PYGNX vs. VSBIX

Last updated Jun 23, 2026

PYGNX (Payden GNMA Fund) and VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) are both Government Bonds funds. Over the past 10 years, PYGNX returned 0.79%/yr vs 1.75%/yr for VSBIX. A 0.66 correlation means they provide meaningful diversification when combined. PYGNX charges 0.45%/yr vs 0.05%/yr for VSBIX.

Performance

PYGNX vs. VSBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden GNMA Fund (PYGNX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYGNX achieves a 0.86% return, which is significantly higher than VSBIX's 0.48% return. Over the past 10 years, PYGNX has underperformed VSBIX with an annualized return of 0.79%, while VSBIX has yielded a comparatively higher 1.75% annualized return.

PYGNX

• 1D: 0.26%
• 1M: 0.86%
• YTD: 0.86%
• 6M: 1.18%
• 1Y: 5.77%
• 3Y*: 3.68%
• 5Y*: -0.22%
• 10Y*: 0.79%

VSBIX

• 1D: 0.08%
• 1M: 0.19%
• YTD: 0.48%
• 6M: 0.61%
• 1Y: 3.15%
• 3Y*: 4.35%
• 5Y*: 1.92%
• 10Y*: 1.75%

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

PYGNX vs. VSBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYGNX Payden GNMA Fund	0.86%	7.54%	0.84%	3.93%	-12.54%	-2.26%	4.27%	5.67%	0.37%	1.33%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	0.48%	5.11%	4.37%	4.28%	-3.87%	-0.67%	3.11%	3.53%	1.52%	0.40%

Correlation

The correlation between PYGNX and VSBIX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.66

The correlation between PYGNX and VSBIX shifts across timeframes, from 0.66 (all time) to 0.81 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYGNX vs. VSBIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PYGNX

PYGNX Risk / Return Rank: 26
PYGNX Sharpe Ratio Rank: 27
PYGNX Sortino Ratio Rank: 27
PYGNX Omega Ratio Rank: 27
PYGNX Calmar Ratio Rank: 25
PYGNX Martin Ratio Rank: 24

VSBIX

VSBIX Risk / Return Rank: 86
VSBIX Sharpe Ratio Rank: 81
VSBIX Sortino Ratio Rank: 88
VSBIX Omega Ratio Rank: 84
VSBIX Calmar Ratio Rank: 87
VSBIX Martin Ratio Rank: 89

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.

PYGNX vs. VSBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden GNMA Fund (PYGNX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). 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	VSBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.46	-1.07
Sortino ratio: Return per unit of downside risk	2.03	3.93	-1.90
Omega ratio: Gain probability vs. loss probability	1.25	1.52	-0.27
Calmar ratio: Return relative to maximum drawdown	1.75	3.97	-2.22
Martin ratio: Return relative to average drawdown	5.41	15.92	-10.52

PYGNX vs. VSBIX - Sharpe Ratio Comparison

The current PYGNX Sharpe Ratio is 1.39, which is lower than the VSBIX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of PYGNX and VSBIX, 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

PYGNX vs. VSBIX - Drawdown Comparison

The maximum PYGNX drawdown since its inception was -19.64%, which is greater than VSBIX's maximum drawdown of -5.74%. Use the drawdown chart below to compare losses from any high point for PYGNX and VSBIX.

Drawdown Indicators

	PYGNX	VSBIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-5.74%	-13.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.81%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-8.09%	-0.81%	-7.28%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	-5.74%	-12.98%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-5.74%	-13.90%
Current Drawdown Current decline from peak	-2.93%	-0.24%	-2.69%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.59%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.20%	+0.90%

Volatility

PYGNX vs. VSBIX - Volatility Comparison

Payden GNMA Fund (PYGNX) has a higher volatility of 1.37% compared to Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) at 0.51%. This indicates that PYGNX's price experiences larger fluctuations and is considered to be riskier than VSBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYGNX	VSBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	0.51%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	0.94%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.28%	1.30%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.43%	1.96%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	1.54%	+3.34%

PYGNX vs. VSBIX - Expense Ratio Comparison

PYGNX has a 0.45% expense ratio, which is higher than VSBIX's 0.05% expense ratio.

Dividends

PYGNX vs. VSBIX - Dividend Comparison

PYGNX's dividend yield for the trailing twelve months is around 3.92%, more than VSBIX's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYGNX Payden GNMA Fund	3.92%	3.80%	3.63%	2.64%	3.70%	2.74%	2.80%	3.34%	3.26%	3.24%	3.07%	3.59%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	3.87%	3.99%	4.52%	3.31%	1.14%	0.65%	1.74%	2.28%	1.81%	1.11%	0.80%	0.74%

Frequently Asked Questions

Can I hold both PYGNX and VSBIX in my portfolio?

PYGNX and VSBIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYGNX or VSBIX?

PYGNX has higher volatility (1.37%) compared to VSBIX (0.51%). In terms of maximum drawdown, PYGNX dropped -19.64% vs VSBIX's -5.74%.

Which has better risk-adjusted returns?

VSBIX currently has the higher Sharpe Ratio (2.46 vs 1.39), 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.