PYLMX vs. TSDOX

Last updated Jun 25, 2026

PYLMX (Payden Limited Maturity Fund) and TSDOX (Touchstone Ultra Short Duration Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, PYLMX returned 2.76%/yr vs 2.64%/yr for TSDOX. At a 0.32 correlation, their price movements are largely independent. PYLMX charges 0.25%/yr vs 0.69%/yr for TSDOX.

Performance

PYLMX vs. TSDOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Limited Maturity Fund (PYLMX) and Touchstone Ultra Short Duration Fixed Income Fund (TSDOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYLMX achieves a 1.29% return, which is significantly lower than TSDOX's 1.48% return. Both investments have delivered pretty close results over the past 10 years, with PYLMX having a 2.76% annualized return and TSDOX not far behind at 2.64%.

PYLMX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.29%
• 6M: 1.79%
• 1Y: 4.39%
• 3Y*: 5.20%
• 5Y*: 3.68%
• 10Y*: 2.76%

TSDOX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.48%
• 6M: 1.87%
• 1Y: 4.20%
• 3Y*: 5.64%
• 5Y*: 3.67%
• 10Y*: 2.64%

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

PYLMX vs. TSDOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYLMX Payden Limited Maturity Fund	1.29%	5.22%	6.08%	5.34%	0.56%	0.19%	1.85%	3.34%	1.76%	1.64%
TSDOX Touchstone Ultra Short Duration Fixed Income Fund	1.48%	4.73%	6.87%	5.75%	-0.37%	0.20%	1.25%	3.07%	1.63%	1.32%

Correlation

The correlation between PYLMX and TSDOX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.32

Over the past year, PYLMX and TSDOX have become more correlated (0.54) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

PYLMX vs. TSDOX — 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: 93
PYLMX Sortino Ratio Rank: 99
PYLMX Omega Ratio Rank: 98
PYLMX Calmar Ratio Rank: 98
PYLMX Martin Ratio Rank: 99

TSDOX

TSDOX Risk / Return Rank: 98
TSDOX Sharpe Ratio Rank: 94
TSDOX Sortino Ratio Rank: 99
TSDOX Omega Ratio Rank: 99
TSDOX Calmar Ratio Rank: 100
TSDOX Martin Ratio Rank: 99

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. TSDOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Limited Maturity Fund (PYLMX) and Touchstone Ultra Short Duration Fixed Income Fund (TSDOX). 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.

	PYLMX	TSDOX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.94	-0.11
Sortino ratio: Return per unit of downside risk	7.67	9.00	-1.34
Omega ratio: Gain probability vs. loss probability	2.42	3.38	-0.96
Calmar ratio: Return relative to maximum drawdown	8.44	19.49	-11.04
Martin ratio: Return relative to average drawdown	36.14	61.76	-25.63

PYLMX vs. TSDOX - Sharpe Ratio Comparison

The current PYLMX Sharpe Ratio is 2.83, which is comparable to the TSDOX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of PYLMX and TSDOX, 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

PYLMX vs. TSDOX - Drawdown Comparison

The maximum PYLMX drawdown since its inception was -5.56%, which is greater than TSDOX's maximum drawdown of -5.27%. Use the drawdown chart below to compare losses from any high point for PYLMX and TSDOX.

Drawdown Indicators

	PYLMX	TSDOX	Difference
Max Drawdown Largest peak-to-trough decline	-5.56%	-5.27%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-0.22%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.52%	-0.32%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-1.24%	-1.50%	+0.26%
Max Drawdown (10Y) Largest decline over 10 years	-5.56%	-5.27%	-0.29%
Current Drawdown Current decline from peak	-0.10%	-0.11%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.18%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.07%	+0.05%

Volatility

PYLMX vs. TSDOX - Volatility Comparison

Payden Limited Maturity Fund (PYLMX) and Touchstone Ultra Short Duration Fixed Income Fund (TSDOX) have volatilities of 0.44% and 0.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYLMX	TSDOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.44%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.09%	1.04%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	1.44%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.36%	1.37%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	1.33%	-0.02%

PYLMX vs. TSDOX - Expense Ratio Comparison

PYLMX has a 0.25% expense ratio, which is lower than TSDOX's 0.69% expense ratio.

Dividends

PYLMX vs. TSDOX - Dividend Comparison

PYLMX's dividend yield for the trailing twelve months is around 4.52%, more than TSDOX's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYLMX Payden Limited Maturity Fund	4.52%	4.96%	5.36%	3.79%	1.83%	0.50%	1.39%	2.54%	2.28%	1.42%	0.91%	0.73%
TSDOX Touchstone Ultra Short Duration Fixed Income Fund	4.33%	4.51%	5.64%	4.11%	1.61%	0.86%	1.66%	2.48%	2.16%	1.64%	1.29%	1.27%

Frequently Asked Questions

Can I hold both PYLMX and TSDOX in my portfolio?

PYLMX and TSDOX have a correlation of 0.54, 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 TSDOX?

TSDOX has higher volatility (0.44%) compared to PYLMX (0.44%). In terms of maximum drawdown, PYLMX dropped -5.56% vs TSDOX's -5.27%.

Which has better risk-adjusted returns?

TSDOX currently has the higher Sharpe Ratio (2.94 vs 2.83), 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.