CLOZ vs. PFRL

Last updated Jun 4, 2026

CLOZ (Panagram Bbb-B Clo ETF) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - CLOZ is a CLO fund actively managed by Panagram, while PFRL is a Bank Loan fund actively managed by PGIM. Both are actively managed. Over the past 3 years, CLOZ returned 10.62%/yr vs 8.85%/yr for PFRL. At a 0.20 correlation, their price movements are largely independent. CLOZ charges 0.50%/yr vs 0.72%/yr for PFRL.

Performance

CLOZ vs. PFRL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Panagram Bbb-B Clo ETF (CLOZ) and PGIM Floating Rate Income ETF (PFRL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOZ achieves a 2.53% return, which is significantly higher than PFRL's 1.96% return.

CLOZ

• 1D: -0.02%
• 1M: 0.66%
• YTD: 2.53%
• 6M: 3.13%
• 1Y: 6.21%
• 3Y*: 10.62%
• 5Y*: —
• 10Y*: —

PFRL

• 1D: 0.09%
• 1M: 0.68%
• YTD: 1.96%
• 6M: 2.91%
• 1Y: 6.46%
• 3Y*: 8.85%
• 5Y*: —
• 10Y*: —

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

CLOZ vs. PFRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOZ Panagram Bbb-B Clo ETF	2.53%	5.99%	11.85%	14.92%
PFRL PGIM Floating Rate Income ETF	1.96%	6.25%	9.40%	10.91%

Correlation

The correlation between CLOZ and PFRL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023	0.20

Return for Risk

CLOZ vs. PFRL — Risk / Return Rank

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

CLOZ

CLOZ Risk / Return Rank: 47
CLOZ Sharpe Ratio Rank: 51
CLOZ Sortino Ratio Rank: 45
CLOZ Omega Ratio Rank: 75
CLOZ Calmar Ratio Rank: 32
CLOZ Martin Ratio Rank: 34

PFRL

PFRL Risk / Return Rank: 91
PFRL Sharpe Ratio Rank: 92
PFRL Sortino Ratio Rank: 94
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 88
PFRL Martin Ratio Rank: 84

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.

CLOZ vs. PFRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram Bbb-B Clo ETF (CLOZ) and PGIM Floating Rate Income ETF (PFRL). 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.

	CLOZ	PFRL	Difference
Sharpe ratio: Return per unit of total volatility	1.81	3.35	-1.54
Sortino ratio: Return per unit of downside risk	2.31	4.84	-2.54
Omega ratio: Gain probability vs. loss probability	1.46	1.73	-0.28
Calmar ratio: Return relative to maximum drawdown	1.60	5.17	-3.57
Martin ratio: Return relative to average drawdown	5.31	17.58	-12.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOZ vs. PFRL - Sharpe Ratio Comparison

The current CLOZ Sharpe Ratio is 1.81, which is lower than the PFRL Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of CLOZ and PFRL, 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

	CLOZ	PFRL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	3.35	-1.54
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	1.67	+1.10

Drawdowns

CLOZ vs. PFRL - Drawdown Comparison

The maximum CLOZ drawdown since its inception was -5.32%, smaller than the maximum PFRL drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for CLOZ and PFRL.

Drawdown Indicators

	CLOZ	PFRL	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-8.83%	+3.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-1.25%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-8.83%	+3.51%
Current Drawdown Current decline from peak	-0.12%	-0.03%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.44%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.37%	+0.80%

Volatility

CLOZ vs. PFRL - Volatility Comparison

Panagram Bbb-B Clo ETF (CLOZ) and PGIM Floating Rate Income ETF (PFRL) have volatilities of 0.42% and 0.42%, 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.

Volatility by Period

	CLOZ	PFRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.42%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	1.58%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	1.94%	+1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	4.86%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	4.86%	-1.06%

CLOZ vs. PFRL - Expense Ratio Comparison

CLOZ has a 0.50% expense ratio, which is lower than PFRL's 0.72% expense ratio.

Dividends

CLOZ vs. PFRL - Dividend Comparison

CLOZ's dividend yield for the trailing twelve months is around 7.39%, more than PFRL's 6.83% yield.

Position	TTM	2025	2024	2023	2022
CLOZ Panagram Bbb-B Clo ETF	7.39%	7.63%	9.09%	8.81%	0.00%
PFRL PGIM Floating Rate Income ETF	6.83%	7.34%	8.96%	9.84%	3.55%

Frequently Asked Questions

Can I hold both CLOZ and PFRL in my portfolio?

CLOZ and PFRL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOZ or PFRL?

PFRL has higher volatility (0.42%) compared to CLOZ (0.42%). In terms of maximum drawdown, CLOZ dropped -5.32% vs PFRL's -8.83%.

Which ETF is better, CLOZ or PFRL?

On 3-year performance, CLOZ leads with 10.62% vs 8.85% for PFRL. On fees, CLOZ is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOZ or PFRL?

Over the 3-year period, CLOZ has performed better with a 10.62% return vs 8.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOZ or PFRL?

CLOZ is cheaper with a 0.50% expense ratio, compared with 0.72% for PFRL.

Which ETF pays a higher dividend yield, CLOZ or PFRL?

CLOZ has the higher dividend yield at 7.39%, compared with 6.83% for PFRL.

What is the main difference between CLOZ and PFRL?

CLOZ is categorized as CLO, while PFRL is Bank Loan. They also come from different issuers: Panagram and PGIM. Their fees differ too: 0.50% for CLOZ and 0.72% for PFRL.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.35 vs 1.81), 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.