PYCEX vs. DBELX
PYCEX (Payden Emerging Markets Corporate Bond Fund) and DBELX (DoubleLine Emerging Markets Local Currency Bond Fund) are both Emerging Markets Bonds funds. Over the past 5 years, PYCEX returned 2.50%/yr vs 3.56%/yr for DBELX. Their 0.44 correlation means their historical movements had little consistent relationship. PYCEX charges 0.65%/yr vs 0.90%/yr for DBELX.
Performance
PYCEX vs. DBELX - Performance Comparison
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Returns By Period
In the year-to-date period, PYCEX achieves a 1.90% return, which is significantly lower than DBELX's 2.39% return.
PYCEX
- 1D
- 0.00%
- 1M
- -0.37%
- 6M
- 0.92%
- YTD
- 1.90%
- 1Y
- 5.45%
- 3Y*
- 7.46%
- 5Y*
- 2.50%
- 10Y*
- 3.87%
- ALL TIME*
- 4.13%
DBELX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- -0.10%
- YTD
- 2.39%
- 1Y
- 10.25%
- 3Y*
- 6.78%
- 5Y*
- 3.56%
- 10Y*
- —
- ALL TIME*
- 2.14%
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 |
PYCEX vs. DBELX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PYCEX Payden Emerging Markets Corporate Bond Fund | 1.90% | 7.96% | 7.90% | 7.37% | -11.02% | 0.80% | 8.17% | 3.14% |
DBELX DoubleLine Emerging Markets Local Currency Bond Fund | 2.39% | 20.86% | -4.37% | 12.50% | -6.99% | -9.37% | 2.61% | 0.89% |
Correlation
The correlation between PYCEX and DBELX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019 | 0.44 |
The correlation between PYCEX and DBELX shifts across timeframes, from 0.44 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PYCEX vs. DBELX — Risk / Return Rank
PYCEX
DBELX
PYCEX vs. DBELX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Corporate Bond Fund (PYCEX) and DoubleLine Emerging Markets Local Currency Bond Fund (DBELX). 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.
| PYCEX | DBELX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.28 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 1.60 | +0.76 |
| Martin ratioReturn relative to average drawdown | 10.06 | 5.31 | +4.74 |
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Drawdowns
PYCEX vs. DBELX - Drawdown Comparison
The maximum PYCEX drawdown since its inception was -20.12%, smaller than the maximum DBELX drawdown of -21.95%. Use the drawdown chart below to compare losses from any high point for PYCEX and DBELX.
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Drawdown Indicators
| PYCEX | DBELX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.12% | -21.95% | +1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.37% | -6.89% | +4.52% |
Max Drawdown (3Y)Largest decline over 3 years | -3.15% | -8.54% | +5.39% |
Max Drawdown (5Y)Largest decline over 5 years | -20.12% | -17.49% | -2.63% |
Max Drawdown (10Y)Largest decline over 10 years | -20.12% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | -1.80% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -2.96% | -7.09% | +4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 2.07% | -1.52% |
Volatility
PYCEX vs. DBELX - Volatility Comparison
The current volatility for Payden Emerging Markets Corporate Bond Fund (PYCEX) is 0.48%, while DoubleLine Emerging Markets Local Currency Bond Fund (DBELX) has a volatility of 2.09%. This indicates that PYCEX experiences smaller price fluctuations and is considered to be less risky than DBELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYCEX | DBELX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.09% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 6.84% | -5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.05% | 7.61% | -5.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.24% | 7.18% | -3.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.57% | 7.46% | -3.89% |
PYCEX vs. DBELX - Expense Ratio Comparison
PYCEX has a 0.65% expense ratio, which is lower than DBELX's 0.90% expense ratio.
Dividends
PYCEX vs. DBELX - Dividend Comparison
PYCEX's dividend yield for the trailing twelve months is around 6.44%, more than DBELX's 5.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBELX DoubleLine Emerging Markets Local Currency Bond Fund | 5.25% | 4.41% | 3.80% | 2.03% | 2.01% | 1.98% | 1.17% | 1.06% | 0.00% | 0.00% | 0.00% | 0.00% |
PYCEX Payden Emerging Markets Corporate Bond Fund | 6.44% | 6.50% | 6.21% | 5.59% | 4.92% | 5.23% | 4.00% | 4.81% | 5.13% | 4.84% | 4.18% | 4.51% |
Frequently Asked Questions
PYCEX and DBELX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBELX has higher volatility (2.09%) compared to PYCEX (0.48%). In terms of maximum drawdown, PYCEX dropped -20.12% vs DBELX's -21.95%.
PYCEX currently has the higher Sharpe Ratio (2.73 vs 1.45), 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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