PYFRX vs. FRFZX
PYFRX (Payden Floating Rate Fund) and FRFZX (PGIM Floating Rate Income Fund) are both Bank Loan funds. Over the past 10 years, PYFRX returned 4.99%/yr vs 5.26%/yr for FRFZX. Their 0.50 correlation means their historical movements had little consistent relationship. Both charge a 0.70% expense ratio.
Performance
PYFRX vs. FRFZX - Performance Comparison
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Returns By Period
In the year-to-date period, PYFRX achieves a 2.25% return, which is significantly lower than FRFZX's 2.71% return. Over the past 10 years, PYFRX has underperformed FRFZX with an annualized return of 4.99%, while FRFZX has yielded a comparatively higher 5.26% annualized return.
PYFRX
- 1D
- -0.03%
- 1M
- 0.49%
- 6M
- 2.35%
- YTD
- 2.25%
- 1Y
- 5.37%
- 3Y*
- 7.65%
- 5Y*
- 6.42%
- 10Y*
- 4.99%
- ALL TIME*
- 4.58%
FRFZX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 2.46%
- YTD
- 2.71%
- 1Y
- 4.92%
- 3Y*
- 7.77%
- 5Y*
- 5.84%
- 10Y*
- 5.26%
- ALL TIME*
- 4.85%
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 |
PYFRX vs. FRFZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYFRX Payden Floating Rate Fund | 2.25% | 6.61% | 8.90% | 12.86% | 0.27% | 3.93% | 1.72% | 8.49% | 0.31% | 2.82% |
FRFZX PGIM Floating Rate Income Fund | 2.71% | 5.66% | 9.45% | 14.11% | -3.56% | 5.46% | 4.62% | 7.47% | -0.13% | 4.48% |
Correlation
The correlation between PYFRX and FRFZX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.50 |
The correlation between PYFRX and FRFZX shifts across timeframes, from 0.37 (3 years) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PYFRX vs. FRFZX — Risk / Return Rank
PYFRX
FRFZX
PYFRX vs. FRFZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden Floating Rate Fund (PYFRX) and PGIM Floating Rate Income Fund (FRFZX). 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 | FRFZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 2.39 | 1.85 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 5.46 | 6.42 | -0.96 |
| Martin ratioReturn relative to average drawdown | 22.82 | 19.62 | +3.21 |
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Drawdowns
PYFRX vs. FRFZX - Drawdown Comparison
The maximum PYFRX drawdown since its inception was -20.18%, smaller than the maximum FRFZX drawdown of -21.95%. Use the drawdown chart below to compare losses from any high point for PYFRX and FRFZX.
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Drawdown Indicators
| PYFRX | FRFZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.18% | -21.95% | +1.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.97% | -0.85% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -3.12% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -4.80% | -7.85% | +3.05% |
Max Drawdown (10Y)Largest decline over 10 years | -20.18% | -21.95% | +1.77% |
Current DrawdownCurrent decline from peak | -0.03% | -0.22% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -0.58% | -0.91% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.28% | -0.05% |
Volatility
PYFRX vs. FRFZX - Volatility Comparison
Payden Floating Rate Fund (PYFRX) has a higher volatility of 0.32% compared to PGIM Floating Rate Income Fund (FRFZX) at 0.30%. This indicates that PYFRX's price experiences larger fluctuations and is considered to be riskier than FRFZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYFRX | FRFZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 0.30% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 1.58% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.25% | 2.29% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 3.10% | -1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.62% | 3.97% | -0.35% |
PYFRX vs. FRFZX - Expense Ratio Comparison
Both PYFRX and FRFZX have an expense ratio of 0.70%.
Dividends
PYFRX vs. FRFZX - Dividend Comparison
PYFRX's dividend yield for the trailing twelve months is around 6.98%, more than FRFZX's 6.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRFZX PGIM Floating Rate Income Fund | 6.71% | 7.65% | 8.76% | 8.86% | 6.41% | 3.33% | 5.35% | 5.42% | 5.06% | 4.90% | 4.34% | 3.97% |
PYFRX Payden Floating Rate Fund | 6.98% | 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
PYFRX and FRFZX 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.
PYFRX has higher volatility (0.32%) compared to FRFZX (0.30%). In terms of maximum drawdown, PYFRX dropped -20.18% vs FRFZX's -21.95%.
PYFRX currently has the higher Sharpe Ratio (4.22 vs 2.39), 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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