PYELX vs. SEDAX

Last updated Aug 5, 2026

PYELX (Payden Emerging Markets Local Bond Fund) and SEDAX (SEI Institutional Investments Trust Emerging Markets Debt Fund) are both Emerging Markets Bonds funds. Over the past 10 years, PYELX returned 9.80%/yr vs 3.92%/yr for SEDAX. Their correlation of 0.80 means they have usually moved in the same direction. PYELX charges 0.09%/yr vs 0.41%/yr for SEDAX.

Performance

PYELX vs. SEDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Emerging Markets Local Bond Fund (PYELX) and SEI Institutional Investments Trust Emerging Markets Debt Fund (SEDAX). 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 lower than SEDAX's 4.51% return. Over the past 10 years, PYELX has outperformed SEDAX with an annualized return of 9.80%, while SEDAX has yielded a comparatively lower 3.92% 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%

SEDAX

• 1D: 0.43%
• 1M: 0.03%
• 6M: 1.43%
• YTD: 4.51%
• 1Y: 13.07%
• 3Y*: 10.39%
• 5Y*: 3.81%
• 10Y*: 3.92%
• ALL TIME*: 3.29%

*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
SEDAX SEI Institutional Investments Trust Emerging Markets Debt Fund	$0.00	$0.00	$0.00

PYELX vs. SEDAX - 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%
SEDAX SEI Institutional Investments Trust Emerging Markets Debt Fund	4.51%	20.33%	3.13%	12.86%	-14.53%	-4.93%	4.68%	15.55%	-8.11%	15.32%

Correlation

The correlation between PYELX and SEDAX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.80

The correlation between PYELX and SEDAX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

Return for Risk

PYELX vs. SEDAX — 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

SEDAX

SEDAX Risk / Return Rank: 83
SEDAX Sharpe Ratio Rank: 90
SEDAX Sortino Ratio Rank: 93
SEDAX Omega Ratio Rank: 92
SEDAX Calmar Ratio Rank: 68
SEDAX Martin Ratio Rank: 71

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. SEDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Local Bond Fund (PYELX) and SEI Institutional Investments Trust Emerging Markets Debt Fund (SEDAX). 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	SEDAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.35	-1.00
Sortino ratio: Return per unit of downside risk	1.94	3.66	-1.72
Omega ratio: Gain probability vs. loss probability	1.26	1.49	-0.23
Calmar ratio: Return relative to maximum drawdown	1.26	2.48	-1.22
Martin ratio: Return relative to average drawdown	3.78	9.79	-6.01

PYELX vs. SEDAX - Sharpe Ratio Comparison

The current PYELX Sharpe Ratio is 1.35, which is lower than the SEDAX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of PYELX and SEDAX, 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. SEDAX - Drawdown Comparison

The maximum PYELX drawdown since its inception was -35.29%, roughly equal to the maximum SEDAX drawdown of -37.03%. Use the drawdown chart below to compare losses from any high point for PYELX and SEDAX.

Drawdown Indicators

	PYELX	SEDAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.29%	-37.03%	+1.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-5.49%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-8.12%	-8.17%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.24%	-26.86%	+2.62%
Max Drawdown (10Y) Largest decline over 10 years	-26.58%	-27.25%	+0.67%
Current Drawdown Current decline from peak	-2.34%	-0.50%	-1.84%
Average Drawdown Average peak-to-trough decline	-16.27%	-6.74%	-9.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.39%	+1.01%

Volatility

PYELX vs. SEDAX - Volatility Comparison

Payden Emerging Markets Local Bond Fund (PYELX) has a higher volatility of 1.69% compared to SEI Institutional Investments Trust Emerging Markets Debt Fund (SEDAX) at 1.24%. This indicates that PYELX's price experiences larger fluctuations and is considered to be riskier than SEDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYELX	SEDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	1.24%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	5.13%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	5.82%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.35%	7.05%	+38.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.69%	8.38%	+24.31%

PYELX vs. SEDAX - Expense Ratio Comparison

PYELX has a 0.09% expense ratio, which is lower than SEDAX's 0.41% expense ratio.

Dividends

PYELX vs. SEDAX - Dividend Comparison

PYELX's dividend yield for the trailing twelve months is around 7.14%, less than SEDAX's 8.57% 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%
SEDAX SEI Institutional Investments Trust Emerging Markets Debt Fund	8.57%	7.30%	7.24%	4.65%	2.08%	4.69%	1.52%	3.75%	3.17%	4.70%	3.59%	1.00%

Frequently Asked Questions

Can I hold both PYELX and SEDAX in my portfolio?

PYELX and SEDAX have a correlation of 0.86, 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 SEDAX?

PYELX has higher volatility (1.69%) compared to SEDAX (1.24%). In terms of maximum drawdown, PYELX dropped -35.29% vs SEDAX's -37.03%.

Which has better risk-adjusted returns?

SEDAX currently has the higher Sharpe Ratio (2.35 vs 1.35), 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.