PYSBX vs. VBISX

Last updated Jun 5, 2026

PYSBX (Payden Low Duration Fund) and VBISX (Vanguard Short-Term Bond Index Fund) are both Short-Term Bond funds. Over the past 10 years, PYSBX returned 2.26%/yr vs 1.78%/yr for VBISX. A 0.74 correlation means they provide meaningful diversification when combined. PYSBX charges 0.43%/yr vs 0.15%/yr for VBISX.

Performance

PYSBX vs. VBISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Low Duration Fund (PYSBX) and Vanguard Short-Term Bond Index Fund (VBISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYSBX achieves a 0.52% return, which is significantly higher than VBISX's 0.16% return. Over the past 10 years, PYSBX has outperformed VBISX with an annualized return of 2.26%, while VBISX has yielded a comparatively lower 1.78% annualized return.

PYSBX

• 1D: -0.10%
• 1M: 0.18%
• YTD: 0.52%
• 6M: 0.99%
• 1Y: 3.83%
• 3Y*: 4.76%
• 5Y*: 2.39%
• 10Y*: 2.26%

VBISX

• 1D: -0.10%
• 1M: 0.04%
• YTD: 0.16%
• 6M: 0.59%
• 1Y: 3.34%
• 3Y*: 4.11%
• 5Y*: 1.40%
• 10Y*: 1.78%

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

PYSBX vs. VBISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYSBX Payden Low Duration Fund	0.52%	5.72%	5.03%	4.96%	-3.40%	-0.23%	3.46%	3.92%	1.00%	1.48%
VBISX Vanguard Short-Term Bond Index Fund	0.16%	5.67%	3.66%	4.54%	-5.61%	-1.35%	4.63%	4.78%	1.27%	1.10%

Correlation

The correlation between PYSBX and VBISX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 1, 1994	0.74

The correlation between PYSBX and VBISX shifts across timeframes, from 0.74 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PYSBX vs. VBISX — Risk / Return Rank

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

PYSBX

PYSBX Risk / Return Rank: 63
PYSBX Sharpe Ratio Rank: 49
PYSBX Sortino Ratio Rank: 82
PYSBX Omega Ratio Rank: 75
PYSBX Calmar Ratio Rank: 56
PYSBX Martin Ratio Rank: 51

VBISX

VBISX Risk / Return Rank: 36
VBISX Sharpe Ratio Rank: 31
VBISX Sortino Ratio Rank: 41
VBISX Omega Ratio Rank: 37
VBISX Calmar Ratio Rank: 38
VBISX Martin Ratio Rank: 33

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. VBISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Low Duration Fund (PYSBX) and Vanguard Short-Term Bond Index Fund (VBISX). 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.

	PYSBX	VBISX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.59	+0.41
Sortino ratio: Return per unit of downside risk	3.84	2.67	+1.17
Omega ratio: Gain probability vs. loss probability	1.48	1.32	+0.16
Calmar ratio: Return relative to maximum drawdown	2.79	2.30	+0.49
Martin ratio: Return relative to average drawdown	10.05	7.37	+2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYSBX vs. VBISX - Sharpe Ratio Comparison

The current PYSBX Sharpe Ratio is 1.99, which is comparable to the VBISX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PYSBX and VBISX, 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

	PYSBX	VBISX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.59	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	0.48	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.19	0.75	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.34	-0.79

Drawdowns

PYSBX vs. VBISX - Drawdown Comparison

The maximum PYSBX drawdown since its inception was -6.65%, smaller than the maximum VBISX drawdown of -8.79%. Use the drawdown chart below to compare losses from any high point for PYSBX and VBISX.

Drawdown Indicators

	PYSBX	VBISX	Difference
Max Drawdown Largest peak-to-trough decline	-6.65%	-8.79%	+2.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-1.54%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-1.41%	-1.55%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-5.46%	-8.72%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	-6.65%	-8.79%	+2.14%
Current Drawdown Current decline from peak	-0.39%	-0.75%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.53%	-0.87%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.48%	-0.09%

Volatility

PYSBX vs. VBISX - Volatility Comparison

The current volatility for Payden Low Duration Fund (PYSBX) is 0.61%, while Vanguard Short-Term Bond Index Fund (VBISX) has a volatility of 0.67%. This indicates that PYSBX experiences smaller price fluctuations and is considered to be less risky than VBISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYSBX	VBISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	0.67%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	1.58%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	2.24%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.13%	2.94%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	2.38%	-0.48%

PYSBX vs. VBISX - Expense Ratio Comparison

PYSBX has a 0.43% expense ratio, which is higher than VBISX's 0.15% expense ratio.

Dividends

PYSBX vs. VBISX - Dividend Comparison

PYSBX's dividend yield for the trailing twelve months is around 4.40%, more than VBISX's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYSBX Payden Low Duration Fund	4.40%	4.32%	4.27%	2.93%	1.87%	1.06%	2.50%	2.14%	2.30%	1.57%	1.24%	1.14%
VBISX Vanguard Short-Term Bond Index Fund	3.90%	3.44%	3.29%	2.10%	1.38%	1.16%	1.72%	2.16%	1.92%	1.58%	1.42%	1.34%

Frequently Asked Questions

Can I hold both PYSBX and VBISX in my portfolio?

PYSBX and VBISX have a correlation of 0.83, 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 VBISX?

VBISX has higher volatility (0.67%) compared to PYSBX (0.61%). In terms of maximum drawdown, PYSBX dropped -6.65% vs VBISX's -8.79%.

Which has better risk-adjusted returns?

PYSBX currently has the higher Sharpe Ratio (1.99 vs 1.59), 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.