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PYGSX vs. SABA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PYGSX vs. SABA

Last updated Jun 25, 2026

PYGSX (Payden Global Low Duration Fund) and SABA (Saba Capital Income & Opportunities Fund II) are both Global Bonds funds. Over the past 10 years, PYGSX returned 2.43%/yr vs 2.91%/yr for SABA. At a 0.10 correlation, their price movements are largely independent.

Performance

PYGSX vs. SABA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Global Low Duration Fund (PYGSX) and Saba Capital Income & Opportunities Fund II (SABA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PYGSX achieves a 0.64% return, which is significantly lower than SABA's 4.03% return. Over the past 10 years, PYGSX has underperformed SABA with an annualized return of 2.43%, while SABA has yielded a comparatively higher 2.91% annualized return.

PYGSX

1D
0.10%
1M
0.29%
YTD
0.64%
6M
0.76%
1Y
3.41%
3Y*
5.12%
5Y*
2.63%
10Y*
2.43%

SABA

1D
1.11%
1M
-1.46%
YTD
4.03%
6M
3.65%
1Y
-0.36%
3Y*
9.51%
5Y*
3.12%
10Y*
2.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PYGSX vs. SABA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SABA
Saba Capital Income & Opportunities Fund II		4.03%-0.31%31.32%-2.77%-9.02%1.05%-6.63%8.55%-1.25%4.13%

Correlation

The correlation between PYGSX and SABA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (10Y)
Calculated over the trailing 10-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Jan 2, 1997

0.10

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Payden Global Low Duration Fund

Saba Capital Income & Opportunities Fund II

Often compared with PYGSX:
PYGSX vs. VTIIXPYGSX vs. TIBWXPYGSX vs. EAIIXPYGSX vs. SPGBXPYGSX vs. VTILXPYGSX vs. PGBIXPYGSX vs. DFGBX
Often compared with SABA:
SABA vs. BRWSABA vs. DGFFXSABA vs. DFSHXSABA vs. PGTQXSABA vs. DFGFXSABA vs. DFGBXSABA vs. PRSNX

Return for Risk

PYGSX vs. SABA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PYGSX
PYGSX Risk / Return Rank: 7575
Overall Rank
PYGSX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
PYGSX Sortino Ratio Rank: 8484
Sortino Ratio Rank
PYGSX Omega Ratio Rank: 8686
Omega Ratio Rank
PYGSX Calmar Ratio Rank: 6666
Calmar Ratio Rank
PYGSX Martin Ratio Rank: 6161
Martin Ratio Rank
SABA
SABA Risk / Return Rank: 33
Overall Rank
SABA Sharpe Ratio Rank: 33
Sharpe Ratio Rank
SABA Sortino Ratio Rank: 33
Sortino Ratio Rank
SABA Omega Ratio Rank: 33
Omega Ratio Rank
SABA Calmar Ratio Rank: 33
Calmar Ratio Rank
SABA Martin Ratio Rank: 33
Martin Ratio Rank
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. SABA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Global Low Duration Fund (PYGSX) and Saba Capital Income & Opportunities Fund II (SABA). 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.

PYGSXSABADifference
Sharpe ratioReturn per unit of total volatility
2.27
-0.03

+2.31

Sortino ratioReturn per unit of downside risk
3.58
0.04

+3.53

Omega ratioGain probability vs. loss probability

1.53

1.00

+0.53

Calmar ratioReturn relative to maximum drawdown

2.88

-0.03

+2.91

Martin ratioReturn relative to average drawdown

10.91

-0.07

+10.98

PYGSX vs. SABA - Sharpe Ratio Comparison

The current PYGSX Sharpe Ratio is 2.27, which is higher than the SABA Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of PYGSX and SABA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PYGSX vs. SABA - Drawdown Comparison

The maximum PYGSX drawdown since its inception was -7.29%, smaller than the maximum SABA drawdown of -32.37%. Use the drawdown chart below to compare losses from any high point for PYGSX and SABA.

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Drawdown Indicators

PYGSXSABADifference

Max Drawdown

Largest peak-to-trough decline

-7.29%

-32.37%

+25.08%

Max Drawdown (1Y)

Largest decline over 1 year

-1.23%

-10.45%

+9.22%

Max Drawdown (3Y)

Largest decline over 3 years

-1.23%

-14.96%

+13.73%

Max Drawdown (5Y)

Largest decline over 5 years

-5.38%

-19.76%

+14.38%

Max Drawdown (10Y)

Largest decline over 10 years

-7.29%

-31.39%

+24.10%

Current Drawdown

Current decline from peak

-0.35%

-4.96%

+4.61%

Average Drawdown

Average peak-to-trough decline

-0.49%

-7.56%

+7.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.32%

5.43%

-5.11%

Volatility

PYGSX vs. SABA - Volatility Comparison

The current volatility for Payden Global Low Duration Fund (PYGSX) is 0.58%, while Saba Capital Income & Opportunities Fund II (SABA) has a volatility of 3.22%. This indicates that PYGSX experiences smaller price fluctuations and is considered to be less risky than SABA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PYGSXSABADifference

Volatility (1M)

Calculated over the trailing 1-month period

0.58%

3.22%

-2.64%

Volatility (6M)

Calculated over the trailing 6-month period

1.18%

8.26%

-7.08%

Volatility (1Y)

Calculated over the trailing 1-year period

1.56%

11.73%

-10.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.90%

14.59%

-12.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.75%

16.65%

-14.90%

Dividends

PYGSX vs. SABA - Dividend Comparison

PYGSX's dividend yield for the trailing twelve months is around 4.65%, less than SABA's 9.67% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SABA
Saba Capital Income & Opportunities Fund II		9.67%9.65%8.32%11.43%9.14%7.19%4.00%6.68%5.81%4.44%4.63%4.72%

Frequently Asked Questions

PYGSX and SABA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SABA has higher volatility (3.22%) compared to PYGSX (0.58%). In terms of maximum drawdown, PYGSX dropped -7.29% vs SABA's -32.37%.

PYGSX currently has the higher Sharpe Ratio (2.27 vs -0.03), 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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