PYELX vs. PYGFX

Last updated Aug 5, 2026

PYELX (Payden Emerging Markets Local Bond Fund) and PYGFX (Payden Global Fixed Income Fund) are both mutual funds - PYELX is a Emerging Markets Bonds fund managed by Paydenfunds, while PYGFX is a Global Bonds fund managed by Paydenfunds. Over the past 10 years, PYELX returned 9.80%/yr vs 1.84%/yr for PYGFX. Their 0.26 correlation means their historical movements had little consistent relationship. PYELX charges 0.09%/yr vs 0.70%/yr for PYGFX.

Performance

PYELX vs. PYGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Emerging Markets Local Bond Fund (PYELX) and Payden Global Fixed Income Fund (PYGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYELX achieves a 1.46% return, which is significantly higher than PYGFX's 0.19% return. Over the past 10 years, PYELX has outperformed PYGFX with an annualized return of 9.80%, while PYGFX has yielded a comparatively lower 1.84% annualized return.

PYELX

• 1D: 0.00%
• 1M: -0.01%
• 6M: -1.01%
• YTD: 1.46%
• 1Y: 8.40%
• 3Y*: 34.46%
• 5Y*: 17.63%
• 10Y*: 9.80%
• ALL TIME*: 6.13%

PYGFX

• 1D: 0.27%
• 1M: -0.58%
• 6M: -0.14%
• YTD: 0.19%
• 1Y: 1.99%
• 3Y*: 4.63%
• 5Y*: 0.35%
• 10Y*: 1.84%
• ALL TIME*: 4.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PYELX Payden Emerging Markets Local Bond Fund	$0.00	$0.00	$0.00
PYGFX Payden Global Fixed Income Fund	$0.00	$0.00	$0.00

PYELX vs. PYGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYELX Payden Emerging Markets Local Bond Fund	1.46%	139.58%	-3.48%	13.16%	-11.28%	-7.83%	1.79%	13.92%	-8.16%	15.38%
PYGFX Payden Global Fixed Income Fund	0.19%	5.20%	3.90%	7.34%	-12.37%	-0.89%	5.92%	8.61%	-0.26%	4.11%

Correlation

The correlation between PYELX and PYGFX is 0.59, 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.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.26

Over the past year, PYELX and PYGFX have become more correlated (0.59) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

PYELX vs. PYGFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYELX

PYELX Risk / Return Rank: 34
PYELX Sharpe Ratio Rank: 39
PYELX Sortino Ratio Rank: 39
PYELX Omega Ratio Rank: 42
PYELX Calmar Ratio Rank: 25
PYELX Martin Ratio Rank: 24

PYGFX

PYGFX Risk / Return Rank: 15
PYGFX Sharpe Ratio Rank: 16
PYGFX Sortino Ratio Rank: 16
PYGFX Omega Ratio Rank: 16
PYGFX Calmar Ratio Rank: 13
PYGFX Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PYELX vs. PYGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Local Bond Fund (PYELX) and Payden Global Fixed Income Fund (PYGFX). 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.

	PYELX	PYGFX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.73	+0.63
Sortino ratio: Return per unit of downside risk	1.94	1.06	+0.88
Omega ratio: Gain probability vs. loss probability	1.26	1.13	+0.13
Calmar ratio: Return relative to maximum drawdown	1.26	0.71	+0.55
Martin ratio: Return relative to average drawdown	3.78	1.89	+1.89

PYELX vs. PYGFX - Sharpe Ratio Comparison

The current PYELX Sharpe Ratio is 1.35, which is higher than the PYGFX Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of PYELX and PYGFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PYELX vs. PYGFX - Drawdown Comparison

The maximum PYELX drawdown since its inception was -35.29%, which is greater than PYGFX's maximum drawdown of -15.94%. Use the drawdown chart below to compare losses from any high point for PYELX and PYGFX.

Drawdown Indicators

	PYELX	PYGFX	Difference
Max Drawdown Largest peak-to-trough decline	-35.29%	-15.94%	-19.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-3.20%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-8.12%	-3.55%	-4.57%
Max Drawdown (5Y) Largest decline over 5 years	-24.24%	-15.94%	-8.30%
Max Drawdown (10Y) Largest decline over 10 years	-26.58%	-15.94%	-10.64%
Current Drawdown Current decline from peak	-2.34%	-1.68%	-0.66%
Average Drawdown Average peak-to-trough decline	-16.27%	-2.07%	-14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.20%	+1.20%

Volatility

PYELX vs. PYGFX - Volatility Comparison

Payden Emerging Markets Local Bond Fund (PYELX) has a higher volatility of 1.69% compared to Payden Global Fixed Income Fund (PYGFX) at 0.82%. This indicates that PYELX's price experiences larger fluctuations and is considered to be riskier than PYGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYELX	PYGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	0.82%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	2.70%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	3.12%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.35%	4.35%	+41.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.69%	3.66%	+29.03%

PYELX vs. PYGFX - Expense Ratio Comparison

PYELX has a 0.09% expense ratio, which is lower than PYGFX's 0.70% expense ratio.

Dividends

PYELX vs. PYGFX - Dividend Comparison

PYELX's dividend yield for the trailing twelve months is around 7.14%, more than PYGFX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYELX Payden Emerging Markets Local Bond Fund	7.14%	6.28%	7.08%	5.38%	5.93%	5.36%	4.69%	5.46%	6.67%	6.15%	5.44%	5.26%
PYGFX Payden Global Fixed Income Fund	4.14%	3.88%	3.69%	2.71%	8.25%	3.18%	2.69%	3.07%	5.39%	1.91%	1.48%	3.00%

Frequently Asked Questions

Can I hold both PYELX and PYGFX in my portfolio?

PYELX and PYGFX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYELX or PYGFX?

PYELX has higher volatility (1.69%) compared to PYGFX (0.82%). In terms of maximum drawdown, PYELX dropped -35.29% vs PYGFX's -15.94%.

Which has better risk-adjusted returns?

PYELX currently has the higher Sharpe Ratio (1.35 vs 0.73), 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.