FRA vs. FRFZX
FRA (BlackRock Floating Rate Income Strategies Fund Inc) and FRFZX (PGIM Floating Rate Income Fund) are both Bank Loan funds. Over the past 10 years, FRA returned 6.60%/yr vs 5.39%/yr for FRFZX. At a 0.22 correlation, their price movements are largely independent. FRA charges 2.17%/yr vs 0.70%/yr for FRFZX.
Performance
FRA vs. FRFZX - Performance Comparison
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Returns By Period
In the year-to-date period, FRA achieves a -1.25% return, which is significantly lower than FRFZX's 2.29% return. Over the past 10 years, FRA has outperformed FRFZX with an annualized return of 6.60%, while FRFZX has yielded a comparatively lower 5.39% annualized return.
FRA
- 1D
- 0.37%
- 1M
- -0.32%
- YTD
- -1.25%
- 6M
- -0.58%
- 1Y
- -4.46%
- 3Y*
- 8.76%
- 5Y*
- 6.55%
- 10Y*
- 6.60%
FRFZX
- 1D
- 0.00%
- 1M
- 0.54%
- YTD
- 2.29%
- 6M
- 2.86%
- 1Y
- 6.22%
- 3Y*
- 8.45%
- 5Y*
- 5.81%
- 10Y*
- 5.39%
FRA vs. FRFZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | -1.25% | -3.75% | 21.56% | 25.46% | -10.59% | 17.81% | -2.38% | 20.82% | -8.27% | 0.76% |
FRFZX PGIM Floating Rate Income Fund | 2.29% | 5.66% | 9.45% | 14.11% | -3.56% | 5.46% | 4.62% | 7.47% | -0.13% | 4.48% |
Correlation
The correlation between FRA and FRFZX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.22 |
The correlation between FRA and FRFZX shifts across timeframes, from 0.22 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FRA vs. FRFZX — Risk / Return Rank
FRA
FRFZX
FRA vs. FRFZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) and PGIM Floating Rate Income Fund (FRFZX). 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.
| FRA | FRFZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.14 | ||
| Sortino ratioReturn per unit of downside risk | -7.22 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 2.02 | -1.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 7.34 | -7.63 |
| Martin ratioReturn relative to average drawdown | -0.57 | 22.76 | -23.33 |
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Drawdowns
FRA vs. FRFZX - Drawdown Comparison
The maximum FRA drawdown since its inception was -51.43%, which is greater than FRFZX's maximum drawdown of -21.95%. Use the drawdown chart below to compare losses from any high point for FRA and FRFZX.
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Drawdown Indicators
| FRA | FRFZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.43% | -21.95% | -29.48% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -0.85% | -14.62% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -3.12% | -15.65% |
Max Drawdown (5Y)Largest decline over 5 years | -18.77% | -7.85% | -10.92% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -21.95% | -20.85% |
Current DrawdownCurrent decline from peak | -9.67% | -0.11% | -9.56% |
Average DrawdownAverage peak-to-trough decline | -7.22% | -0.91% | -6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.83% | 0.27% | +7.56% |
Volatility
FRA vs. FRFZX - Volatility Comparison
BlackRock Floating Rate Income Strategies Fund Inc (FRA) has a higher volatility of 2.22% compared to PGIM Floating Rate Income Fund (FRFZX) at 0.60%. This indicates that FRA's price experiences larger fluctuations and is considered to be riskier than FRFZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRA | FRFZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 0.60% | +1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 8.17% | 1.60% | +6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 2.33% | +7.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.90% | 3.10% | +9.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.53% | 3.97% | +11.56% |
FRA vs. FRFZX - Expense Ratio Comparison
FRA has a 2.17% expense ratio, which is higher than FRFZX's 0.70% expense ratio.
Dividends
FRA vs. FRFZX - Dividend Comparison
FRA's dividend yield for the trailing twelve months is around 13.65%, more than FRFZX's 7.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | 13.65% | 12.62% | 10.81% | 10.44% | 6.88% | 5.96% | 7.61% | 6.44% | 6.90% | 5.31% | 5.65% | 6.17% |
FRFZX PGIM Floating Rate Income Fund | 7.40% | 7.65% | 8.76% | 8.86% | 6.41% | 3.33% | 5.35% | 5.42% | 5.06% | 4.90% | 4.34% | 3.97% |
Frequently Asked Questions
FRA and FRFZX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRA has higher volatility (2.22%) compared to FRFZX (0.60%). In terms of maximum drawdown, FRA dropped -51.43% vs FRFZX's -21.95%.
FRFZX currently has the higher Sharpe Ratio (2.69 vs -0.45), 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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