PYEMX vs. VALE

Last updated Jun 24, 2026

PYEMX (Payden Emerging Markets Bond Fund) is Emerging Markets Bonds fund managed by Paydenfunds, while VALE (Vale S.A.) is a stock. Over the past 10 years, PYEMX returned 4.41%/yr vs 20.86%/yr for VALE. At a 0.27 correlation, their price movements are largely independent.

Performance

PYEMX vs. VALE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Emerging Markets Bond Fund (PYEMX) and Vale S.A. (VALE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYEMX achieves a 3.33% return, which is significantly lower than VALE's 17.50% return. Over the past 10 years, PYEMX has underperformed VALE with an annualized return of 4.41%, while VALE has yielded a comparatively higher 20.86% 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%

VALE

• 1D: -2.55%
• 1M: -7.10%
• YTD: 17.50%
• 6M: 15.90%
• 1Y: 75.52%
• 3Y*: 12.43%
• 5Y*: 1.24%
• 10Y*: 20.86%

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

PYEMX vs. VALE - 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%
VALE Vale S.A.	17.50%	60.70%	-38.83%	1.57%	32.54%	-1.45%	32.40%	2.72%	12.25%	68.03%

Correlation

The correlation between PYEMX and VALE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 21, 2002	0.27

The correlation between PYEMX and VALE shifts across timeframes, from 0.23 (10 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYEMX vs. VALE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PYEMX

PYEMX Risk / Return Rank: 86
PYEMX Sharpe Ratio Rank: 96
PYEMX Sortino Ratio Rank: 97
PYEMX Omega Ratio Rank: 94
PYEMX Calmar Ratio Rank: 71
PYEMX Martin Ratio Rank: 72

VALE

VALE Risk / Return Rank: 89
VALE Sharpe Ratio Rank: 92
VALE Sortino Ratio Rank: 89
VALE Omega Ratio Rank: 88
VALE Calmar Ratio Rank: 88
VALE Martin Ratio Rank: 91

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.

PYEMX vs. VALE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Bond Fund (PYEMX) and Vale S.A. (VALE). 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	VALE	Difference
Sharpe ratio: Return per unit of total volatility	3.22	2.40	+0.83
Sortino ratio: Return per unit of downside risk	5.15	2.96	+2.19
Omega ratio: Gain probability vs. loss probability	1.69	1.38	+0.31
Calmar ratio: Return relative to maximum drawdown	3.11	3.82	-0.71
Martin ratio: Return relative to average drawdown	12.87	12.17	+0.70

PYEMX vs. VALE - Sharpe Ratio Comparison

The current PYEMX Sharpe Ratio is 3.22, which is higher than the VALE Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of PYEMX and VALE, 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

PYEMX vs. VALE - Drawdown Comparison

The maximum PYEMX drawdown since its inception was -30.26%, smaller than the maximum VALE drawdown of -92.78%. Use the drawdown chart below to compare losses from any high point for PYEMX and VALE.

Drawdown Indicators

	PYEMX	VALE	Difference
Max Drawdown Largest peak-to-trough decline	-30.26%	-92.78%	+62.52%
Max Drawdown (1Y) Largest decline over 1 year	-4.68%	-19.85%	+15.17%
Max Drawdown (3Y) Largest decline over 3 years	-7.08%	-41.94%	+34.86%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-49.79%	+19.53%
Max Drawdown (10Y) Largest decline over 10 years	-30.26%	-57.60%	+27.34%
Current Drawdown Current decline from peak	-0.35%	-14.09%	+13.74%
Average Drawdown Average peak-to-trough decline	-4.01%	-36.67%	+32.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	6.23%	-5.10%

Volatility

PYEMX vs. VALE - Volatility Comparison

The current volatility for Payden Emerging Markets Bond Fund (PYEMX) is 1.31%, while Vale S.A. (VALE) has a volatility of 9.64%. This indicates that PYEMX experiences smaller price fluctuations and is considered to be less risky than VALE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYEMX	VALE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	9.64%	-8.33%
Volatility (6M) Calculated over the trailing 6-month period	3.87%	26.52%	-22.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	31.67%	-27.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.64%	35.48%	-28.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.62%	40.73%	-34.11%

Dividends

PYEMX vs. VALE - Dividend Comparison

PYEMX's dividend yield for the trailing twelve months is around 6.60%, more than VALE's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VALE Vale S.A.	3.75%	7.29%	11.41%	7.75%	8.63%	19.70%	2.72%	2.63%	4.16%	3.77%	1.06%	7.48%

Frequently Asked Questions

Can I hold both PYEMX and VALE in my portfolio?

PYEMX and VALE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYEMX or VALE?

VALE has higher volatility (9.64%) compared to PYEMX (1.31%). In terms of maximum drawdown, PYEMX dropped -30.26% vs VALE's -92.78%.

Which has better risk-adjusted returns?

PYEMX currently has the higher Sharpe Ratio (3.22 vs 2.40), 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.