PYHRX vs. PYSBX

Last updated Jun 20, 2026

PYHRX (Payden High Income Fund) and PYSBX (Payden Low Duration Fund) are both mutual funds - PYHRX is a High Yield Bonds fund managed by Paydenfunds, while PYSBX is a Short-Term Bond fund managed by Paydenfunds. Over the past 10 years, PYHRX returned 13.74%/yr vs 2.24%/yr for PYSBX. At a 0.18 correlation, their price movements are largely independent. PYHRX charges 0.60%/yr vs 0.43%/yr for PYSBX.

Performance

PYHRX vs. PYSBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden High Income Fund (PYHRX) and Payden Low Duration Fund (PYSBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYHRX achieves a 2.44% return, which is significantly higher than PYSBX's 0.32% return. Over the past 10 years, PYHRX has outperformed PYSBX with an annualized return of 13.74%, while PYSBX has yielded a comparatively lower 2.24% annualized return.

PYHRX

• 1D: 0.00%
• 1M: 0.80%
• YTD: 2.44%
• 6M: 2.86%
• 1Y: 8.16%
• 3Y*: 37.77%
• 5Y*: 20.58%
• 10Y*: 13.74%

PYSBX

• 1D: 0.00%
• 1M: 0.18%
• YTD: 0.32%
• 6M: 0.69%
• 1Y: 3.61%
• 3Y*: 4.76%
• 5Y*: 2.39%
• 10Y*: 2.24%

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

PYHRX vs. PYSBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYHRX Payden High Income Fund	2.44%	117.46%	8.13%	14.73%	-9.76%	6.62%	7.38%	16.75%	-2.85%	6.54%
PYSBX Payden Low Duration Fund	0.32%	5.72%	5.03%	4.96%	-3.40%	-0.23%	3.46%	3.92%	1.00%	1.48%

Correlation

The correlation between PYHRX and PYSBX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.18

Over the past year, PYHRX and PYSBX have become more correlated (0.43) than their long-term average of 0.18, meaning their price movements have been converging.

Return for Risk

PYHRX vs. PYSBX — Risk / Return Rank

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

PYHRX

PYHRX Risk / Return Rank: 95
PYHRX Sharpe Ratio Rank: 97
PYHRX Sortino Ratio Rank: 97
PYHRX Omega Ratio Rank: 95
PYHRX Calmar Ratio Rank: 89
PYHRX Martin Ratio Rank: 96

PYSBX

PYSBX Risk / Return Rank: 59
PYSBX Sharpe Ratio Rank: 45
PYSBX Sortino Ratio Rank: 78
PYSBX Omega Ratio Rank: 74
PYSBX Calmar Ratio Rank: 50
PYSBX Martin Ratio Rank: 45

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.

PYHRX vs. PYSBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden High Income Fund (PYHRX) and Payden Low Duration Fund (PYSBX). 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	PYSBX	Difference
Sharpe ratio: Return per unit of total volatility	3.35	1.82	+1.53
Sortino ratio: Return per unit of downside risk	5.21	3.42	+1.79
Omega ratio: Gain probability vs. loss probability	1.76	1.44	+0.32
Calmar ratio: Return relative to maximum drawdown	4.13	2.57	+1.57
Martin ratio: Return relative to average drawdown	22.09	8.97	+13.12

PYHRX vs. PYSBX - Sharpe Ratio Comparison

The current PYHRX Sharpe Ratio is 3.35, which is higher than the PYSBX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of PYHRX and PYSBX, 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

PYHRX vs. PYSBX - Drawdown Comparison

The maximum PYHRX drawdown since its inception was -27.80%, which is greater than PYSBX's maximum drawdown of -6.65%. Use the drawdown chart below to compare losses from any high point for PYHRX and PYSBX.

Drawdown Indicators

	PYHRX	PYSBX	Difference
Max Drawdown Largest peak-to-trough decline	-27.80%	-6.65%	-21.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.41%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-4.21%	-1.41%	-2.80%
Max Drawdown (5Y) Largest decline over 5 years	-14.08%	-5.46%	-8.62%
Max Drawdown (10Y) Largest decline over 10 years	-21.45%	-6.65%	-14.80%
Current Drawdown Current decline from peak	-0.23%	-0.59%	+0.36%
Average Drawdown Average peak-to-trough decline	-2.11%	-0.53%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.40%	-0.02%

Volatility

PYHRX vs. PYSBX - Volatility Comparison

Payden High Income Fund (PYHRX) has a higher volatility of 0.75% compared to Payden Low Duration Fund (PYSBX) at 0.64%. This indicates that PYHRX's price experiences larger fluctuations and is considered to be riskier than PYSBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYHRX	PYSBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.64%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	1.51%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	2.00%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.84%	2.14%	+43.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.61%	1.91%	+30.70%

PYHRX vs. PYSBX - Expense Ratio Comparison

PYHRX has a 0.60% expense ratio, which is higher than PYSBX's 0.43% expense ratio.

Dividends

PYHRX vs. PYSBX - Dividend Comparison

PYHRX's dividend yield for the trailing twelve months is around 6.42%, more than PYSBX's 4.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PYSBX Payden Low Duration Fund	4.41%	4.32%	4.27%	2.93%	1.87%	1.06%	2.50%	2.14%	2.30%	1.57%	1.24%	1.14%

Frequently Asked Questions

Can I hold both PYHRX and PYSBX in my portfolio?

PYHRX and PYSBX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYHRX or PYSBX?

PYHRX has higher volatility (0.75%) compared to PYSBX (0.64%). In terms of maximum drawdown, PYHRX dropped -27.80% vs PYSBX's -6.65%.

Which has better risk-adjusted returns?

PYHRX currently has the higher Sharpe Ratio (3.35 vs 1.82), 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.