PYFRX vs. DDFLX

Last updated Jun 26, 2026

PYFRX (Payden Floating Rate Fund) and DDFLX (Delaware Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, PYFRX returned 5.07%/yr vs 5.36%/yr for DDFLX. At a 0.47 correlation, their price movements are largely independent. PYFRX charges 0.70%/yr vs 0.67%/yr for DDFLX.

Performance

PYFRX vs. DDFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Floating Rate Fund (PYFRX) and Delaware Floating Rate Fund (DDFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYFRX achieves a 1.62% return, which is significantly higher than DDFLX's 1.50% return. Over the past 10 years, PYFRX has underperformed DDFLX with an annualized return of 5.07%, while DDFLX has yielded a comparatively higher 5.36% annualized return.

PYFRX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.62%
• 6M: 1.80%
• 1Y: 5.89%
• 3Y*: 8.06%
• 5Y*: 6.23%
• 10Y*: 5.07%

DDFLX

• 1D: -0.13%
• 1M: 0.16%
• YTD: 1.50%
• 6M: 2.07%
• 1Y: 5.66%
• 3Y*: 7.85%
• 5Y*: 5.69%
• 10Y*: 5.36%

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

PYFRX vs. DDFLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYFRX Payden Floating Rate Fund	1.62%	6.61%	8.90%	12.86%	0.27%	3.93%	1.72%	8.49%	0.31%	2.82%
DDFLX Delaware Floating Rate Fund	1.50%	6.01%	8.92%	10.75%	-0.62%	5.46%	3.17%	10.69%	1.26%	4.55%

Correlation

The correlation between PYFRX and DDFLX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.47

The correlation between PYFRX and DDFLX shifts across timeframes, from 0.38 (3 years) to 0.52 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PYFRX vs. DDFLX — Risk / Return Rank

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

PYFRX

PYFRX Risk / Return Rank: 98
PYFRX Sharpe Ratio Rank: 99
PYFRX Sortino Ratio Rank: 99
PYFRX Omega Ratio Rank: 99
PYFRX Calmar Ratio Rank: 97
PYFRX Martin Ratio Rank: 98

DDFLX

DDFLX Risk / Return Rank: 95
DDFLX Sharpe Ratio Rank: 88
DDFLX Sortino Ratio Rank: 98
DDFLX Omega Ratio Rank: 98
DDFLX Calmar Ratio Rank: 95
DDFLX Martin Ratio Rank: 95

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.

PYFRX vs. DDFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Floating Rate Fund (PYFRX) and Delaware Floating Rate Fund (DDFLX). 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.

	PYFRX	DDFLX	Difference
Sharpe ratio: Return per unit of total volatility	4.87	2.51	+2.35
Sortino ratio: Return per unit of downside risk	8.61	6.05	+2.56
Omega ratio: Gain probability vs. loss probability	2.69	2.03	+0.65
Calmar ratio: Return relative to maximum drawdown	6.23	5.14	+1.10
Martin ratio: Return relative to average drawdown	26.14	18.58	+7.56

PYFRX vs. DDFLX - Sharpe Ratio Comparison

The current PYFRX Sharpe Ratio is 4.87, which is higher than the DDFLX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of PYFRX and DDFLX, 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

PYFRX vs. DDFLX - Drawdown Comparison

The maximum PYFRX drawdown since its inception was -20.18%, which is greater than DDFLX's maximum drawdown of -18.09%. Use the drawdown chart below to compare losses from any high point for PYFRX and DDFLX.

Drawdown Indicators

	PYFRX	DDFLX	Difference
Max Drawdown Largest peak-to-trough decline	-20.18%	-18.09%	-2.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.97%	-1.11%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-2.05%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-4.80%	-5.18%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-20.18%	-18.09%	-2.09%
Current Drawdown Current decline from peak	-0.10%	-0.38%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.58%	-0.67%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.31%	-0.08%

Volatility

PYFRX vs. DDFLX - Volatility Comparison

The current volatility for Payden Floating Rate Fund (PYFRX) is 0.32%, while Delaware Floating Rate Fund (DDFLX) has a volatility of 0.68%. This indicates that PYFRX experiences smaller price fluctuations and is considered to be less risky than DDFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYFRX	DDFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.68%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	1.64%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	2.27%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	2.71%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	3.50%	+0.12%

PYFRX vs. DDFLX - Expense Ratio Comparison

PYFRX has a 0.70% expense ratio, which is higher than DDFLX's 0.67% expense ratio.

Dividends

PYFRX vs. DDFLX - Dividend Comparison

PYFRX's dividend yield for the trailing twelve months is around 7.04%, more than DDFLX's 6.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDFLX Delaware Floating Rate Fund	6.81%	7.21%	8.62%	7.17%	5.04%	3.96%	4.89%	6.54%	5.73%	4.33%	2.09%	2.34%
PYFRX Payden Floating Rate Fund	7.04%	7.55%	8.88%	8.35%	5.08%	2.94%	3.19%	4.45%	4.22%	3.30%	3.53%	3.17%

Frequently Asked Questions

Can I hold both PYFRX and DDFLX in my portfolio?

PYFRX and DDFLX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYFRX or DDFLX?

DDFLX has higher volatility (0.68%) compared to PYFRX (0.32%). In terms of maximum drawdown, PYFRX dropped -20.18% vs DDFLX's -18.09%.

Which has better risk-adjusted returns?

PYFRX currently has the higher Sharpe Ratio (4.87 vs 2.51), 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.