PYUSX vs. MDSIX

Last updated Jun 4, 2026

PYUSX (Payden U.S. Government Fund) and MDSIX (Integrity Short Term Government Fund) are both Government Bonds funds. Over the past 10 years, PYUSX returned 1.44%/yr vs 1.98%/yr for MDSIX. A 0.64 correlation means they provide meaningful diversification when combined. PYUSX charges 0.43%/yr vs 0.55%/yr for MDSIX.

Performance

PYUSX vs. MDSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PYUSX achieves a 0.17% return, which is significantly lower than MDSIX's 1.65% return. Over the past 10 years, PYUSX has underperformed MDSIX with an annualized return of 1.44%, while MDSIX has yielded a comparatively higher 1.98% annualized return.

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%

MDSIX

• 1D: 0.11%
• 1M: 0.74%
• YTD: 1.65%
• 6M: 1.68%
• 1Y: 5.84%
• 3Y*: 5.96%
• 5Y*: 2.16%
• 10Y*: 1.98%

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

PYUSX vs. MDSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MDSIX Integrity Short Term Government Fund	1.65%	6.91%	6.90%	4.30%	-7.23%	-1.14%	2.76%	3.54%	2.21%	1.19%

Correlation

The correlation between PYUSX and MDSIX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 6, 2011	0.64

The correlation between PYUSX and MDSIX shifts across timeframes, from 0.62 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PYUSX vs. MDSIX — Risk / Return Rank

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

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

MDSIX

MDSIX Risk / Return Rank: 84
MDSIX Sharpe Ratio Rank: 72
MDSIX Sortino Ratio Rank: 84
MDSIX Omega Ratio Rank: 79
MDSIX Calmar Ratio Rank: 91
MDSIX Martin Ratio Rank: 92

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.

PYUSX vs. MDSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden U.S. Government Fund (PYUSX) and Integrity Short Term Government Fund (MDSIX). 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.

	PYUSX	MDSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.47	-0.91
Sortino ratio: Return per unit of downside risk	2.62	4.02	-1.40
Omega ratio: Gain probability vs. loss probability	1.32	1.52	-0.20
Calmar ratio: Return relative to maximum drawdown	2.30	4.81	-2.51
Martin ratio: Return relative to average drawdown	6.89	19.50	-12.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYUSX vs. MDSIX - Sharpe Ratio Comparison

The current PYUSX Sharpe Ratio is 1.56, which is lower than the MDSIX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PYUSX and MDSIX, 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

	PYUSX	MDSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.47	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.65	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.63	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	0.61	+0.76

Drawdowns

PYUSX vs. MDSIX - Drawdown Comparison

The maximum PYUSX drawdown since its inception was -8.86%, smaller than the maximum MDSIX drawdown of -11.28%. Use the drawdown chart below to compare losses from any high point for PYUSX and MDSIX.

Drawdown Indicators

	PYUSX	MDSIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.86%	-11.28%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.56%	-1.22%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-1.87%	-2.60%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-8.56%	-11.08%	+2.52%
Max Drawdown (10Y) Largest decline over 10 years	-8.86%	-11.28%	+2.42%
Current Drawdown Current decline from peak	-0.85%	-0.05%	-0.80%
Average Drawdown Average peak-to-trough decline	-0.99%	-1.25%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.30%	+0.22%

Volatility

PYUSX vs. MDSIX - Volatility Comparison

The current volatility for Payden U.S. Government Fund (PYUSX) is 0.73%, while Integrity Short Term Government Fund (MDSIX) has a volatility of 1.07%. This indicates that PYUSX experiences smaller price fluctuations and is considered to be less risky than MDSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYUSX	MDSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	1.07%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	1.81%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.31%	2.38%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.80%	3.34%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.32%	3.16%	-0.84%

PYUSX vs. MDSIX - Expense Ratio Comparison

PYUSX has a 0.43% expense ratio, which is lower than MDSIX's 0.55% expense ratio.

Dividends

PYUSX vs. MDSIX - Dividend Comparison

PYUSX's dividend yield for the trailing twelve months is around 3.76%, more than MDSIX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDSIX Integrity Short Term Government Fund	3.28%	2.54%	3.91%	1.51%	0.93%	1.90%	4.41%	3.50%	3.70%	3.01%	2.50%	2.44%
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 PYUSX and MDSIX in my portfolio?

PYUSX and MDSIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYUSX or MDSIX?

MDSIX has higher volatility (1.07%) compared to PYUSX (0.73%). In terms of maximum drawdown, PYUSX dropped -8.86% vs MDSIX's -11.28%.

Which has better risk-adjusted returns?

MDSIX currently has the higher Sharpe Ratio (2.47 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.