RFCYX vs. RFAYX
RFCYX (Russell Investments Strategic Bond Fund) and RFAYX (Russell Investments Investment Grade Bond Fund) are both mutual funds - RFCYX is a Intermediate Core-Plus Bond fund managed by Russell, while RFAYX is a Intermediate Core Bond fund managed by Russell. Over the past 10 years, RFCYX returned 1.63%/yr vs 1.52%/yr for RFAYX. With a 0.96 correlation, they move nearly in lockstep. RFCYX charges 0.45%/yr vs 0.32%/yr for RFAYX.
Performance
RFCYX vs. RFAYX - Performance Comparison
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Returns By Period
In the year-to-date period, RFCYX achieves a 0.33% return, which is significantly lower than RFAYX's 0.44% return. Over the past 10 years, RFCYX has outperformed RFAYX with an annualized return of 1.63%, while RFAYX has yielded a comparatively lower 1.52% annualized return.
RFCYX
- 1D
- 0.11%
- 1M
- 0.80%
- YTD
- 0.33%
- 6M
- 0.21%
- 1Y
- 4.00%
- 3Y*
- 3.90%
- 5Y*
- -0.35%
- 10Y*
- 1.63%
RFAYX
- 1D
- 0.11%
- 1M
- 0.79%
- YTD
- 0.44%
- 6M
- 0.38%
- 1Y
- 4.04%
- 3Y*
- 3.99%
- 5Y*
- -0.41%
- 10Y*
- 1.52%
RFCYX vs. RFAYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFCYX Russell Investments Strategic Bond Fund | 0.33% | 7.55% | 1.11% | 4.92% | -14.07% | -1.55% | 8.98% | 9.57% | -0.54% | 4.04% |
RFAYX Russell Investments Investment Grade Bond Fund | 0.44% | 7.47% | 1.57% | 4.85% | -14.80% | -1.09% | 9.10% | 9.03% | -0.56% | 3.57% |
Correlation
The correlation between RFCYX and RFAYX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2005 | 0.96 |
The correlation between RFCYX and RFAYX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
RFCYX vs. RFAYX — Risk / Return Rank
RFCYX
RFAYX
RFCYX vs. RFAYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Russell Investments Strategic Bond Fund (RFCYX) and Russell Investments Investment Grade Bond Fund (RFAYX). 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.
| RFCYX | RFAYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 1.59 | -0.10 |
| Martin ratioReturn relative to average drawdown | 4.09 | 4.48 | -0.39 |
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Drawdowns
RFCYX vs. RFAYX - Drawdown Comparison
The maximum RFCYX drawdown since its inception was -19.34%, roughly equal to the maximum RFAYX drawdown of -19.61%. Use the drawdown chart below to compare losses from any high point for RFCYX and RFAYX.
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Drawdown Indicators
| RFCYX | RFAYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.34% | -19.61% | +0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -2.73% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.33% | -6.32% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -19.34% | -19.61% | +0.27% |
Max Drawdown (10Y)Largest decline over 10 years | -19.34% | -19.61% | +0.27% |
Current DrawdownCurrent decline from peak | -3.59% | -3.94% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -3.38% | -2.98% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.97% | +0.10% |
Volatility
RFCYX vs. RFAYX - Volatility Comparison
Russell Investments Strategic Bond Fund (RFCYX) and Russell Investments Investment Grade Bond Fund (RFAYX) have volatilities of 1.09% and 1.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFCYX | RFAYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.04% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.62% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 3.59% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 5.90% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 4.91% | +0.09% |
RFCYX vs. RFAYX - Expense Ratio Comparison
RFCYX has a 0.45% expense ratio, which is higher than RFAYX's 0.32% expense ratio.
Dividends
RFCYX vs. RFAYX - Dividend Comparison
RFCYX's dividend yield for the trailing twelve months is around 5.23%, less than RFAYX's 5.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RFAYX Russell Investments Investment Grade Bond Fund | 5.43% | 5.19% | 4.74% | 3.71% | 1.25% | 2.50% | 5.27% | 3.46% | 2.67% | 1.57% | 5.45% | 4.09% |
RFCYX Russell Investments Strategic Bond Fund | 5.23% | 5.18% | 4.89% | 2.77% | 2.77% | 2.13% | 7.15% | 3.70% | 2.41% | 1.29% | 4.92% | 4.06% |
Frequently Asked Questions
With a correlation of 0.96, RFCYX and RFAYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
RFCYX has higher volatility (1.09%) compared to RFAYX (1.04%). In terms of maximum drawdown, RFCYX dropped -19.34% vs RFAYX's -19.61%.
RFAYX currently has the higher Sharpe Ratio (1.21 vs 1.15), 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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