RFBAX vs. PYGNX
RFBAX (Davis Government Bond Fund) and PYGNX (Payden GNMA Fund) are both Government Bonds funds. Over the past 10 years, RFBAX returned 1.09%/yr vs 0.61%/yr for PYGNX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. RFBAX charges 1.00%/yr vs 0.45%/yr for PYGNX.
Performance
RFBAX vs. PYGNX - Performance Comparison
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Returns By Period
In the year-to-date period, RFBAX achieves a 1.14% return, which is significantly higher than PYGNX's -0.13% return. Over the past 10 years, RFBAX has outperformed PYGNX with an annualized return of 1.09%, while PYGNX has yielded a comparatively lower 0.61% annualized return.
RFBAX
- 1D
- 0.19%
- 1M
- 0.00%
- 6M
- 0.88%
- YTD
- 1.14%
- 1Y
- 2.81%
- 3Y*
- 3.91%
- 5Y*
- 1.34%
- 10Y*
- 1.09%
- ALL TIME*
- 2.62%
PYGNX
- 1D
- 0.00%
- 1M
- -1.17%
- 6M
- -0.82%
- YTD
- -0.13%
- 1Y
- 2.96%
- 3Y*
- 3.48%
- 5Y*
- -0.52%
- 10Y*
- 0.61%
- ALL TIME*
- 3.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
PYGNX Payden GNMA Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
RFBAX vs. PYGNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFBAX Davis Government Bond Fund | 1.14% | 4.49% | 4.33% | 3.63% | -5.29% | -1.48% | 1.69% | 3.23% | 0.42% | 0.21% |
PYGNX Payden GNMA Fund | -0.13% | 7.54% | 0.84% | 3.93% | -12.54% | -2.26% | 4.27% | 5.67% | 0.37% | 1.33% |
Correlation
The correlation between RFBAX and PYGNX is 0.52, 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. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 1999 | 0.58 |
The correlation between RFBAX and PYGNX has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.
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Return for Risk
RFBAX vs. PYGNX — Risk / Return Rank
RFBAX
PYGNX
RFBAX vs. PYGNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Davis Government Bond Fund (RFBAX) 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.
| RFBAX | PYGNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.18 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 4.27 | 1.22 | +3.05 |
| Martin ratioReturn relative to average drawdown | 15.95 | 3.31 | +12.64 |
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Drawdowns
RFBAX vs. PYGNX - Drawdown Comparison
The maximum RFBAX drawdown since its inception was -8.03%, smaller than the maximum PYGNX drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for RFBAX and PYGNX.
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Drawdown Indicators
| RFBAX | PYGNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.03% | -19.64% | +11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -3.40% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -0.88% | -7.00% | +6.12% |
Max Drawdown (5Y)Largest decline over 5 years | -7.50% | -18.66% | +11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -8.03% | -19.64% | +11.61% |
Current DrawdownCurrent decline from peak | -0.19% | -3.88% | +3.69% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -2.31% | +1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 1.25% | -1.04% |
Volatility
RFBAX vs. PYGNX - Volatility Comparison
The current volatility for Davis Government Bond Fund (RFBAX) is 0.53%, while Payden GNMA Fund (PYGNX) has a volatility of 1.10%. This indicates that RFBAX experiences smaller price fluctuations and is considered to be less risky than PYGNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFBAX | PYGNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.10% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | 3.42% | -2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 4.22% | -2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.12% | 6.45% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 4.89% | -3.11% |
RFBAX vs. PYGNX - Expense Ratio Comparison
RFBAX has a 1.00% expense ratio, which is higher than PYGNX's 0.45% expense ratio.
Dividends
RFBAX vs. PYGNX - Dividend Comparison
RFBAX's dividend yield for the trailing twelve months is around 2.78%, less than PYGNX's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYGNX Payden GNMA Fund | 3.64% | 3.80% | 3.63% | 2.64% | 3.70% | 2.74% | 2.80% | 3.34% | 3.26% | 3.24% | 3.07% | 3.59% |
RFBAX Davis Government Bond Fund | 2.78% | 3.01% | 3.23% | 2.15% | 0.80% | 0.57% | 0.93% | 1.67% | 1.17% | 0.59% | 0.68% | 0.75% |
Frequently Asked Questions
RFBAX and PYGNX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYGNX has higher volatility (1.10%) compared to RFBAX (0.53%). In terms of maximum drawdown, RFBAX dropped -8.03% vs PYGNX's -19.64%.
RFBAX currently has the higher Sharpe Ratio (1.78 vs 0.98), 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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