship. PYCBX charges 0.53%/yr vs 0.70%/yr for PYARX.
Performance
PYCBX vs. PYARX - Performance Comparison
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Returns By Period
In the year-to-date period, PYCBX achieves a -0.40% return, which is significantly lower than PYARX's 1.28% return. Over the past 10 years, PYCBX has underperformed PYARX with an annualized return of 1.80%, while PYARX has yielded a comparatively higher 3.22% annualized return.
PYCBX
- 1D
- 0.09%
- 1M
- -0.89%
- 6M
- -0.72%
- YTD
- -0.40%
- 1Y
- 2.47%
- 3Y*
- 4.46%
- 5Y*
- 0.07%
- 10Y*
- 1.80%
- ALL TIME*
- 4.04%
PYARX
- 1D
- 0.06%
- 1M
- 0.28%
- 6M
- 0.75%
- YTD
- 1.28%
- 1Y
- 3.74%
- 3Y*
- 5.66%
- 5Y*
- 3.51%
- 10Y*
- 3.22%
- ALL TIME*
- 3.13%
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 |
PYCBX vs. PYARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYCBX Payden Core Bond Fund | -0.40% | 7.69% | 2.55% | 6.57% | -13.55% | -1.00% | 6.93% | 9.27% | -1.26% | 5.25% |
PYARX Payden Absolute Return Bond Fund | 1.28% | 5.84% | 7.55% | 6.22% | -2.74% | 1.13% | 2.81% | 5.52% | 0.95% | 3.40% |
Correlation
The correlation between PYCBX and PYARX is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.46 |
The correlation between PYCBX and PYARX shifts across timeframes, from 0.37 (3 years) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PYCBX vs. PYARX — Risk / Return Rank
PYCBX
PYARX
PYCBX vs. PYARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Core Bond Fund (PYCBX) and Payden Absolute Return Bond Fund (PYARX). 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.
| PYCBX | PYARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.59 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.08 | -0.94 |
| Martin ratioReturn relative to average drawdown | 2.78 | 8.49 | -5.71 |
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Drawdowns
PYCBX vs. PYARX - Drawdown Comparison
The maximum PYCBX drawdown since its inception was -18.59%, which is greater than PYARX's maximum drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for PYCBX and PYARX.
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Drawdown Indicators
| PYCBX | PYARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.59% | -15.70% | -2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -1.96% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -5.19% | -2.18% | -3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -18.59% | -6.12% | -12.47% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -15.70% | -2.89% |
Current DrawdownCurrent decline from peak | -2.26% | -0.15% | -2.11% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -0.72% | -1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 0.48% | +0.73% |
Volatility
PYCBX vs. PYARX - Volatility Comparison
Payden Core Bond Fund (PYCBX) has a higher volatility of 0.97% compared to Payden Absolute Return Bond Fund (PYARX) at 0.36%. This indicates that PYCBX's price experiences larger fluctuations and is considered to be riskier than PYARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYCBX | PYARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.36% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 1.39% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 1.69% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 2.36% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 2.84% | +1.87% |
PYCBX vs. PYARX - Expense Ratio Comparison
PYCBX has a 0.53% expense ratio, which is lower than PYARX's 0.70% expense ratio.
Dividends
PYCBX vs. PYARX - Dividend Comparison
PYCBX's dividend yield for the trailing twelve months is around 4.62%, less than PYARX's 6.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYARX Payden Absolute Return Bond Fund | 6.34% | 6.69% | 6.68% | 5.18% | 3.59% | 2.24% | 2.50% | 3.15% | 3.41% | 2.54% | 2.52% | 2.16% |
PYCBX Payden Core Bond Fund | 4.62% | 4.78% | 4.63% | 3.76% | 3.21% | 2.39% | 3.96% | 3.04% | 3.27% | 3.13% | 3.85% | 2.84% |
Frequently Asked Questions
PYCBX and PYARX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYCBX has higher volatility (0.97%) compared to PYARX (0.36%). In terms of maximum drawdown, PYCBX dropped -18.59% vs PYARX's -15.70%.
PYARX currently has the higher Sharpe Ratio (2.42 vs 0.91), 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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