PYCEX vs. PKBIX

Last updated Jun 4, 2026

PYCEX (Payden Emerging Markets Corporate Bond Fund) and PKBIX (Payden/Kravitz Cash Balance Plan Fund) are both mutual funds - PYCEX is a Emerging Markets Bonds fund managed by Paydenfunds, while PKBIX is a Multisector Bonds fund managed by Paydenfunds. Over the past 10 years, PYCEX returned 4.20%/yr vs 3.61%/yr for PKBIX. At a 0.43 correlation, their price movements are largely independent. PYCEX charges 0.65%/yr vs 1.25%/yr for PKBIX.

Performance

PYCEX vs. PKBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Emerging Markets Corporate Bond Fund (PYCEX) and Payden/Kravitz Cash Balance Plan Fund (PKBIX). 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 PKBIX's 1.51% return. Over the past 10 years, PYCEX has outperformed PKBIX with an annualized return of 4.20%, while PKBIX has yielded a comparatively lower 3.61% 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%

PKBIX

• 1D: 0.10%
• 1M: 0.70%
• YTD: 1.51%
• 6M: 1.97%
• 1Y: 6.05%
• 3Y*: 6.78%
• 5Y*: 3.88%
• 10Y*: 3.61%

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

PYCEX vs. PKBIX - 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%
PKBIX Payden/Kravitz Cash Balance Plan Fund	1.51%	6.75%	8.14%	6.21%	-3.89%	3.97%	1.89%	6.36%	0.79%	3.19%

Correlation

The correlation between PYCEX and PKBIX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.43

The correlation between PYCEX and PKBIX shifts across timeframes, from 0.38 (3 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYCEX vs. PKBIX — 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

PKBIX

PKBIX Risk / Return Rank: 83
PKBIX Sharpe Ratio Rank: 91
PKBIX Sortino Ratio Rank: 93
PKBIX Omega Ratio Rank: 93
PKBIX Calmar Ratio Rank: 68
PKBIX Martin Ratio Rank: 71

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. PKBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Corporate Bond Fund (PYCEX) and Payden/Kravitz Cash Balance Plan Fund (PKBIX). 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	PKBIX	Difference
Sharpe ratio Return per unit of total volatility	3.94	3.09	+0.85
Sortino ratio Return per unit of downside risk	6.46	4.80	+1.65
Omega ratio Gain probability vs. loss probability	2.06	1.71	+0.35
Calmar ratio Return relative to maximum drawdown	3.39	3.20	+0.18
Martin ratio Return relative to average drawdown	14.75	13.62	+1.13
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. PKBIX - Sharpe Ratio Comparison

The current PYCEX Sharpe Ratio is 3.94, which is comparable to the PKBIX Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of PYCEX and PKBIX, 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	PKBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.94	3.09	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	1.50	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.18	1.09	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.12	+0.11

Drawdowns

PYCEX vs. PKBIX - Drawdown Comparison

The maximum PYCEX drawdown since its inception was -20.12%, roughly equal to the maximum PKBIX drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for PYCEX and PKBIX.

Drawdown Indicators

	PYCEX	PKBIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.12%	-19.17%	-0.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.37%	-1.90%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-3.15%	-2.11%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-20.12%	-7.05%	-13.07%
Max Drawdown (10Y) Largest decline over 10 years	-20.12%	-19.17%	-0.95%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.00%	-0.92%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.44%	+0.10%

Volatility

PYCEX vs. PKBIX - Volatility Comparison

Payden Emerging Markets Corporate Bond Fund (PYCEX) has a higher volatility of 0.64% compared to Payden/Kravitz Cash Balance Plan Fund (PKBIX) at 0.56%. This indicates that PYCEX's price experiences larger fluctuations and is considered to be riskier than PKBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYCEX	PKBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.56%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	1.58%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	1.97%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.23%	2.60%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	3.33%	+0.25%

PYCEX vs. PKBIX - Expense Ratio Comparison

PYCEX has a 0.65% expense ratio, which is lower than PKBIX's 1.25% expense ratio.

Dividends

PYCEX vs. PKBIX - Dividend Comparison

PYCEX's dividend yield for the trailing twelve months is around 6.33%, less than PKBIX's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PKBIX Payden/Kravitz Cash Balance Plan Fund	8.13%	8.25%	6.95%	5.55%	1.94%	2.18%	3.57%	3.32%	3.27%	2.50%	1.70%	2.00%
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 PKBIX in my portfolio?

PYCEX and PKBIX have a correlation of 0.56, 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 PKBIX?

PYCEX has higher volatility (0.64%) compared to PKBIX (0.56%). In terms of maximum drawdown, PYCEX dropped -20.12% vs PKBIX's -19.17%.

Which has better risk-adjusted returns?

PYCEX currently has the higher Sharpe Ratio (3.94 vs 3.09), 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.