PYGNX vs. PYLMX
PYGNX (Payden GNMA Fund) and PYLMX (Payden Limited Maturity Fund) are both mutual funds - PYGNX is a Government Bonds fund managed by Paydenfunds, while PYLMX is a Ultrashort Bond fund managed by Paydenfunds. Over the past 10 years, PYGNX returned 0.80%/yr vs 2.76%/yr for PYLMX. At a 0.37 correlation, their price movements are largely independent. PYGNX charges 0.45%/yr vs 0.25%/yr for PYLMX.
Performance
PYGNX vs. PYLMX - Performance Comparison
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Returns By Period
In the year-to-date period, PYGNX achieves a 1.13% return, which is significantly lower than PYLMX's 1.29% return. Over the past 10 years, PYGNX has underperformed PYLMX with an annualized return of 0.80%, while PYLMX has yielded a comparatively higher 2.76% annualized return.
PYGNX
- 1D
- 0.39%
- 1M
- 0.86%
- YTD
- 1.13%
- 6M
- 1.18%
- 1Y
- 5.35%
- 3Y*
- 3.82%
- 5Y*
- -0.17%
- 10Y*
- 0.80%
PYLMX
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.29%
- 6M
- 1.79%
- 1Y
- 4.39%
- 3Y*
- 5.20%
- 5Y*
- 3.68%
- 10Y*
- 2.76%
PYGNX vs. PYLMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYGNX Payden GNMA Fund | 1.13% | 7.54% | 0.84% | 3.93% | -12.54% | -2.26% | 4.27% | 5.67% | 0.37% | 1.33% |
PYLMX Payden Limited Maturity Fund | 1.29% | 5.22% | 6.08% | 5.34% | 0.56% | 0.19% | 1.85% | 3.34% | 1.76% | 1.64% |
Correlation
The correlation between PYGNX and PYLMX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 1999 | 0.37 |
The correlation between PYGNX and PYLMX shifts across timeframes, from 0.37 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PYGNX vs. PYLMX — Risk / Return Rank
PYGNX
PYLMX
PYGNX vs. PYLMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden GNMA Fund (PYGNX) and Payden Limited Maturity Fund (PYLMX). 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 | PYLMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -5.78 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 2.42 | -1.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 8.44 | -6.82 |
| Martin ratioReturn relative to average drawdown | 4.96 | 36.08 | -31.13 |
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Drawdowns
PYGNX vs. PYLMX - Drawdown Comparison
The maximum PYGNX drawdown since its inception was -19.64%, which is greater than PYLMX's maximum drawdown of -5.56%. Use the drawdown chart below to compare losses from any high point for PYGNX and PYLMX.
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Drawdown Indicators
| PYGNX | PYLMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -5.56% | -14.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -0.52% | -2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -8.09% | -0.52% | -7.57% |
Max Drawdown (5Y)Largest decline over 5 years | -18.72% | -1.24% | -17.48% |
Max Drawdown (10Y)Largest decline over 10 years | -19.64% | -5.56% | -14.08% |
Current DrawdownCurrent decline from peak | -2.67% | -0.10% | -2.57% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -0.16% | -2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.12% | +0.99% |
Volatility
PYGNX vs. PYLMX - Volatility Comparison
Payden GNMA Fund (PYGNX) has a higher volatility of 1.24% compared to Payden Limited Maturity Fund (PYLMX) at 0.42%. This indicates that PYGNX's price experiences larger fluctuations and is considered to be riskier than PYLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYGNX | PYLMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 0.42% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 1.09% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 1.56% | +2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.44% | 1.36% | +5.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.89% | 1.31% | +3.58% |
PYGNX vs. PYLMX - Expense Ratio Comparison
PYGNX has a 0.45% expense ratio, which is higher than PYLMX's 0.25% expense ratio.
Dividends
PYGNX vs. PYLMX - Dividend Comparison
PYGNX's dividend yield for the trailing twelve months is around 3.91%, less than PYLMX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYGNX Payden GNMA Fund | 3.91% | 3.80% | 3.63% | 2.64% | 3.70% | 2.74% | 2.80% | 3.34% | 3.26% | 3.24% | 3.07% | 3.59% |
PYLMX Payden Limited Maturity Fund | 4.52% | 4.96% | 5.36% | 3.79% | 1.83% | 0.50% | 1.39% | 2.54% | 2.28% | 1.42% | 0.91% | 0.73% |
Frequently Asked Questions
PYGNX and PYLMX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYGNX has higher volatility (1.24%) compared to PYLMX (0.42%). In terms of maximum drawdown, PYGNX dropped -19.64% vs PYLMX's -5.56%.
PYLMX currently has the higher Sharpe Ratio (2.83 vs 1.28), 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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