PYFRX vs. PYGSX

Last updated Jun 24, 2026

PYFRX (Payden Floating Rate Fund) and PYGSX (Payden Global Low Duration Fund) are both mutual funds - PYFRX is a Bank Loan fund managed by Paydenfunds, while PYGSX is a Global Bonds fund managed by Paydenfunds. Over the past 10 years, PYFRX returned 5.08%/yr vs 2.42%/yr for PYGSX. At a 0.12 correlation, their price movements are largely independent. PYFRX charges 0.70%/yr vs 0.53%/yr for PYGSX.

Performance

PYFRX vs. PYGSX - Performance Comparison

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

Returns By Period

In the year-to-date period, PYFRX achieves a 1.73% return, which is significantly higher than PYGSX's 0.54% return. Over the past 10 years, PYFRX has outperformed PYGSX with an annualized return of 5.08%, while PYGSX has yielded a comparatively lower 2.42% annualized return.

PYFRX

• 1D: 0.10%
• 1M: 0.52%
• YTD: 1.73%
• 6M: 1.90%
• 1Y: 6.22%
• 3Y*: 8.09%
• 5Y*: 6.26%
• 10Y*: 5.08%

PYGSX

• 1D: -0.10%
• 1M: 0.18%
• YTD: 0.54%
• 6M: 0.75%
• 1Y: 3.41%
• 3Y*: 5.09%
• 5Y*: 2.61%
• 10Y*: 2.42%

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

PYFRX vs. PYGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYFRX Payden Floating Rate Fund	1.73%	6.61%	8.90%	12.86%	0.27%	3.93%	1.72%	8.49%	0.31%	2.82%
PYGSX Payden Global Low Duration Fund	0.54%	5.72%	5.19%	5.61%	-3.38%	0.17%	3.14%	4.77%	0.58%	1.90%

Correlation

The correlation between PYFRX and PYGSX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.12

Return for Risk

PYFRX vs. PYGSX — 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: 100
PYFRX Sortino Ratio Rank: 99
PYFRX Omega Ratio Rank: 99
PYFRX Calmar Ratio Rank: 97
PYFRX Martin Ratio Rank: 98

PYGSX

PYGSX Risk / Return Rank: 72
PYGSX Sharpe Ratio Rank: 72
PYGSX Sortino Ratio Rank: 82
PYGSX Omega Ratio Rank: 85
PYGSX Calmar Ratio Rank: 61
PYGSX Martin Ratio Rank: 58

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. PYGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Floating Rate Fund (PYFRX) and Payden Global Low Duration Fund (PYGSX). 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	PYGSX	Difference
Sharpe ratio: Return per unit of total volatility	5.15	2.27	+2.87
Sortino ratio: Return per unit of downside risk	9.18	3.57	+5.60
Omega ratio: Gain probability vs. loss probability	2.83	1.53	+1.30
Calmar ratio: Return relative to maximum drawdown	6.58	2.88	+3.70
Martin ratio: Return relative to average drawdown	27.60	10.94	+16.67

PYFRX vs. PYGSX - Sharpe Ratio Comparison

The current PYFRX Sharpe Ratio is 5.15, which is higher than the PYGSX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PYFRX and PYGSX, 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. PYGSX - Drawdown Comparison

The maximum PYFRX drawdown since its inception was -20.18%, which is greater than PYGSX's maximum drawdown of -7.29%. Use the drawdown chart below to compare losses from any high point for PYFRX and PYGSX.

Drawdown Indicators

	PYFRX	PYGSX	Difference
Max Drawdown Largest peak-to-trough decline	-20.18%	-7.29%	-12.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.97%	-1.23%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-1.23%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-4.80%	-5.38%	+0.58%
Max Drawdown (10Y) Largest decline over 10 years	-20.18%	-7.29%	-12.89%
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.49%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.32%	-0.09%

Volatility

PYFRX vs. PYGSX - Volatility Comparison

The current volatility for Payden Floating Rate Fund (PYFRX) is 0.30%, while Payden Global Low Duration Fund (PYGSX) has a volatility of 0.57%. This indicates that PYFRX experiences smaller price fluctuations and is considered to be less risky than PYGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYFRX	PYGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.57%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	1.18%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	1.56%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	1.90%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	1.75%	+1.87%

PYFRX vs. PYGSX - Expense Ratio Comparison

PYFRX has a 0.70% expense ratio, which is higher than PYGSX's 0.53% expense ratio.

Dividends

PYFRX vs. PYGSX - Dividend Comparison

PYFRX's dividend yield for the trailing twelve months is around 7.03%, more than PYGSX's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYFRX Payden Floating Rate Fund	7.03%	7.55%	8.88%	8.35%	5.08%	2.94%	3.19%	4.45%	4.22%	3.30%	3.53%	3.17%
PYGSX Payden Global Low Duration Fund	4.65%	4.63%	4.64%	3.84%	2.14%	1.68%	1.78%	2.74%	2.51%	1.68%	1.19%	1.20%

Frequently Asked Questions

Can I hold both PYFRX and PYGSX in my portfolio?

PYFRX and PYGSX have a correlation of 0.08, 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 PYGSX?

PYGSX has higher volatility (0.57%) compared to PYFRX (0.30%). In terms of maximum drawdown, PYFRX dropped -20.18% vs PYGSX's -7.29%.

Which has better risk-adjusted returns?

PYFRX currently has the higher Sharpe Ratio (5.15 vs 2.27), 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.