PYVLX vs. PYEMX

Last updated Jun 4, 2026

PYVLX (Payden Equity Income Fund) and PYEMX (Payden Emerging Markets Bond Fund) are both mutual funds - PYVLX is a Large Cap Value Equities fund managed by Paydenfunds, while PYEMX is a Emerging Markets Bonds fund managed by Paydenfunds. Over the past 10 years, PYVLX returned 9.85%/yr vs 4.47%/yr for PYEMX. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.73% expense ratio.

Performance

PYVLX vs. PYEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payden Equity Income Fund (PYVLX) and Payden Emerging Markets Bond Fund (PYEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYVLX achieves a 9.82% return, which is significantly higher than PYEMX's 2.78% return. Over the past 10 years, PYVLX has outperformed PYEMX with an annualized return of 9.85%, while PYEMX has yielded a comparatively lower 4.47% annualized return.

PYVLX

• 1D: 0.92%
• 1M: 3.00%
• YTD: 9.82%
• 6M: 10.00%
• 1Y: 21.10%
• 3Y*: 15.73%
• 5Y*: 8.17%
• 10Y*: 9.85%

PYEMX

• 1D: 0.27%
• 1M: 1.49%
• YTD: 2.78%
• 6M: 3.45%
• 1Y: 14.98%
• 3Y*: 12.07%
• 5Y*: 3.10%
• 10Y*: 4.47%

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

PYVLX vs. PYEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYVLX Payden Equity Income Fund	9.82%	11.41%	15.94%	5.37%	-6.68%	23.39%	0.77%	27.95%	-6.69%	15.71%
PYEMX Payden Emerging Markets Bond Fund	2.78%	15.27%	7.93%	12.35%	-17.39%	-2.37%	6.16%	16.40%	-7.03%	12.00%

Correlation

The correlation between PYVLX and PYEMX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.26

The correlation between PYVLX and PYEMX shifts across timeframes, from 0.26 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYVLX vs. PYEMX — Risk / Return Rank

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

PYVLX

PYVLX Risk / Return Rank: 64
PYVLX Sharpe Ratio Rank: 57
PYVLX Sortino Ratio Rank: 57
PYVLX Omega Ratio Rank: 54
PYVLX Calmar Ratio Rank: 78
PYVLX Martin Ratio Rank: 76

PYEMX

PYEMX Risk / Return Rank: 85
PYEMX Sharpe Ratio Rank: 95
PYEMX Sortino Ratio Rank: 96
PYEMX Omega Ratio Rank: 94
PYEMX Calmar Ratio Rank: 71
PYEMX Martin Ratio Rank: 70

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.

PYVLX vs. PYEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Equity Income Fund (PYVLX) and Payden Emerging Markets Bond Fund (PYEMX). 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.

	PYVLX	PYEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	3.43	-1.21
Sortino ratio: Return per unit of downside risk	3.20	5.49	-2.29
Omega ratio: Gain probability vs. loss probability	1.41	1.75	-0.35
Calmar ratio: Return relative to maximum drawdown	3.54	3.26	+0.28
Martin ratio: Return relative to average drawdown	14.29	13.52	+0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYVLX vs. PYEMX - Sharpe Ratio Comparison

The current PYVLX Sharpe Ratio is 2.23, which is lower than the PYEMX Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of PYVLX and PYEMX, 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

	PYVLX	PYEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	3.43	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.47	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.68	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.15	-0.75

Drawdowns

PYVLX vs. PYEMX - Drawdown Comparison

The maximum PYVLX drawdown since its inception was -60.67%, which is greater than PYEMX's maximum drawdown of -30.26%. Use the drawdown chart below to compare losses from any high point for PYVLX and PYEMX.

Drawdown Indicators

	PYVLX	PYEMX	Difference
Max Drawdown Largest peak-to-trough decline	-60.67%	-30.26%	-30.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-4.68%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-16.41%	-7.08%	-9.33%
Max Drawdown (5Y) Largest decline over 5 years	-25.96%	-30.26%	+4.30%
Max Drawdown (10Y) Largest decline over 10 years	-33.24%	-30.26%	-2.98%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.46%	-4.01%	-6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.13%	+0.37%

Volatility

PYVLX vs. PYEMX - Volatility Comparison

Payden Equity Income Fund (PYVLX) has a higher volatility of 2.61% compared to Payden Emerging Markets Bond Fund (PYEMX) at 1.55%. This indicates that PYVLX's price experiences larger fluctuations and is considered to be riskier than PYEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYVLX	PYEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	1.55%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	3.75%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	9.64%	4.45%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	6.63%	+9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	6.62%	+9.90%

PYVLX vs. PYEMX - Expense Ratio Comparison

Both PYVLX and PYEMX have an expense ratio of 0.73%.

Dividends

PYVLX vs. PYEMX - Dividend Comparison

PYVLX's dividend yield for the trailing twelve months is around 5.94%, less than PYEMX's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYEMX Payden Emerging Markets Bond Fund	6.63%	6.61%	7.36%	6.10%	7.80%	5.73%	4.66%	5.46%	6.18%	5.40%	5.60%	5.25%
PYVLX Payden Equity Income Fund	5.94%	6.38%	17.91%	2.94%	6.72%	20.13%	1.88%	4.97%	2.98%	7.10%	3.25%	2.50%

Frequently Asked Questions

Can I hold both PYVLX and PYEMX in my portfolio?

PYVLX and PYEMX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYVLX or PYEMX?

PYVLX has higher volatility (2.61%) compared to PYEMX (1.55%). In terms of maximum drawdown, PYVLX dropped -60.67% vs PYEMX's -30.26%.

Which has better risk-adjusted returns?

PYEMX currently has the higher Sharpe Ratio (3.43 vs 2.23), 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.