PYCEX vs. DLENX

Last updated Jun 4, 2026

PYCEX (Payden Emerging Markets Corporate Bond Fund) and DLENX (DoubleLine Emerging Markets Fixed Income Fund Class N) are both Emerging Markets Bonds funds. Over the past 10 years, PYCEX returned 4.20%/yr vs 3.62%/yr for DLENX. A 0.70 correlation means they provide meaningful diversification when combined. PYCEX charges 0.65%/yr vs 1.18%/yr for DLENX.

Performance

PYCEX vs. DLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Emerging Markets Corporate Bond Fund (PYCEX) and DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYCEX achieves a 1.98% return, which is significantly higher than DLENX's 1.27% return. Over the past 10 years, PYCEX has outperformed DLENX with an annualized return of 4.20%, while DLENX has yielded a comparatively lower 3.62% annualized return.

PYCEX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.98%
• 6M: 2.56%
• 1Y: 7.98%
• 3Y*: 7.96%
• 5Y*: 2.59%
• 10Y*: 4.20%

DLENX

• 1D: 0.11%
• 1M: 0.34%
• YTD: 1.27%
• 6M: 1.61%
• 1Y: 6.35%
• 3Y*: 8.05%
• 5Y*: 1.93%
• 10Y*: 3.62%

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

PYCEX vs. DLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYCEX Payden Emerging Markets Corporate Bond Fund	1.98%	7.96%	7.90%	7.37%	-11.02%	0.80%	8.17%	11.90%	-3.33%	9.13%
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	1.27%	8.11%	7.92%	9.36%	-15.50%	1.71%	4.66%	11.71%	-3.54%	8.31%

Correlation

The correlation between PYCEX and DLENX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.70

The correlation between PYCEX and DLENX has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

Return for Risk

PYCEX vs. DLENX — Risk / Return Rank

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

PYCEX

PYCEX Risk / Return Rank: 89
PYCEX Sharpe Ratio Rank: 98
PYCEX Sortino Ratio Rank: 98
PYCEX Omega Ratio Rank: 98
PYCEX Calmar Ratio Rank: 74
PYCEX Martin Ratio Rank: 78

DLENX

DLENX Risk / Return Rank: 88
DLENX Sharpe Ratio Rank: 95
DLENX Sortino Ratio Rank: 95
DLENX Omega Ratio Rank: 95
DLENX Calmar Ratio Rank: 78
DLENX Martin Ratio Rank: 75

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.

PYCEX vs. DLENX - 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 Fixed Income Fund Class N (DLENX). 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.

	PYCEX	DLENX	Difference
Sharpe ratio: Return per unit of total volatility	3.94	3.39	+0.56
Sortino ratio: Return per unit of downside risk	6.46	5.06	+1.40
Omega ratio: Gain probability vs. loss probability	2.06	1.80	+0.26
Calmar ratio: Return relative to maximum drawdown	3.39	3.56	-0.17
Martin ratio: Return relative to average drawdown	14.75	14.16	+0.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYCEX vs. DLENX - Sharpe Ratio Comparison

The current PYCEX Sharpe Ratio is 3.94, which is comparable to the DLENX Sharpe Ratio of 3.39. The chart below compares the historical Sharpe Ratios of PYCEX and DLENX, 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

	PYCEX	DLENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.94	3.39	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.42	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.18	0.78	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	0.95	+0.28

Drawdowns

PYCEX vs. DLENX - Drawdown Comparison

The maximum PYCEX drawdown since its inception was -20.12%, smaller than the maximum DLENX drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for PYCEX and DLENX.

Drawdown Indicators

	PYCEX	DLENX	Difference
Max Drawdown Largest peak-to-trough decline	-20.12%	-25.64%	+5.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.37%	-1.83%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-3.15%	-4.58%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-20.12%	-25.64%	+5.52%
Max Drawdown (10Y) Largest decline over 10 years	-20.12%	-25.64%	+5.52%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.00%	-3.61%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.46%	+0.08%

Volatility

PYCEX vs. DLENX - Volatility Comparison

The current volatility for Payden Emerging Markets Corporate Bond Fund (PYCEX) is 0.64%, while DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX) has a volatility of 0.68%. This indicates that PYCEX experiences smaller price fluctuations and is considered to be less risky than DLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYCEX	DLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.68%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	1.43%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	1.92%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.23%	4.55%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	4.65%	-1.07%

PYCEX vs. DLENX - Expense Ratio Comparison

PYCEX has a 0.65% expense ratio, which is lower than DLENX's 1.18% expense ratio.

Dividends

PYCEX vs. DLENX - Dividend Comparison

PYCEX's dividend yield for the trailing twelve months is around 6.33%, more than DLENX's 5.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	5.31%	5.33%	5.71%	5.29%	4.49%	3.74%	4.11%	4.49%	3.57%	4.07%	4.29%	4.94%
PYCEX Payden Emerging Markets Corporate Bond Fund	6.33%	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

Can I hold both PYCEX and DLENX in my portfolio?

PYCEX and DLENX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYCEX or DLENX?

DLENX has higher volatility (0.68%) compared to PYCEX (0.64%). In terms of maximum drawdown, PYCEX dropped -20.12% vs DLENX's -25.64%.

Which has better risk-adjusted returns?

PYCEX currently has the higher Sharpe Ratio (3.94 vs 3.39), 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.