PYEMX vs. AGNC
PYEMX (Payden Emerging Markets Bond Fund) is Emerging Markets Bonds fund managed by Paydenfunds, while AGNC (AGNC Investment Corp.) is a stock. Over the past 10 years, PYEMX returned 4.41%/yr vs 6.26%/yr for AGNC. At a 0.25 correlation, their price movements are largely independent.
Performance
PYEMX vs. AGNC - Performance Comparison
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Returns By Period
In the year-to-date period, PYEMX achieves a 3.33% return, which is significantly higher than AGNC's 2.94% return. Over the past 10 years, PYEMX has underperformed AGNC with an annualized return of 4.41%, while AGNC has yielded a comparatively higher 6.26% annualized return.
PYEMX
- 1D
- -0.09%
- 1M
- 2.12%
- YTD
- 3.33%
- 6M
- 3.82%
- 1Y
- 14.28%
- 3Y*
- 11.48%
- 5Y*
- 3.17%
- 10Y*
- 4.41%
AGNC
- 1D
- 0.58%
- 1M
- 3.43%
- YTD
- 2.94%
- 6M
- 3.70%
- 1Y
- 30.57%
- 3Y*
- 17.81%
- 5Y*
- 3.81%
- 10Y*
- 6.26%
PYEMX vs. AGNC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYEMX Payden Emerging Markets Bond Fund | 3.33% | 15.27% | 7.93% | 12.35% | -17.39% | -2.37% | 6.16% | 16.40% | -7.03% | 12.00% |
AGNC AGNC Investment Corp. | 2.94% | 34.92% | 8.90% | 10.14% | -21.65% | 5.20% | -1.78% | 13.31% | -2.46% | 23.73% |
Correlation
The correlation between PYEMX and AGNC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since May 15, 2008 | 0.25 |
The correlation between PYEMX and AGNC shifts across timeframes, from 0.25 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PYEMX vs. AGNC — Risk / Return Rank
PYEMX
AGNC
PYEMX vs. AGNC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Bond Fund (PYEMX) and AGNC Investment Corp. (AGNC). 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.
| PYEMX | AGNC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.27 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 1.64 | +1.47 |
| Martin ratioReturn relative to average drawdown | 12.87 | 4.64 | +8.23 |
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Drawdowns
PYEMX vs. AGNC - Drawdown Comparison
The maximum PYEMX drawdown since its inception was -30.26%, smaller than the maximum AGNC drawdown of -54.56%. Use the drawdown chart below to compare losses from any high point for PYEMX and AGNC.
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Drawdown Indicators
| PYEMX | AGNC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.26% | -54.56% | +24.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.68% | -18.71% | +14.03% |
Max Drawdown (3Y)Largest decline over 3 years | -7.08% | -31.04% | +23.96% |
Max Drawdown (5Y)Largest decline over 5 years | -30.26% | -50.65% | +20.39% |
Max Drawdown (10Y)Largest decline over 10 years | -30.26% | -54.56% | +24.30% |
Current DrawdownCurrent decline from peak | -0.35% | -9.33% | +8.98% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -13.55% | +9.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 6.60% | -5.47% |
Volatility
PYEMX vs. AGNC - Volatility Comparison
The current volatility for Payden Emerging Markets Bond Fund (PYEMX) is 1.31%, while AGNC Investment Corp. (AGNC) has a volatility of 5.46%. This indicates that PYEMX experiences smaller price fluctuations and is considered to be less risky than AGNC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYEMX | AGNC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 5.46% | -4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.87% | 16.21% | -12.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.53% | 19.57% | -15.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 25.73% | -19.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 25.42% | -18.80% |
Dividends
PYEMX vs. AGNC - Dividend Comparison
PYEMX's dividend yield for the trailing twelve months is around 6.60%, less than AGNC's 13.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGNC AGNC Investment Corp. | 13.79% | 13.43% | 15.64% | 14.68% | 13.91% | 9.57% | 10.00% | 11.31% | 12.31% | 10.70% | 12.69% | 14.30% |
PYEMX Payden Emerging Markets Bond Fund | 6.60% | 6.61% | 7.36% | 6.10% | 7.80% | 5.73% | 4.66% | 5.46% | 6.18% | 5.40% | 5.60% | 5.25% |
Frequently Asked Questions
PYEMX and AGNC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGNC has higher volatility (5.46%) compared to PYEMX (1.31%). In terms of maximum drawdown, PYEMX dropped -30.26% vs AGNC's -54.56%.
PYEMX currently has the higher Sharpe Ratio (3.22 vs 1.57), 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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