PYUSX vs. FNBGX
PYUSX (Payden U.S. Government Fund) and FNBGX (Fidelity Long-Term Treasury Bond Index Fund) are both Government Bonds funds. Over the past 5 years, PYUSX returned 1.07%/yr vs -7.42%/yr for FNBGX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. PYUSX charges 0.43%/yr vs 0.03%/yr for FNBGX.
Performance
PYUSX vs. FNBGX - Performance Comparison
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Returns By Period
In the year-to-date period, PYUSX achieves a 0.06% return, which is significantly higher than FNBGX's -3.27% return.
PYUSX
- 1D
- 0.11%
- 1M
- -0.32%
- 6M
- -0.05%
- YTD
- 0.06%
- 1Y
- 2.06%
- 3Y*
- 3.78%
- 5Y*
- 1.07%
- 10Y*
- 1.40%
- ALL TIME*
- 3.39%
FNBGX
- 1D
- 0.34%
- 1M
- -3.50%
- 6M
- -3.07%
- YTD
- -3.27%
- 1Y
- -1.90%
- 3Y*
- -0.16%
- 5Y*
- -7.42%
- 10Y*
- —
- ALL TIME*
- -1.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PYUSX vs. FNBGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PYUSX Payden U.S. Government Fund | 0.06% | 5.93% | 3.40% | 3.31% | -5.61% | -1.45% | 4.70% | 3.99% | 0.47% | -0.06% |
FNBGX Fidelity Long-Term Treasury Bond Index Fund | -3.27% | 5.30% | -6.18% | 3.20% | -29.89% | -5.17% | 17.58% | 14.24% | -1.62% | 1.86% |
Correlation
The correlation between PYUSX and FNBGX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.67 |
The correlation between PYUSX and FNBGX has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
PYUSX vs. FNBGX — Risk / Return Rank
PYUSX
FNBGX
PYUSX vs. FNBGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden U.S. Government Fund (PYUSX) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX). 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.
| PYUSX | FNBGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.97 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | -0.23 | +1.55 |
| Martin ratioReturn relative to average drawdown | 3.26 | -0.51 | +3.77 |
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Drawdowns
PYUSX vs. FNBGX - Drawdown Comparison
The maximum PYUSX drawdown since its inception was -8.86%, smaller than the maximum FNBGX drawdown of -46.86%. Use the drawdown chart below to compare losses from any high point for PYUSX and FNBGX.
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Drawdown Indicators
| PYUSX | FNBGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.86% | -46.86% | +38.00% |
Max Drawdown (1Y)Largest decline over 1 year | -1.56% | -7.38% | +5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -1.74% | -13.48% | +11.74% |
Max Drawdown (5Y)Largest decline over 5 years | -8.46% | -41.54% | +33.08% |
Max Drawdown (10Y)Largest decline over 10 years | -8.86% | — | — |
Current DrawdownCurrent decline from peak | -0.97% | -39.30% | +38.33% |
Average DrawdownAverage peak-to-trough decline | -0.99% | -21.94% | +20.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 3.32% | -2.69% |
Volatility
PYUSX vs. FNBGX - Volatility Comparison
The current volatility for Payden U.S. Government Fund (PYUSX) is 0.54%, while Fidelity Long-Term Treasury Bond Index Fund (FNBGX) has a volatility of 2.31%. This indicates that PYUSX experiences smaller price fluctuations and is considered to be less risky than FNBGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYUSX | FNBGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 2.31% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 6.38% | -4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.14% | 8.37% | -6.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 14.46% | -11.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.33% | 14.11% | -11.78% |
PYUSX vs. FNBGX - Expense Ratio Comparison
PYUSX has a 0.43% expense ratio, which is higher than FNBGX's 0.03% expense ratio.
Dividends
PYUSX vs. FNBGX - Dividend Comparison
PYUSX's dividend yield for the trailing twelve months is around 3.45%, less than FNBGX's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNBGX Fidelity Long-Term Treasury Bond Index Fund | 3.81% | 3.88% | 3.75% | 3.20% | 2.26% | 2.47% | 3.96% | 2.63% | 2.93% | 0.70% | 0.00% | 0.00% |
PYUSX Payden U.S. Government Fund | 3.45% | 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
PYUSX and FNBGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNBGX has higher volatility (2.31%) compared to PYUSX (0.54%). In terms of maximum drawdown, PYUSX dropped -8.86% vs FNBGX's -46.86%.
PYUSX currently has the higher Sharpe Ratio (0.97 vs -0.20), 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.
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