TEI vs. PYCEX

Last updated Jun 3, 2026

TEI (Templeton Emerging Markets Income Fund) and PYCEX (Payden Emerging Markets Corporate Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, TEI returned 4.68%/yr vs 4.20%/yr for PYCEX. At a 0.31 correlation, their price movements are largely independent.

Performance

TEI vs. PYCEX - Performance Comparison

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

Returns By Period

In the year-to-date period, TEI achieves a 2.44% return, which is significantly higher than PYCEX's 1.98% return. Over the past 10 years, TEI has outperformed PYCEX with an annualized return of 4.68%, while PYCEX has yielded a comparatively lower 4.20% annualized return.

TEI

• 1D: -0.16%
• 1M: -0.95%
• YTD: 2.44%
• 6M: 7.03%
• 1Y: 29.46%
• 3Y*: 22.02%
• 5Y*: 6.90%
• 10Y*: 4.68%

PYCEX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.98%
• 6M: 2.79%
• 1Y: 7.98%
• 3Y*: 7.96%
• 5Y*: 2.59%
• 10Y*: 4.20%

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

TEI vs. PYCEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEI Templeton Emerging Markets Income Fund	2.44%	45.41%	11.77%	3.78%	-15.49%	3.48%	-9.06%	3.51%	-6.20%	8.09%
PYCEX Payden Emerging Markets Corporate Bond Fund	1.98%	7.96%	7.90%	7.37%	-11.02%	0.80%	8.17%	11.90%	-3.33%	9.13%

Correlation

The correlation between TEI and PYCEX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.31

The correlation between TEI and PYCEX shifts across timeframes, from 0.31 (10 years) to 0.41 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TEI vs. PYCEX — Risk / Return Rank

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

TEI

TEI Risk / Return Rank: 35
TEI Sharpe Ratio Rank: 42
TEI Sortino Ratio Rank: 37
TEI Omega Ratio Rank: 39
TEI Calmar Ratio Rank: 29
TEI Martin Ratio Rank: 28

PYCEX

PYCEX Risk / Return Rank: 90
PYCEX Sharpe Ratio Rank: 98
PYCEX Sortino Ratio Rank: 98
PYCEX Omega Ratio Rank: 97
PYCEX Calmar Ratio Rank: 76
PYCEX Martin Ratio Rank: 79

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.

TEI vs. PYCEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Income Fund (TEI) and Payden Emerging Markets Corporate Bond Fund (PYCEX). 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.

	TEI	PYCEX	Difference
Sharpe ratio Return per unit of total volatility	1.91	3.94	-2.03
Sortino ratio Return per unit of downside risk	2.54	6.46	-3.91
Omega ratio Gain probability vs. loss probability	1.34	2.06	-0.72
Calmar ratio Return relative to maximum drawdown	2.04	3.42	-1.38
Martin ratio Return relative to average drawdown	6.85	14.95	-8.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEI vs. PYCEX - Sharpe Ratio Comparison

The current TEI Sharpe Ratio is 1.91, which is lower than the PYCEX Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of TEI and PYCEX, 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

	TEI	PYCEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	3.94	-2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.81	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	1.18	-0.91
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	1.24	-0.83

Drawdowns

TEI vs. PYCEX - Drawdown Comparison

The maximum TEI drawdown since its inception was -51.50%, which is greater than PYCEX's maximum drawdown of -20.12%. Use the drawdown chart below to compare losses from any high point for TEI and PYCEX.

Drawdown Indicators

	TEI	PYCEX	Difference
Max Drawdown Largest peak-to-trough decline	-51.50%	-20.12%	-31.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-2.37%	-12.12%
Max Drawdown (3Y) Largest decline over 3 years	-14.79%	-3.15%	-11.64%
Max Drawdown (5Y) Largest decline over 5 years	-39.74%	-20.12%	-19.62%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-20.12%	-23.71%
Current Drawdown Current decline from peak	-6.14%	0.00%	-6.14%
Average Drawdown Average peak-to-trough decline	-10.76%	-3.00%	-7.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	0.54%	+3.78%

Volatility

TEI vs. PYCEX - Volatility Comparison

Templeton Emerging Markets Income Fund (TEI) has a higher volatility of 5.22% compared to Payden Emerging Markets Corporate Bond Fund (PYCEX) at 0.64%. This indicates that TEI's price experiences larger fluctuations and is considered to be riskier than PYCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEI	PYCEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	0.64%	+4.58%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	1.59%	+10.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	2.04%	+13.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.40%	3.23%	+16.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.57%	3.58%	+13.99%

Dividends

TEI vs. PYCEX - Dividend Comparison

TEI's dividend yield for the trailing twelve months is around 13.74%, more than PYCEX's 6.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYCEX Payden Emerging Markets Corporate Bond Fund	6.33%	6.50%	6.21%	5.59%	4.92%	5.23%	4.00%	4.81%	5.13%	4.84%	4.18%	4.51%
TEI Templeton Emerging Markets Income Fund	13.74%	13.57%	11.11%	11.09%	11.88%	10.44%	7.34%	8.51%	9.27%	5.56%	7.33%	8.24%

Frequently Asked Questions

Can I hold both TEI and PYCEX in my portfolio?

TEI and PYCEX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEI or PYCEX?

TEI has higher volatility (5.22%) compared to PYCEX (0.64%). In terms of maximum drawdown, TEI dropped -51.50% vs PYCEX's -20.12%.

Which has better risk-adjusted returns?

PYCEX currently has the higher Sharpe Ratio (3.94 vs 1.91), 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.