PYSBX vs. PYLMX

Last updated Jun 23, 2026

PYSBX (Payden Low Duration Fund) and PYLMX (Payden Limited Maturity Fund) are both mutual funds - PYSBX is a Short-Term Bond fund managed by Paydenfunds, while PYLMX is a Ultrashort Bond fund managed by Paydenfunds. Over the past 10 years, PYSBX returned 2.24%/yr vs 2.76%/yr for PYLMX. At a 0.46 correlation, their price movements are largely independent. PYSBX charges 0.43%/yr vs 0.25%/yr for PYLMX.

Performance

PYSBX vs. PYLMX - Performance Comparison

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

Returns By Period

In the year-to-date period, PYSBX achieves a 0.32% return, which is significantly lower than PYLMX's 1.29% return. Over the past 10 years, PYSBX has underperformed PYLMX with an annualized return of 2.24%, while PYLMX has yielded a comparatively higher 2.76% annualized return.

PYSBX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.32%
• 6M: 0.79%
• 1Y: 3.61%
• 3Y*: 4.76%
• 5Y*: 2.39%
• 10Y*: 2.24%

PYLMX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.29%
• 6M: 1.69%
• 1Y: 4.39%
• 3Y*: 5.20%
• 5Y*: 3.68%
• 10Y*: 2.76%

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

PYSBX vs. PYLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

The correlation between PYSBX and PYLMX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.46

The correlation between PYSBX and PYLMX shifts across timeframes, from 0.46 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYSBX vs. PYLMX — Risk / Return Rank

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

PYSBX

PYSBX Risk / Return Rank: 58
PYSBX Sharpe Ratio Rank: 45
PYSBX Sortino Ratio Rank: 78
PYSBX Omega Ratio Rank: 74
PYSBX Calmar Ratio Rank: 49
PYSBX Martin Ratio Rank: 45

PYLMX

PYLMX Risk / Return Rank: 97
PYLMX Sharpe Ratio Rank: 91
PYLMX Sortino Ratio Rank: 99
PYLMX Omega Ratio Rank: 98
PYLMX Calmar Ratio Rank: 98
PYLMX Martin Ratio Rank: 98

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.

PYSBX vs. PYLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Low Duration Fund (PYSBX) and Payden Limited Maturity Fund (PYLMX). 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.

	PYSBX	PYLMX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.83	-1.01
Sortino ratio: Return per unit of downside risk	3.42	7.67	-4.25
Omega ratio: Gain probability vs. loss probability	1.44	2.42	-0.98
Calmar ratio: Return relative to maximum drawdown	2.57	8.44	-5.88
Martin ratio: Return relative to average drawdown	8.97	36.24	-27.27

PYSBX vs. PYLMX - Sharpe Ratio Comparison

The current PYSBX Sharpe Ratio is 1.82, which is lower than the PYLMX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of PYSBX and PYLMX, 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

PYSBX vs. PYLMX - Drawdown Comparison

The maximum PYSBX drawdown since its inception was -6.65%, which is greater than PYLMX's maximum drawdown of -5.56%. Use the drawdown chart below to compare losses from any high point for PYSBX and PYLMX.

Drawdown Indicators

	PYSBX	PYLMX	Difference
Max Drawdown Largest peak-to-trough decline	-6.65%	-5.56%	-1.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-0.52%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-1.41%	-0.52%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-5.46%	-1.24%	-4.22%
Max Drawdown (10Y) Largest decline over 10 years	-6.65%	-5.56%	-1.09%
Current Drawdown Current decline from peak	-0.59%	-0.10%	-0.49%
Average Drawdown Average peak-to-trough decline	-0.53%	-0.16%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.12%	+0.28%

Volatility

PYSBX vs. PYLMX - Volatility Comparison

Payden Low Duration Fund (PYSBX) has a higher volatility of 0.64% compared to Payden Limited Maturity Fund (PYLMX) at 0.45%. This indicates that PYSBX's price experiences larger fluctuations and is considered to be riskier than PYLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYSBX	PYLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.45%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.51%	1.09%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.00%	1.56%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.14%	1.36%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.91%	1.31%	+0.60%

PYSBX vs. PYLMX - Expense Ratio Comparison

PYSBX has a 0.43% expense ratio, which is higher than PYLMX's 0.25% expense ratio.

Dividends

PYSBX vs. PYLMX - Dividend Comparison

PYSBX's dividend yield for the trailing twelve months is around 4.41%, less than PYLMX's 4.52% 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%
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 PYSBX and PYLMX in my portfolio?

PYSBX and PYLMX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYSBX or PYLMX?

PYSBX has higher volatility (0.64%) compared to PYLMX (0.45%). In terms of maximum drawdown, PYSBX dropped -6.65% vs PYLMX's -5.56%.

Which has better risk-adjusted returns?

PYLMX currently has the higher Sharpe Ratio (2.83 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.