PYCBX vs. PYGSX
PYCBX (Payden Core Bond Fund) and PYGSX (Payden Global Low Duration Fund) are both mutual funds - PYCBX is a Intermediate Core-Plus Bond fund managed by Paydenfunds, while PYGSX is a Global Bonds fund managed by Paydenfunds. Over the past 10 years, PYCBX returned 2.04%/yr vs 2.42%/yr for PYGSX. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.53% expense ratio.
Performance
PYCBX vs. PYGSX - Performance Comparison
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Returns By Period
In the year-to-date period, PYCBX achieves a 0.28% return, which is significantly lower than PYGSX's 0.54% return. Over the past 10 years, PYCBX has underperformed PYGSX with an annualized return of 2.04%, while PYGSX has yielded a comparatively higher 2.42% annualized return.
PYCBX
- 1D
- -0.22%
- 1M
- 0.65%
- YTD
- 0.28%
- 6M
- 0.52%
- 1Y
- 4.74%
- 3Y*
- 4.65%
- 5Y*
- 0.45%
- 10Y*
- 2.04%
PYGSX
- 1D
- -0.10%
- 1M
- 0.18%
- YTD
- 0.54%
- 6M
- 0.75%
- 1Y
- 3.41%
- 3Y*
- 5.09%
- 5Y*
- 2.61%
- 10Y*
- 2.42%
PYCBX vs. PYGSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYCBX Payden Core Bond Fund | 0.28% | 7.69% | 2.55% | 6.57% | -13.55% | -1.00% | 6.93% | 9.27% | -1.26% | 5.25% |
PYGSX Payden Global Low Duration Fund | 0.54% | 5.72% | 5.19% | 5.61% | -3.38% | 0.17% | 3.14% | 4.77% | 0.58% | 1.90% |
Correlation
The correlation between PYCBX and PYGSX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997 | 0.60 |
The correlation between PYCBX and PYGSX shifts across timeframes, from 0.60 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PYCBX vs. PYGSX — Risk / Return Rank
PYCBX
PYGSX
PYCBX vs. PYGSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Core Bond Fund (PYCBX) 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.
| PYCBX | PYGSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.53 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.88 | -1.16 |
| Martin ratioReturn relative to average drawdown | 4.77 | 10.94 | -6.16 |
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Drawdowns
PYCBX vs. PYGSX - Drawdown Comparison
The maximum PYCBX drawdown since its inception was -18.59%, which is greater than PYGSX's maximum drawdown of -7.29%. Use the drawdown chart below to compare losses from any high point for PYCBX and PYGSX.
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Drawdown Indicators
| PYCBX | PYGSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.59% | -7.29% | -11.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -1.23% | -1.74% |
Max Drawdown (3Y)Largest decline over 3 years | -6.23% | -1.23% | -5.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.59% | -5.38% | -13.21% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -7.29% | -11.30% |
Current DrawdownCurrent decline from peak | -1.59% | -0.46% | -1.13% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -0.49% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.32% | +0.75% |
Volatility
PYCBX vs. PYGSX - Volatility Comparison
Payden Core Bond Fund (PYCBX) has a higher volatility of 1.09% compared to Payden Global Low Duration Fund (PYGSX) at 0.57%. This indicates that PYCBX's price experiences larger fluctuations and is considered to be riskier 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
| PYCBX | PYGSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.57% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 1.18% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 1.56% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 1.90% | +3.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 1.75% | +2.96% |
PYCBX vs. PYGSX - Expense Ratio Comparison
Both PYCBX and PYGSX have an expense ratio of 0.53%.
Dividends
PYCBX vs. PYGSX - Dividend Comparison
PYCBX's dividend yield for the trailing twelve months is around 4.57%, less than PYGSX's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYCBX Payden Core Bond Fund | 4.57% | 4.78% | 4.63% | 3.76% | 3.21% | 2.39% | 3.96% | 3.04% | 3.27% | 3.13% | 3.85% | 2.84% |
PYGSX Payden Global Low Duration Fund | 4.65% | 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
PYCBX and PYGSX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYCBX has higher volatility (1.09%) compared to PYGSX (0.57%). In terms of maximum drawdown, PYCBX dropped -18.59% vs PYGSX's -7.29%.
PYGSX currently has the higher Sharpe Ratio (2.27 vs 1.36), 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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