WEDIX vs. PYELX

Last updated Jun 4, 2026

WEDIX (William Blair Emerging Markets Debt Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 5 years, WEDIX returned 3.74%/yr vs 1.97%/yr for PYELX. A 0.53 correlation means they provide meaningful diversification when combined. WEDIX charges 0.70%/yr vs 0.09%/yr for PYELX.

Performance

WEDIX vs. PYELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair Emerging Markets Debt Fund (WEDIX) and Payden Emerging Markets Local Bond Fund (PYELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WEDIX achieves a 4.24% return, which is significantly higher than PYELX's 1.20% return.

WEDIX

• 1D: 0.23%
• 1M: 1.39%
• YTD: 4.24%
• 6M: 4.80%
• 1Y: 16.67%
• 3Y*: 13.32%
• 5Y*: 3.74%
• 10Y*: —

PYELX

• 1D: 0.30%
• 1M: 1.50%
• YTD: 1.20%
• 6M: 2.01%
• 1Y: 11.47%
• 3Y*: 7.70%
• 5Y*: 1.97%
• 10Y*: 2.96%

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

WEDIX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WEDIX William Blair Emerging Markets Debt Fund	4.24%	16.13%	9.09%	12.18%	-18.02%	-1.05%
PYELX Payden Emerging Markets Local Bond Fund	1.20%	19.79%	-3.48%	13.16%	-11.28%	-5.28%

Correlation

The correlation between WEDIX and PYELX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.53

The correlation between WEDIX and PYELX has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.

Return for Risk

WEDIX vs. PYELX — Risk / Return Rank

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

WEDIX

WEDIX Risk / Return Rank: 91
WEDIX Sharpe Ratio Rank: 96
WEDIX Sortino Ratio Rank: 97
WEDIX Omega Ratio Rank: 94
WEDIX Calmar Ratio Rank: 83
WEDIX Martin Ratio Rank: 87

PYELX

PYELX Risk / Return Rank: 30
PYELX Sharpe Ratio Rank: 36
PYELX Sortino Ratio Rank: 36
PYELX Omega Ratio Rank: 41
PYELX Calmar Ratio Rank: 19
PYELX Martin Ratio Rank: 20

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.

WEDIX vs. PYELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair Emerging Markets Debt Fund (WEDIX) and Payden Emerging Markets Local Bond Fund (PYELX). 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.

	WEDIX	PYELX	Difference
Sharpe ratio Return per unit of total volatility	3.55	1.74	+1.81
Sortino ratio Return per unit of downside risk	5.76	2.50	+3.26
Omega ratio Gain probability vs. loss probability	1.74	1.35	+0.39
Calmar ratio Return relative to maximum drawdown	3.87	1.56	+2.31
Martin ratio Return relative to average drawdown	16.83	5.28	+11.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WEDIX vs. PYELX - Sharpe Ratio Comparison

The current WEDIX Sharpe Ratio is 3.55, which is higher than the PYELX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of WEDIX and PYELX, 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

	WEDIX	PYELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	1.74	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.04	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.04	+0.48

Drawdowns

WEDIX vs. PYELX - Drawdown Comparison

The maximum WEDIX drawdown since its inception was -30.80%, smaller than the maximum PYELX drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for WEDIX and PYELX.

Drawdown Indicators

	WEDIX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-56.98%	+26.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-7.22%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-7.43%	-50.49%	+43.06%
Max Drawdown (5Y) Largest decline over 5 years	-30.80%	-51.98%	+21.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-52.62%	—
Current Drawdown Current decline from peak	0.00%	-2.59%	+2.59%
Average Drawdown Average peak-to-trough decline	-9.26%	-16.80%	+7.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	2.13%	-1.11%

Volatility

WEDIX vs. PYELX - Volatility Comparison

The current volatility for William Blair Emerging Markets Debt Fund (WEDIX) is 1.79%, while Payden Emerging Markets Local Bond Fund (PYELX) has a volatility of 2.13%. This indicates that WEDIX experiences smaller price fluctuations and is considered to be less risky than PYELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WEDIX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	2.13%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	3.85%	5.60%	-1.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.87%	6.52%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.26%	50.60%	-43.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.25%	36.37%	-29.12%

WEDIX vs. PYELX - Expense Ratio Comparison

WEDIX has a 0.70% expense ratio, which is higher than PYELX's 0.09% expense ratio.

Dividends

WEDIX vs. PYELX - Dividend Comparison

WEDIX's dividend yield for the trailing twelve months is around 6.30%, less than PYELX's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYELX Payden Emerging Markets Local Bond Fund	7.19%	7.32%	7.08%	5.38%	5.93%	5.36%	4.69%	5.46%	6.67%	6.15%	5.44%	5.26%
WEDIX William Blair Emerging Markets Debt Fund	6.30%	6.32%	6.53%	5.37%	5.85%	3.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WEDIX and PYELX in my portfolio?

WEDIX and PYELX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WEDIX or PYELX?

PYELX has higher volatility (2.13%) compared to WEDIX (1.79%). In terms of maximum drawdown, WEDIX dropped -30.80% vs PYELX's -56.98%.

Which has better risk-adjusted returns?

WEDIX currently has the higher Sharpe Ratio (3.55 vs 1.74), 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.