PYGNX vs. VSBSX

Last updated Aug 5, 2026

PYGNX (Payden GNMA Fund) and VSBSX (Vanguard Short-Term Treasury Index Fund Admiral Shares) are both Government Bonds funds. Over the past 10 years, PYGNX returned 0.59%/yr vs 1.76%/yr for VSBSX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PYGNX charges 0.45%/yr vs 0.06%/yr for VSBSX.

Performance

PYGNX vs. VSBSX - 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 Admiral Shares (VSBSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYGNX achieves a -0.52% return, which is significantly lower than VSBSX's 0.81% return. Over the past 10 years, PYGNX has underperformed VSBSX with an annualized return of 0.59%, while VSBSX has yielded a comparatively higher 1.76% annualized return.

PYGNX

• 1D: 0.13%
• 1M: -1.56%
• 6M: -0.96%
• YTD: -0.52%
• 1Y: 2.41%
• 3Y*: 3.66%
• 5Y*: -0.62%
• 10Y*: 0.59%
• ALL TIME*: 3.47%

VSBSX

• 1D: 0.05%
• 1M: 0.16%
• 6M: 0.65%
• YTD: 0.81%
• 1Y: 2.61%
• 3Y*: 4.32%
• 5Y*: 1.92%
• 10Y*: 1.76%
• ALL TIME*: 1.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PYGNX Payden GNMA Fund	$0.00	$0.00	$0.00
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares	$0.00	$0.00	$0.00

PYGNX vs. VSBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYGNX Payden GNMA Fund	-0.52%	7.54%	0.84%	3.93%	-12.54%	-2.26%	4.27%	5.67%	0.37%	1.33%
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares	0.81%	5.08%	4.39%	4.23%	-3.87%	-0.69%	3.09%	3.51%	1.52%	0.35%

Correlation

The correlation between PYGNX and VSBSX is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.65

The correlation between PYGNX and VSBSX shifts across timeframes, from 0.65 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYGNX vs. VSBSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYGNX

PYGNX Risk / Return Rank: 13
PYGNX Sharpe Ratio Rank: 14
PYGNX Sortino Ratio Rank: 13
PYGNX Omega Ratio Rank: 13
PYGNX Calmar Ratio Rank: 14
PYGNX Martin Ratio Rank: 13

VSBSX

VSBSX Risk / Return Rank: 88
VSBSX Sharpe Ratio Rank: 88
VSBSX Sortino Ratio Rank: 89
VSBSX Omega Ratio Rank: 86
VSBSX Calmar Ratio Rank: 86
VSBSX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PYGNX vs. VSBSX - 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 Admiral Shares (VSBSX). 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	VSBSX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	2.19	-1.58
Sortino ratio: Return per unit of downside risk	0.88	3.28	-2.40
Omega ratio: Gain probability vs. loss probability	1.11	1.43	-0.32
Calmar ratio: Return relative to maximum drawdown	0.75	3.20	-2.45
Martin ratio: Return relative to average drawdown	2.00	12.75	-10.74

PYGNX vs. VSBSX - Sharpe Ratio Comparison

The current PYGNX Sharpe Ratio is 0.61, which is lower than the VSBSX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of PYGNX and VSBSX, 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. VSBSX - Drawdown Comparison

The maximum PYGNX drawdown since its inception was -19.64%, which is greater than VSBSX's maximum drawdown of -5.77%. Use the drawdown chart below to compare losses from any high point for PYGNX and VSBSX.

Drawdown Indicators

	PYGNX	VSBSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-5.77%	-13.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.84%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-7.00%	-0.84%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-5.72%	-12.94%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-5.77%	-13.87%
Current Drawdown Current decline from peak	-4.26%	0.00%	-4.26%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.59%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.21%	+1.07%

Volatility

PYGNX vs. VSBSX - Volatility Comparison

Payden GNMA Fund (PYGNX) has a higher volatility of 1.18% compared to Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) at 0.36%. This indicates that PYGNX's price experiences larger fluctuations and is considered to be riskier than VSBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYGNX	VSBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.36%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	0.99%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	1.22%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.45%	1.96%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	1.54%	+3.36%

PYGNX vs. VSBSX - Expense Ratio Comparison

PYGNX has a 0.45% expense ratio, which is higher than VSBSX's 0.06% expense ratio.

Dividends

PYGNX vs. VSBSX - Dividend Comparison

PYGNX's dividend yield for the trailing twelve months is around 3.65%, less than VSBSX's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYGNX Payden GNMA Fund	3.65%	3.80%	3.63%	2.64%	3.70%	2.74%	2.80%	3.34%	3.26%	3.24%	3.07%	3.59%
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares	3.80%	3.98%	4.50%	3.29%	1.12%	0.63%	1.72%	2.26%	1.80%	1.10%	0.76%	0.71%

Frequently Asked Questions

Can I hold both PYGNX and VSBSX in my portfolio?

PYGNX and VSBSX have a correlation of 0.80, 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 VSBSX?

PYGNX has higher volatility (1.18%) compared to VSBSX (0.36%). In terms of maximum drawdown, PYGNX dropped -19.64% vs VSBSX's -5.77%.

Which has better risk-adjusted returns?

VSBSX currently has the higher Sharpe Ratio (2.19 vs 0.61), 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.