PYGNX vs. PYCBX
PYGNX (Payden GNMA Fund) and PYCBX (Payden Core Bond Fund) are both mutual funds - PYGNX is a Government Bonds fund managed by Paydenfunds, while PYCBX is a Intermediate Core-Plus Bond fund managed by Paydenfunds. Over the past 10 years, PYGNX returned 0.75%/yr vs 2.04%/yr for PYCBX. A 0.79 correlation means they provide meaningful diversification when combined. PYGNX charges 0.45%/yr vs 0.53%/yr for PYCBX.
Performance
PYGNX vs. PYCBX - Performance Comparison
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Returns By Period
In the year-to-date period, PYGNX achieves a 0.60% return, which is significantly higher than PYCBX's 0.28% return. Over the past 10 years, PYGNX has underperformed PYCBX with an annualized return of 0.75%, while PYCBX has yielded a comparatively higher 2.04% annualized return.
PYGNX
- 1D
- -0.26%
- 1M
- 0.60%
- YTD
- 0.60%
- 6M
- 0.92%
- 1Y
- 5.36%
- 3Y*
- 3.64%
- 5Y*
- -0.27%
- 10Y*
- 0.75%
PYCBX
- 1D
- -0.22%
- 1M
- 0.65%
- YTD
- 0.28%
- 6M
- 0.52%
- 1Y
- 4.74%
- 3Y*
- 4.65%
- 5Y*
- 0.45%
- 10Y*
- 2.04%
PYGNX vs. PYCBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYGNX Payden GNMA Fund | 0.60% | 7.54% | 0.84% | 3.93% | -12.54% | -2.26% | 4.27% | 5.67% | 0.37% | 1.33% |
PYCBX Payden Core Bond Fund | 0.28% | 7.69% | 2.55% | 6.57% | -13.55% | -1.00% | 6.93% | 9.27% | -1.26% | 5.25% |
Correlation
The correlation between PYGNX and PYCBX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 1999 | 0.79 |
The correlation between PYGNX and PYCBX shifts across timeframes, from 0.79 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PYGNX vs. PYCBX — Risk / Return Rank
PYGNX
PYCBX
PYGNX vs. PYCBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden GNMA Fund (PYGNX) and Payden Core Bond Fund (PYCBX). 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.
| PYGNX | PYCBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.72 | -0.10 |
| Martin ratioReturn relative to average drawdown | 5.00 | 4.77 | +0.22 |
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Drawdowns
PYGNX vs. PYCBX - Drawdown Comparison
The maximum PYGNX drawdown since its inception was -19.64%, which is greater than PYCBX's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for PYGNX and PYCBX.
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Drawdown Indicators
| PYGNX | PYCBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -18.59% | -1.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -2.97% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.09% | -6.23% | -1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -18.72% | -18.59% | -0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -19.64% | -18.59% | -1.05% |
Current DrawdownCurrent decline from peak | -3.18% | -1.59% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -2.41% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.07% | +0.03% |
Volatility
PYGNX vs. PYCBX - Volatility Comparison
Payden GNMA Fund (PYGNX) has a higher volatility of 1.20% compared to Payden Core Bond Fund (PYCBX) at 1.09%. This indicates that PYGNX's price experiences larger fluctuations and is considered to be riskier than PYCBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYGNX | PYCBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.09% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 2.86% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 3.76% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 5.74% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.89% | 4.71% | +0.18% |
PYGNX vs. PYCBX - Expense Ratio Comparison
PYGNX has a 0.45% expense ratio, which is lower than PYCBX's 0.53% expense ratio.
Dividends
PYGNX vs. PYCBX - Dividend Comparison
PYGNX's dividend yield for the trailing twelve months is around 3.93%, less than PYCBX's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYCBX Payden Core Bond Fund | 4.57% | 4.78% | 4.63% | 3.76% | 3.21% | 2.39% | 3.96% | 3.04% | 3.27% | 3.13% | 3.85% | 2.84% |
PYGNX Payden GNMA Fund | 3.93% | 3.80% | 3.63% | 2.64% | 3.70% | 2.74% | 2.80% | 3.34% | 3.26% | 3.24% | 3.07% | 3.59% |
Frequently Asked Questions
PYGNX and PYCBX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYGNX has higher volatility (1.20%) compared to PYCBX (1.09%). In terms of maximum drawdown, PYGNX dropped -19.64% vs PYCBX's -18.59%.
PYCBX currently has the higher Sharpe Ratio (1.36 vs 1.29), 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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