PYGSX vs. EAIIX

Last updated Jun 23, 2026

PYGSX (Payden Global Low Duration Fund) and EAIIX (Eaton Vance Global Bond Fund) are both Global Bonds funds. Over the past 10 years, PYGSX returned 2.44%/yr vs 2.70%/yr for EAIIX. At a 0.32 correlation, their price movements are largely independent. PYGSX charges 0.53%/yr vs 1.02%/yr for EAIIX.

Performance

PYGSX vs. EAIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Global Low Duration Fund (PYGSX) and Eaton Vance Global Bond Fund (EAIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYGSX achieves a 0.64% return, which is significantly lower than EAIIX's 3.45% return. Over the past 10 years, PYGSX has underperformed EAIIX with an annualized return of 2.44%, while EAIIX has yielded a comparatively higher 2.70% annualized return.

PYGSX

• 1D: 0.10%
• 1M: 0.29%
• YTD: 0.64%
• 6M: 0.76%
• 1Y: 3.63%
• 3Y*: 5.12%
• 5Y*: 2.63%
• 10Y*: 2.44%

EAIIX

• 1D: -0.15%
• 1M: -0.08%
• YTD: 3.45%
• 6M: 3.89%
• 1Y: 9.43%
• 3Y*: 6.23%
• 5Y*: 1.32%
• 10Y*: 2.70%

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

PYGSX vs. EAIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYGSX Payden Global Low Duration Fund	0.64%	5.72%	5.19%	5.61%	-3.38%	0.17%	3.14%	4.77%	0.58%	1.90%
EAIIX Eaton Vance Global Bond Fund	3.45%	13.67%	-2.81%	8.45%	-11.29%	-5.71%	9.33%	6.09%	-2.67%	10.58%

Correlation

The correlation between PYGSX and EAIIX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 28, 2007	0.32

The correlation between PYGSX and EAIIX shifts across timeframes, from 0.32 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PYGSX vs. EAIIX — Risk / Return Rank

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

PYGSX

PYGSX Risk / Return Rank: 77
PYGSX Sharpe Ratio Rank: 80
PYGSX Sortino Ratio Rank: 86
PYGSX Omega Ratio Rank: 88
PYGSX Calmar Ratio Rank: 69
PYGSX Martin Ratio Rank: 63

EAIIX

EAIIX Risk / Return Rank: 90
EAIIX Sharpe Ratio Rank: 94
EAIIX Sortino Ratio Rank: 94
EAIIX Omega Ratio Rank: 90
EAIIX Calmar Ratio Rank: 88
EAIIX Martin Ratio Rank: 86

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.

PYGSX vs. EAIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Global Low Duration Fund (PYGSX) and Eaton Vance Global Bond Fund (EAIIX). 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.

	PYGSX	EAIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.97	-0.55
Sortino ratio: Return per unit of downside risk	3.81	4.51	-0.70
Omega ratio: Gain probability vs. loss probability	1.57	1.62	-0.05
Calmar ratio: Return relative to maximum drawdown	3.05	4.07	-1.02
Martin ratio: Return relative to average drawdown	11.65	15.00	-3.35

PYGSX vs. EAIIX - Sharpe Ratio Comparison

The current PYGSX Sharpe Ratio is 2.42, which is comparable to the EAIIX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of PYGSX and EAIIX, 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

PYGSX vs. EAIIX - Drawdown Comparison

The maximum PYGSX drawdown since its inception was -7.29%, smaller than the maximum EAIIX drawdown of -25.32%. Use the drawdown chart below to compare losses from any high point for PYGSX and EAIIX.

Drawdown Indicators

	PYGSX	EAIIX	Difference
Max Drawdown Largest peak-to-trough decline	-7.29%	-25.32%	+18.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.23%	-2.33%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-8.35%	+7.12%
Max Drawdown (5Y) Largest decline over 5 years	-5.38%	-23.13%	+17.75%
Max Drawdown (10Y) Largest decline over 10 years	-7.29%	-25.32%	+18.03%
Current Drawdown Current decline from peak	-0.35%	-0.80%	+0.45%
Average Drawdown Average peak-to-trough decline	-0.49%	-5.03%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.63%	-0.31%

Volatility

PYGSX vs. EAIIX - Volatility Comparison

The current volatility for Payden Global Low Duration Fund (PYGSX) is 0.59%, while Eaton Vance Global Bond Fund (EAIIX) has a volatility of 0.92%. This indicates that PYGSX experiences smaller price fluctuations and is considered to be less risky than EAIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYGSX	EAIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.92%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.17%	2.52%	-1.35%
Volatility (1Y) Calculated over the trailing 1-year period	1.55%	3.20%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.89%	6.54%	-4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.75%	5.51%	-3.76%

PYGSX vs. EAIIX - Expense Ratio Comparison

PYGSX has a 0.53% expense ratio, which is lower than EAIIX's 1.02% expense ratio.

Dividends

PYGSX vs. EAIIX - Dividend Comparison

PYGSX's dividend yield for the trailing twelve months is around 4.65%, less than EAIIX's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAIIX Eaton Vance Global Bond Fund	8.77%	7.44%	4.80%	4.42%	4.54%	5.37%	6.13%	5.69%	4.70%	4.43%	5.53%	5.89%
PYGSX Payden Global Low Duration Fund	4.65%	4.63%	4.64%	3.84%	2.14%	1.68%	1.78%	2.74%	2.51%	1.68%	1.19%	1.20%

Frequently Asked Questions

Can I hold both PYGSX and EAIIX in my portfolio?

PYGSX and EAIIX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYGSX or EAIIX?

EAIIX has higher volatility (0.92%) compared to PYGSX (0.59%). In terms of maximum drawdown, PYGSX dropped -7.29% vs EAIIX's -25.32%.

Which has better risk-adjusted returns?

EAIIX currently has the higher Sharpe Ratio (2.97 vs 2.42), 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.