PYFRX vs. SFHIX

Last updated Jun 5, 2026

PYFRX (Payden Floating Rate Fund) and SFHIX (Shenkman Capital Floating Rate High Income Fund) are both Bank Loan funds. Over the past 10 years, PYFRX returned 5.02%/yr vs 26.06%/yr for SFHIX. A 0.55 correlation means they provide meaningful diversification when combined. PYFRX charges 0.70%/yr vs 0.54%/yr for SFHIX.

Performance

PYFRX vs. SFHIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PYFRX achieves a 1.52% return, which is significantly higher than SFHIX's 1.36% return. Over the past 10 years, PYFRX has underperformed SFHIX with an annualized return of 5.02%, while SFHIX has yielded a comparatively higher 26.06% annualized return.

PYFRX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.52%
• 6M: 2.01%
• 1Y: 6.44%
• 3Y*: 8.51%
• 5Y*: 6.25%
• 10Y*: 5.02%

SFHIX

• 1D: 0.00%
• 1M: 0.96%
• YTD: 1.36%
• 6M: 2.05%
• 1Y: 4.93%
• 3Y*: 7.51%
• 5Y*: 5.39%
• 10Y*: 26.06%

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

PYFRX vs. SFHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYFRX Payden Floating Rate Fund	1.52%	6.61%	8.90%	12.86%	0.27%	3.93%	1.72%	8.49%	0.31%	2.82%
SFHIX Shenkman Capital Floating Rate High Income Fund	1.36%	5.70%	8.14%	11.50%	-0.95%	3.90%	1.77%	588.11%	0.53%	3.64%

Correlation

The correlation between PYFRX and SFHIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.55

The correlation between PYFRX and SFHIX shifts across timeframes, from 0.45 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PYFRX vs. SFHIX — 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: 97

SFHIX

SFHIX Risk / Return Rank: 70
SFHIX Sharpe Ratio Rank: 90
SFHIX Sortino Ratio Rank: 93
SFHIX Omega Ratio Rank: 97
SFHIX Calmar Ratio Rank: 35
SFHIX Martin Ratio Rank: 35

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. SFHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Floating Rate Fund (PYFRX) and Shenkman Capital Floating Rate High Income Fund (SFHIX). 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.

	PYFRX	SFHIX	Difference
Sharpe ratio: Return per unit of total volatility	5.26	2.99	+2.27
Sortino ratio: Return per unit of downside risk	9.45	4.82	+4.63
Omega ratio: Gain probability vs. loss probability	2.93	1.90	+1.02
Calmar ratio: Return relative to maximum drawdown	6.69	2.20	+4.49
Martin ratio: Return relative to average drawdown	28.09	7.79	+20.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYFRX vs. SFHIX - Sharpe Ratio Comparison

The current PYFRX Sharpe Ratio is 5.26, which is higher than the SFHIX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of PYFRX and SFHIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PYFRX	SFHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.26	2.99	+2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.23	2.70	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.39	0.56	+0.83
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.52	+0.87

Drawdowns

PYFRX vs. SFHIX - Drawdown Comparison

The maximum PYFRX drawdown since its inception was -20.18%, roughly equal to the maximum SFHIX drawdown of -19.94%. Use the drawdown chart below to compare losses from any high point for PYFRX and SFHIX.

Drawdown Indicators

	PYFRX	SFHIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.18%	-19.94%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.97%	-2.25%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-2.25%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-4.80%	-5.57%	+0.77%
Max Drawdown (10Y) Largest decline over 10 years	-20.18%	-19.94%	-0.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.83%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.63%	-0.40%

Volatility

PYFRX vs. SFHIX - Volatility Comparison

The current volatility for Payden Floating Rate Fund (PYFRX) is 0.32%, while Shenkman Capital Floating Rate High Income Fund (SFHIX) has a volatility of 0.46%. This indicates that PYFRX experiences smaller price fluctuations and is considered to be less risky than SFHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYFRX	SFHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.46%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.02%	1.43%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	1.23%	1.65%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	2.00%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	46.68%	-43.06%

PYFRX vs. SFHIX - Expense Ratio Comparison

PYFRX has a 0.70% expense ratio, which is higher than SFHIX's 0.54% expense ratio.

Dividends

PYFRX vs. SFHIX - Dividend Comparison

PYFRX's dividend yield for the trailing twelve months is around 7.04%, less than SFHIX's 7.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SFHIX Shenkman Capital Floating Rate High Income Fund	7.61%	7.61%	8.07%	8.06%	4.99%	3.20%	3.93%	142.83%	5.03%	4.00%	4.22%	4.58%

Frequently Asked Questions

Can I hold both PYFRX and SFHIX in my portfolio?

PYFRX and SFHIX have a correlation of 0.45, 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 SFHIX?

SFHIX has higher volatility (0.46%) compared to PYFRX (0.32%). In terms of maximum drawdown, PYFRX dropped -20.18% vs SFHIX's -19.94%.

Which has better risk-adjusted returns?

PYFRX currently has the higher Sharpe Ratio (5.26 vs 2.99), 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.