PYUSX vs. PYLMX

Last updated Jun 4, 2026

PYUSX (Payden U.S. Government Fund) and PYLMX (Payden Limited Maturity Fund) are both mutual funds - PYUSX is a Government Bonds fund managed by Paydenfunds, while PYLMX is a Ultrashort Bond fund managed by Paydenfunds. Over the past 10 years, PYUSX returned 1.44%/yr vs 2.77%/yr for PYLMX. At a 0.41 correlation, their price movements are largely independent. PYUSX charges 0.43%/yr vs 0.25%/yr for PYLMX.

Performance

PYUSX vs. PYLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden U.S. Government Fund (PYUSX) 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, PYUSX achieves a 0.17% return, which is significantly lower than PYLMX's 1.39% return. Over the past 10 years, PYUSX has underperformed PYLMX with an annualized return of 1.44%, while PYLMX has yielded a comparatively higher 2.77% 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%

PYLMX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.39%
• 6M: 1.79%
• 1Y: 4.61%
• 3Y*: 5.24%
• 5Y*: 3.70%
• 10Y*: 2.77%

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

PYUSX vs. PYLMX - 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%
PYLMX Payden Limited Maturity Fund	1.39%	5.22%	6.08%	5.34%	0.56%	0.19%	1.85%	3.34%	1.76%	1.64%

Correlation

The correlation between PYUSX and PYLMX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.41

The correlation between PYUSX and PYLMX shifts across timeframes, from 0.41 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYUSX vs. PYLMX — 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

PYLMX

PYLMX Risk / Return Rank: 97
PYLMX Sharpe Ratio Rank: 89
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.

PYUSX vs. PYLMX - Risk-Adjusted Trends Comparison

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

	PYUSX	PYLMX	Difference
Sharpe ratio Return per unit of total volatility	1.56	2.96	-1.40
Sortino ratio Return per unit of downside risk	2.62	8.04	-5.42
Omega ratio Gain probability vs. loss probability	1.32	2.49	-1.17
Calmar ratio Return relative to maximum drawdown	2.30	8.87	-6.57
Martin ratio Return relative to average drawdown	6.89	38.00	-31.11
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. PYLMX - Sharpe Ratio Comparison

The current PYUSX Sharpe Ratio is 1.56, which is lower than the PYLMX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of PYUSX 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.

Sharpe Ratios by Period

	PYUSX	PYLMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.96	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	2.74	-2.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	2.13	-1.51
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	2.39	-1.03

Drawdowns

PYUSX vs. PYLMX - Drawdown Comparison

The maximum PYUSX drawdown since its inception was -8.86%, which is greater than PYLMX's maximum drawdown of -5.56%. Use the drawdown chart below to compare losses from any high point for PYUSX and PYLMX.

Drawdown Indicators

	PYUSX	PYLMX	Difference
Max Drawdown Largest peak-to-trough decline	-8.86%	-5.56%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.56%	-0.52%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-1.87%	-0.52%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-8.56%	-1.24%	-7.32%
Max Drawdown (10Y) Largest decline over 10 years	-8.86%	-5.56%	-3.30%
Current Drawdown Current decline from peak	-0.85%	0.00%	-0.85%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.16%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.12%	+0.40%

Volatility

PYUSX vs. PYLMX - Volatility Comparison

Payden U.S. Government Fund (PYUSX) has a higher volatility of 0.73% compared to Payden Limited Maturity Fund (PYLMX) at 0.48%. This indicates that PYUSX'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

	PYUSX	PYLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.48%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	1.09%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	2.31%	1.56%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.80%	1.36%	+1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.32%	1.31%	+1.01%

PYUSX vs. PYLMX - Expense Ratio Comparison

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

Dividends

PYUSX vs. PYLMX - Dividend Comparison

PYUSX's dividend yield for the trailing twelve months is around 3.76%, less than PYLMX's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYLMX Payden Limited Maturity Fund	4.51%	4.96%	5.36%	3.79%	1.83%	0.50%	1.39%	2.54%	2.28%	1.42%	0.91%	0.73%
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 PYLMX in my portfolio?

PYUSX and PYLMX have a correlation of 0.61, 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 PYLMX?

PYUSX has higher volatility (0.73%) compared to PYLMX (0.48%). In terms of maximum drawdown, PYUSX dropped -8.86% vs PYLMX's -5.56%.

Which has better risk-adjusted returns?

PYLMX currently has the higher Sharpe Ratio (2.96 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.