PYLMX vs. PYUSX

Last updated Jun 4, 2026

PYLMX (Payden Limited Maturity Fund) and PYUSX (Payden U.S. Government Fund) are both mutual funds - PYLMX is a Ultrashort Bond fund managed by Paydenfunds, while PYUSX is a Government Bonds fund managed by Paydenfunds. Over the past 10 years, PYLMX returned 2.77%/yr vs 1.44%/yr for PYUSX. At a 0.41 correlation, their price movements are largely independent. PYLMX charges 0.25%/yr vs 0.43%/yr for PYUSX.

Performance

PYLMX vs. PYUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Limited Maturity Fund (PYLMX) and Payden U.S. Government Fund (PYUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYLMX achieves a 1.39% return, which is significantly higher than PYUSX's 0.17% return. Over the past 10 years, PYLMX has outperformed PYUSX with an annualized return of 2.77%, while PYUSX has yielded a comparatively lower 1.44% annualized return.

PYLMX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.39%
• 6M: 1.79%
• 1Y: 4.61%
• 3Y*: 5.24%
• 5Y*: 3.70%
• 10Y*: 2.77%

PYUSX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 0.17%
• 6M: 0.48%
• 1Y: 3.69%
• 3Y*: 3.85%
• 5Y*: 1.14%
• 10Y*: 1.44%

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

PYLMX vs. PYUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYLMX Payden Limited Maturity Fund	1.39%	5.22%	6.08%	5.34%	0.56%	0.19%	1.85%	3.34%	1.76%	1.64%
PYUSX Payden U.S. Government Fund	0.17%	5.93%	3.40%	3.31%	-5.61%	-1.45%	4.70%	3.99%	0.47%	0.81%

Correlation

The correlation between PYLMX and PYUSX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.41

The correlation between PYLMX and PYUSX shifts across timeframes, from 0.41 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYLMX vs. PYUSX — Risk / Return Rank

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

PYLMX

PYLMX Risk / Return Rank: 97
PYLMX Sharpe Ratio Rank: 89
PYLMX Sortino Ratio Rank: 99
PYLMX Omega Ratio Rank: 98
PYLMX Calmar Ratio Rank: 98
PYLMX Martin Ratio Rank: 98

PYUSX

PYUSX Risk / Return Rank: 34
PYUSX Sharpe Ratio Rank: 29
PYUSX Sortino Ratio Rank: 39
PYUSX Omega Ratio Rank: 37
PYUSX Calmar Ratio Rank: 37
PYUSX Martin Ratio Rank: 30

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.

PYLMX vs. PYUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Limited Maturity Fund (PYLMX) and Payden U.S. Government Fund (PYUSX). 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.

	PYLMX	PYUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.96	1.56	+1.40
Sortino ratio: Return per unit of downside risk	8.04	2.62	+5.42
Omega ratio: Gain probability vs. loss probability	2.49	1.32	+1.17
Calmar ratio: Return relative to maximum drawdown	8.87	2.30	+6.57
Martin ratio: Return relative to average drawdown	38.00	6.89	+31.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYLMX vs. PYUSX - Sharpe Ratio Comparison

The current PYLMX Sharpe Ratio is 2.96, which is higher than the PYUSX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PYLMX and PYUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PYLMX	PYUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	1.56	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.74	0.41	+2.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.13	0.62	+1.51
Sharpe Ratio (All Time) Calculated using the full available price history	2.39	1.37	+1.03

Drawdowns

PYLMX vs. PYUSX - Drawdown Comparison

The maximum PYLMX drawdown since its inception was -5.56%, smaller than the maximum PYUSX drawdown of -8.86%. Use the drawdown chart below to compare losses from any high point for PYLMX and PYUSX.

Drawdown Indicators

	PYLMX	PYUSX	Difference
Max Drawdown Largest peak-to-trough decline	-5.56%	-8.86%	+3.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-1.56%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.52%	-1.87%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-1.24%	-8.56%	+7.32%
Max Drawdown (10Y) Largest decline over 10 years	-5.56%	-8.86%	+3.30%
Current Drawdown Current decline from peak	0.00%	-0.85%	+0.85%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.99%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.52%	-0.40%

Volatility

PYLMX vs. PYUSX - Volatility Comparison

The current volatility for Payden Limited Maturity Fund (PYLMX) is 0.48%, while Payden U.S. Government Fund (PYUSX) has a volatility of 0.73%. This indicates that PYLMX experiences smaller price fluctuations and is considered to be less risky than PYUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYLMX	PYUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.73%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	1.09%	1.63%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	2.31%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.36%	2.80%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	2.32%	-1.01%

PYLMX vs. PYUSX - Expense Ratio Comparison

PYLMX has a 0.25% expense ratio, which is lower than PYUSX's 0.43% expense ratio.

Dividends

PYLMX vs. PYUSX - Dividend Comparison

PYLMX's dividend yield for the trailing twelve months is around 4.51%, more than PYUSX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYLMX Payden Limited Maturity Fund	4.51%	4.96%	5.36%	3.79%	1.83%	0.50%	1.39%	2.54%	2.28%	1.42%	0.91%	0.73%
PYUSX Payden U.S. Government Fund	3.76%	3.72%	3.76%	2.91%	2.88%	1.84%	2.38%	2.63%	2.22%	1.78%	1.66%	1.51%

Frequently Asked Questions

Can I hold both PYLMX and PYUSX in my portfolio?

PYLMX and PYUSX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYLMX or PYUSX?

PYUSX has higher volatility (0.73%) compared to PYLMX (0.48%). In terms of maximum drawdown, PYLMX dropped -5.56% vs PYUSX's -8.86%.

Which has better risk-adjusted returns?

PYLMX currently has the higher Sharpe Ratio (2.96 vs 1.56), 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.