PYHRX vs. PRFRX
PYHRX (Payden High Income Fund) and PRFRX (T. Rowe Price Floating Rate Fund) are both High Yield Bonds funds. Over the past 10 years, PYHRX returned 13.79%/yr vs 5.58%/yr for PRFRX. At a 0.47 correlation, their price movements are largely independent. PYHRX charges 0.60%/yr vs 0.75%/yr for PRFRX.
Performance
PYHRX vs. PRFRX - Performance Comparison
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Returns By Period
In the year-to-date period, PYHRX achieves a 2.36% return, which is significantly higher than PRFRX's 1.27% return. Over the past 10 years, PYHRX has outperformed PRFRX with an annualized return of 13.79%, while PRFRX has yielded a comparatively lower 5.58% annualized return.
PYHRX
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 2.36%
- 6M
- 2.62%
- 1Y
- 7.57%
- 3Y*
- 38.04%
- 5Y*
- 20.46%
- 10Y*
- 13.79%
PRFRX
- 1D
- -0.11%
- 1M
- -0.10%
- YTD
- 1.27%
- 6M
- 2.44%
- 1Y
- 8.03%
- 3Y*
- 9.84%
- 5Y*
- 7.06%
- 10Y*
- 5.58%
PYHRX vs. PRFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYHRX Payden High Income Fund | 2.36% | 117.46% | 8.13% | 14.73% | -9.76% | 6.62% | 7.38% | 16.75% | -2.85% | 6.54% |
PRFRX T. Rowe Price Floating Rate Fund | 1.27% | 9.82% | 11.04% | 13.78% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
Correlation
The correlation between PYHRX and PRFRX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.47 |
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Return for Risk
PYHRX vs. PRFRX — Risk / Return Rank
PYHRX
PRFRX
PYHRX vs. PRFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden High Income Fund (PYHRX) and T. Rowe Price Floating Rate Fund (PRFRX). 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.
| PYHRX | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 2.18 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 5.45 | -1.66 |
| Martin ratioReturn relative to average drawdown | 20.21 | 20.01 | +0.20 |
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Drawdowns
PYHRX vs. PRFRX - Drawdown Comparison
The maximum PYHRX drawdown since its inception was -27.80%, which is greater than PRFRX's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for PYHRX and PRFRX.
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Drawdown Indicators
| PYHRX | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -20.05% | -7.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -1.50% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -4.21% | -2.35% | -1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -14.08% | -5.94% | -8.14% |
Max Drawdown (10Y)Largest decline over 10 years | -21.45% | -20.05% | -1.40% |
Current DrawdownCurrent decline from peak | -0.31% | -0.66% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -0.69% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.41% | -0.03% |
Volatility
PYHRX vs. PRFRX - Volatility Comparison
Payden High Income Fund (PYHRX) has a higher volatility of 0.70% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.65%. This indicates that PYHRX's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYHRX | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.65% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 1.93% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 2.70% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.86% | 2.92% | +42.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 3.92% | +28.71% |
PYHRX vs. PRFRX - Expense Ratio Comparison
PYHRX has a 0.60% expense ratio, which is lower than PRFRX's 0.75% expense ratio.
Dividends
PYHRX vs. PRFRX - Dividend Comparison
PYHRX's dividend yield for the trailing twelve months is around 6.42%, less than PRFRX's 9.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | 9.81% | 9.99% | 10.20% | 9.57% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
PYHRX Payden High Income Fund | 6.42% | 5.66% | 7.20% | 6.67% | 6.05% | 4.79% | 4.99% | 5.23% | 5.88% | 5.27% | 5.24% | 5.49% |
Frequently Asked Questions
PYHRX and PRFRX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYHRX has higher volatility (0.70%) compared to PRFRX (0.65%). In terms of maximum drawdown, PYHRX dropped -27.80% vs PRFRX's -20.05%.
PYHRX currently has the higher Sharpe Ratio (3.09 vs 3.03), 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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