PYEMX vs. VEMBX
PYEMX (Payden Emerging Markets Bond Fund) and VEMBX (Vanguard Emerging Markets Bond Fund Investor Shares) are both Emerging Markets Bonds funds. Over the past 5 years, PYEMX returned 2.88%/yr vs 3.99%/yr for VEMBX. Their correlation of 0.90 means they have usually moved in the same direction. PYEMX charges 0.73%/yr vs 0.50%/yr for VEMBX.
Performance
PYEMX vs. VEMBX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PYEMX having a 2.19% return and VEMBX slightly lower at 2.14%.
PYEMX
- 1D
- -0.13%
- 1M
- -1.20%
- 6M
- 1.09%
- YTD
- 2.19%
- 1Y
- 10.12%
- 3Y*
- 10.11%
- 5Y*
- 2.88%
- 10Y*
- 3.88%
- ALL TIME*
- 7.62%
VEMBX
- 1D
- -0.09%
- 1M
- -1.12%
- 6M
- 1.57%
- YTD
- 2.14%
- 1Y
- 8.80%
- 3Y*
- 9.83%
- 5Y*
- 3.99%
- 10Y*
- —
- ALL TIME*
- 6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PYEMX vs. VEMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYEMX Payden Emerging Markets Bond Fund | 2.19% | 15.27% | 7.93% | 12.35% | -17.39% | -2.37% | 6.16% | 16.40% | -7.03% | 12.00% |
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares | 2.14% | 14.32% | 7.38% | 13.66% | -13.18% | -1.53% | 14.99% | 17.72% | -0.89% | 13.12% |
Correlation
The correlation between PYEMX and VEMBX is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.90 |
The correlation between PYEMX and VEMBX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
PYEMX vs. VEMBX — Risk / Return Rank
PYEMX
VEMBX
PYEMX vs. VEMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Emerging Markets Bond Fund (PYEMX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX). 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 | VEMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.42 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.43 | -0.22 |
| Martin ratioReturn relative to average drawdown | 8.99 | 10.42 | -1.43 |
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Drawdowns
PYEMX vs. VEMBX - Drawdown Comparison
The maximum PYEMX drawdown since its inception was -30.26%, which is greater than VEMBX's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for PYEMX and VEMBX.
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Drawdown Indicators
| PYEMX | VEMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.26% | -24.36% | -5.90% |
Max Drawdown (1Y)Largest decline over 1 year | -4.68% | -3.77% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -6.25% | -5.00% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -30.26% | -24.36% | -5.90% |
Max Drawdown (10Y)Largest decline over 10 years | -30.26% | — | — |
Current DrawdownCurrent decline from peak | -1.45% | -1.36% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -3.82% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.88% | +0.27% |
Volatility
PYEMX vs. VEMBX - Volatility Comparison
Payden Emerging Markets Bond Fund (PYEMX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX) have volatilities of 1.01% and 1.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYEMX | VEMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.00% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.85% | 3.67% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.53% | 4.32% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.66% | 6.38% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.61% | 6.33% | +0.28% |
PYEMX vs. VEMBX - Expense Ratio Comparison
PYEMX has a 0.73% expense ratio, which is higher than VEMBX's 0.50% expense ratio.
Dividends
PYEMX vs. VEMBX - Dividend Comparison
PYEMX's dividend yield for the trailing twelve months is around 6.75%, more than VEMBX's 5.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYEMX Payden Emerging Markets Bond Fund | 6.75% | 6.61% | 7.36% | 6.10% | 7.80% | 5.73% | 4.66% | 5.46% | 6.18% | 5.40% | 5.60% | 5.25% |
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares | 5.50% | 6.20% | 6.86% | 7.06% | 5.43% | 5.00% | 4.50% | 6.27% | 4.81% | 6.50% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, PYEMX and VEMBX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PYEMX has higher volatility (1.01%) compared to VEMBX (1.00%). In terms of maximum drawdown, PYEMX dropped -30.26% vs VEMBX's -24.36%.
PYEMX currently has the higher Sharpe Ratio (2.29 vs 2.12), 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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