PYVLX vs. PYGNX

Last updated Jun 20, 2026

PYVLX (Payden Equity Income Fund) and PYGNX (Payden GNMA Fund) are both mutual funds - PYVLX is a Large Cap Value Equities fund managed by Paydenfunds, while PYGNX is a Government Bonds fund managed by Paydenfunds. Over the past 10 years, PYVLX returned 9.72%/yr vs 0.79%/yr for PYGNX. At a correlation of -0.07, they often move in opposite directions. PYVLX charges 0.73%/yr vs 0.45%/yr for PYGNX.

Performance

PYVLX vs. PYGNX - Performance Comparison

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

Returns By Period

In the year-to-date period, PYVLX achieves a 8.69% return, which is significantly higher than PYGNX's 0.86% return. Over the past 10 years, PYVLX has outperformed PYGNX with an annualized return of 9.72%, while PYGNX has yielded a comparatively lower 0.79% annualized return.

PYVLX

• 1D: 0.11%
• 1M: -0.00%
• YTD: 8.69%
• 6M: 8.93%
• 1Y: 20.45%
• 3Y*: 14.59%
• 5Y*: 8.87%
• 10Y*: 9.72%

PYGNX

• 1D: 0.26%
• 1M: 0.99%
• YTD: 0.86%
• 6M: 1.05%
• 1Y: 5.77%
• 3Y*: 3.68%
• 5Y*: -0.22%
• 10Y*: 0.79%

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

PYVLX vs. PYGNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYVLX Payden Equity Income Fund	8.69%	11.41%	15.94%	5.37%	-6.68%	23.39%	0.77%	27.95%	-6.69%	15.71%
PYGNX Payden GNMA Fund	0.86%	7.54%	0.84%	3.93%	-12.54%	-2.26%	4.27%	5.67%	0.37%	1.33%

Correlation

The correlation between PYVLX and PYGNX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Aug 27, 1999	-0.07

The correlation between PYVLX and PYGNX shifts across timeframes, from -0.07 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYVLX vs. PYGNX — Risk / Return Rank

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

PYVLX

PYVLX Risk / Return Rank: 67
PYVLX Sharpe Ratio Rank: 60
PYVLX Sortino Ratio Rank: 60
PYVLX Omega Ratio Rank: 56
PYVLX Calmar Ratio Rank: 79
PYVLX Martin Ratio Rank: 78

PYGNX

PYGNX Risk / Return Rank: 26
PYGNX Sharpe Ratio Rank: 27
PYGNX Sortino Ratio Rank: 27
PYGNX Omega Ratio Rank: 27
PYGNX Calmar Ratio Rank: 25
PYGNX Martin Ratio Rank: 24

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. PYGNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payden Equity Income Fund (PYVLX) and Payden GNMA Fund (PYGNX). 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.

	PYVLX	PYGNX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.39	+0.68
Sortino ratio: Return per unit of downside risk	2.93	2.03	+0.90
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	3.38	1.75	+1.64
Martin ratio: Return relative to average drawdown	13.42	5.41	+8.02

PYVLX vs. PYGNX - Sharpe Ratio Comparison

The current PYVLX Sharpe Ratio is 2.07, which is higher than the PYGNX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PYVLX and PYGNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PYVLX vs. PYGNX - Drawdown Comparison

The maximum PYVLX drawdown since its inception was -60.67%, which is greater than PYGNX's maximum drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for PYVLX and PYGNX.

Drawdown Indicators

	PYVLX	PYGNX	Difference
Max Drawdown Largest peak-to-trough decline	-60.67%	-19.64%	-41.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-3.40%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.41%	-8.09%	-8.32%
Max Drawdown (5Y) Largest decline over 5 years	-25.96%	-18.72%	-7.24%
Max Drawdown (10Y) Largest decline over 10 years	-33.24%	-19.64%	-13.60%
Current Drawdown Current decline from peak	-1.66%	-2.93%	+1.27%
Average Drawdown Average peak-to-trough decline	-10.44%	-2.31%	-8.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.10%	+0.43%

Volatility

PYVLX vs. PYGNX - Volatility Comparison

Payden Equity Income Fund (PYVLX) has a higher volatility of 3.32% compared to Payden GNMA Fund (PYGNX) at 1.37%. This indicates that PYVLX's price experiences larger fluctuations and is considered to be riskier than PYGNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYVLX	PYGNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	1.37%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	3.28%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.94%	4.28%	+5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.56%	6.43%	+10.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	4.88%	+11.65%

PYVLX vs. PYGNX - Expense Ratio Comparison

PYVLX has a 0.73% expense ratio, which is higher than PYGNX's 0.45% expense ratio.

Dividends

PYVLX vs. PYGNX - Dividend Comparison

PYVLX's dividend yield for the trailing twelve months is around 6.00%, more than PYGNX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYGNX Payden GNMA Fund	3.92%	3.80%	3.63%	2.64%	3.70%	2.74%	2.80%	3.34%	3.26%	3.24%	3.07%	3.59%
PYVLX Payden Equity Income Fund	6.00%	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 PYGNX in my portfolio?

PYVLX and PYGNX have a correlation of 0.31, 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 PYGNX?

PYVLX has higher volatility (3.32%) compared to PYGNX (1.37%). In terms of maximum drawdown, PYVLX dropped -60.67% vs PYGNX's -19.64%.

Which has better risk-adjusted returns?

PYVLX currently has the higher Sharpe Ratio (2.07 vs 1.39), 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.