PYCRX vs. PYCBX
PYCRX (Payden California Municipal Social Impact Fund) and PYCBX (Payden Core Bond Fund) are both mutual funds - PYCRX is a Municipal Bonds fund managed by Paydenfunds, while PYCBX is a Intermediate Core-Plus Bond fund managed by Paydenfunds. Over the past 10 years, PYCRX returned 2.67%/yr vs 2.05%/yr for PYCBX. A 0.54 correlation means they provide meaningful diversification when combined. PYCRX charges 0.45%/yr vs 0.53%/yr for PYCBX.
Performance
PYCRX vs. PYCBX - Performance Comparison
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Returns By Period
In the year-to-date period, PYCRX achieves a 1.18% return, which is significantly higher than PYCBX's 0.39% return. Over the past 10 years, PYCRX has outperformed PYCBX with an annualized return of 2.67%, while PYCBX has yielded a comparatively lower 2.05% annualized return.
PYCRX
- 1D
- 0.00%
- 1M
- 1.29%
- YTD
- 1.18%
- 6M
- 1.48%
- 1Y
- 6.04%
- 3Y*
- 4.55%
- 5Y*
- 1.98%
- 10Y*
- 2.67%
PYCBX
- 1D
- 0.11%
- 1M
- 0.76%
- YTD
- 0.39%
- 6M
- 0.41%
- 1Y
- 4.62%
- 3Y*
- 4.69%
- 5Y*
- 0.45%
- 10Y*
- 2.05%
PYCRX vs. PYCBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYCRX Payden California Municipal Social Impact Fund | 1.18% | 6.37% | 2.57% | 6.16% | -6.38% | 0.76% | 5.58% | 8.21% | 0.57% | 6.04% |
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% |
Correlation
The correlation between PYCRX and PYCBX is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999 | 0.54 |
The correlation between PYCRX and PYCBX has been stable across timeframes, ranging from 0.54 to 0.64 - a consistent structural relationship.
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Return for Risk
PYCRX vs. PYCBX — Risk / Return Rank
PYCRX
PYCBX
PYCRX vs. PYCBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden California Municipal Social Impact Fund (PYCRX) and Payden Core Bond Fund (PYCBX). 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.
| PYCRX | PYCBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.23 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.64 | +0.42 |
| Martin ratioReturn relative to average drawdown | 6.19 | 4.54 | +1.65 |
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Drawdowns
PYCRX vs. PYCBX - Drawdown Comparison
The maximum PYCRX drawdown since its inception was -10.80%, smaller than the maximum PYCBX drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for PYCRX and PYCBX.
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Drawdown Indicators
| PYCRX | PYCBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.80% | -18.59% | +7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -2.97% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -6.23% | +2.17% |
Max Drawdown (5Y)Largest decline over 5 years | -10.80% | -18.59% | +7.79% |
Max Drawdown (10Y)Largest decline over 10 years | -10.80% | -18.59% | +7.79% |
Current DrawdownCurrent decline from peak | -1.14% | -1.49% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -1.42% | -2.41% | +0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.07% | -0.09% |
Volatility
PYCRX vs. PYCBX - Volatility Comparison
The current volatility for Payden California Municipal Social Impact Fund (PYCRX) is 0.72%, while Payden Core Bond Fund (PYCBX) has a volatility of 1.10%. This indicates that PYCRX experiences smaller price fluctuations and is considered to be less risky than PYCBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYCRX | PYCBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 1.10% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 2.85% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 3.75% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 5.74% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.25% | 4.71% | -1.46% |
PYCRX vs. PYCBX - Expense Ratio Comparison
PYCRX has a 0.45% expense ratio, which is lower than PYCBX's 0.53% expense ratio.
Dividends
PYCRX vs. PYCBX - Dividend Comparison
PYCRX's dividend yield for the trailing twelve months is around 3.41%, less than PYCBX's 4.57% 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% |
PYCRX Payden California Municipal Social Impact Fund | 3.41% | 4.58% | 4.06% | 2.78% | 1.82% | 1.23% | 3.72% | 4.89% | 2.43% | 2.28% | 3.47% | 3.34% |
Frequently Asked Questions
PYCRX and PYCBX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYCBX has higher volatility (1.10%) compared to PYCRX (0.72%). In terms of maximum drawdown, PYCRX dropped -10.80% vs PYCBX's -18.59%.
PYCRX currently has the higher Sharpe Ratio (2.44 vs 1.30), 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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