PYCBX vs. PYLMX

Last updated Jun 4, 2026

PYCBX (Payden Core Bond Fund) and PYLMX (Payden Limited Maturity Fund) are both mutual funds - PYCBX is a Intermediate Core-Plus Bond fund managed by Paydenfunds, while PYLMX is a Ultrashort Bond fund managed by Paydenfunds. Over the past 10 years, PYCBX returned 2.09%/yr vs 2.77%/yr for PYLMX. At a 0.32 correlation, their price movements are largely independent. PYCBX charges 0.53%/yr vs 0.25%/yr for PYLMX.

Performance

PYCBX vs. PYLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Core Bond Fund (PYCBX) and Payden Limited Maturity Fund (PYLMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYCBX achieves a 0.39% return, which is significantly lower than PYLMX's 1.39% return. Over the past 10 years, PYCBX has underperformed PYLMX with an annualized return of 2.09%, while PYLMX has yielded a comparatively higher 2.77% annualized return.

PYCBX

• 1D: 0.11%
• 1M: 0.54%
• YTD: 0.39%
• 6M: 0.41%
• 1Y: 6.12%
• 3Y*: 4.81%
• 5Y*: 0.58%
• 10Y*: 2.09%

PYLMX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.39%
• 6M: 1.79%
• 1Y: 4.61%
• 3Y*: 5.24%
• 5Y*: 3.70%
• 10Y*: 2.77%

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

PYCBX vs. PYLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYCBX Payden Core Bond Fund	0.39%	7.69%	2.55%	6.57%	-13.55%	-1.00%	6.93%	9.27%	-1.26%	5.25%
PYLMX Payden Limited Maturity Fund	1.39%	5.22%	6.08%	5.34%	0.56%	0.19%	1.85%	3.34%	1.76%	1.64%

Correlation

The correlation between PYCBX and PYLMX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.32

The correlation between PYCBX and PYLMX shifts across timeframes, from 0.30 (10 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYCBX vs. PYLMX — Risk / Return Rank

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

PYCBX

PYCBX Risk / Return Rank: 31
PYCBX Sharpe Ratio Rank: 33
PYCBX Sortino Ratio Rank: 35
PYCBX Omega Ratio Rank: 32
PYCBX Calmar Ratio Rank: 32
PYCBX Martin Ratio Rank: 26

PYLMX

PYLMX Risk / Return Rank: 97
PYLMX Sharpe Ratio Rank: 89
PYLMX Sortino Ratio Rank: 99
PYLMX Omega Ratio Rank: 98
PYLMX Calmar Ratio Rank: 98
PYLMX Martin Ratio Rank: 98

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.

PYCBX vs. PYLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Core Bond Fund (PYCBX) and Payden Limited Maturity Fund (PYLMX). 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.

	PYCBX	PYLMX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.96	-1.31
Sortino ratio: Return per unit of downside risk	2.46	8.04	-5.58
Omega ratio: Gain probability vs. loss probability	1.30	2.49	-1.19
Calmar ratio: Return relative to maximum drawdown	2.11	8.87	-6.75
Martin ratio: Return relative to average drawdown	6.24	38.00	-31.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYCBX vs. PYLMX - Sharpe Ratio Comparison

The current PYCBX Sharpe Ratio is 1.65, which is lower than the PYLMX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of PYCBX and PYLMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PYCBX	PYLMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	2.96	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	2.74	-2.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	2.13	-1.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	2.39	-1.44

Drawdowns

PYCBX vs. PYLMX - Drawdown Comparison

The maximum PYCBX drawdown since its inception was -18.59%, which is greater than PYLMX's maximum drawdown of -5.56%. Use the drawdown chart below to compare losses from any high point for PYCBX and PYLMX.

Drawdown Indicators

	PYCBX	PYLMX	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-5.56%	-13.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-0.52%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-6.23%	-0.52%	-5.71%
Max Drawdown (5Y) Largest decline over 5 years	-18.59%	-1.24%	-17.35%
Max Drawdown (10Y) Largest decline over 10 years	-18.59%	-5.56%	-13.03%
Current Drawdown Current decline from peak	-1.49%	0.00%	-1.49%
Average Drawdown Average peak-to-trough decline	-2.41%	-0.16%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.12%	+0.88%

Volatility

PYCBX vs. PYLMX - Volatility Comparison

Payden Core Bond Fund (PYCBX) has a higher volatility of 1.34% compared to Payden Limited Maturity Fund (PYLMX) at 0.48%. This indicates that PYCBX's price experiences larger fluctuations and is considered to be riskier than PYLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYCBX	PYLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	0.48%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	1.09%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	1.56%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	1.36%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	1.31%	+3.39%

PYCBX vs. PYLMX - Expense Ratio Comparison

PYCBX has a 0.53% expense ratio, which is higher than PYLMX's 0.25% expense ratio.

Dividends

PYCBX vs. PYLMX - Dividend Comparison

PYCBX's dividend yield for the trailing twelve months is around 4.57%, more than PYLMX's 4.51% 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%
PYLMX Payden Limited Maturity Fund	4.51%	4.96%	5.36%	3.79%	1.83%	0.50%	1.39%	2.54%	2.28%	1.42%	0.91%	0.73%

Frequently Asked Questions

Can I hold both PYCBX and PYLMX in my portfolio?

PYCBX and PYLMX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYCBX or PYLMX?

PYCBX has higher volatility (1.34%) compared to PYLMX (0.48%). In terms of maximum drawdown, PYCBX dropped -18.59% vs PYLMX's -5.56%.

Which has better risk-adjusted returns?

PYLMX currently has the higher Sharpe Ratio (2.96 vs 1.65), 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.