FRFZX vs. FFRHX

Last updated Jun 24, 2026

FRFZX (PGIM Floating Rate Income Fund) and FFRHX (Fidelity Floating Rate High Income Fund) are both Bank Loan funds. Over the past 10 years, FRFZX returned 5.39%/yr vs 4.98%/yr for FFRHX. A 0.65 correlation means they provide meaningful diversification when combined. FRFZX charges 0.70%/yr vs 0.67%/yr for FFRHX.

Performance

FRFZX vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Floating Rate Income Fund (FRFZX) and Fidelity Floating Rate High Income Fund (FFRHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRFZX achieves a 2.29% return, which is significantly higher than FFRHX's 1.71% return. Over the past 10 years, FRFZX has outperformed FFRHX with an annualized return of 5.39%, while FFRHX has yielded a comparatively lower 4.98% annualized return.

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%

FFRHX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.71%
• 6M: 2.32%
• 1Y: 5.89%
• 3Y*: 7.20%
• 5Y*: 5.40%
• 10Y*: 4.98%

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

FRFZX vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FFRHX Fidelity Floating Rate High Income Fund	1.71%	5.47%	7.10%	12.63%	-1.55%	5.01%	1.69%	8.63%	0.10%	3.91%

Correlation

The correlation between FRFZX and FFRHX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.65

The correlation between FRFZX and FFRHX shifts across timeframes, from 0.55 (3 years) to 0.66 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FRFZX vs. FFRHX — Risk / Return Rank

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

FRFZX

FRFZX Risk / Return Rank: 96
FRFZX Sharpe Ratio Rank: 88
FRFZX Sortino Ratio Rank: 98
FRFZX Omega Ratio Rank: 98
FRFZX Calmar Ratio Rank: 98
FRFZX Martin Ratio Rank: 96

FFRHX

FFRHX Risk / Return Rank: 92
FFRHX Sharpe Ratio Rank: 83
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 94
FFRHX Martin Ratio Rank: 91

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.

FRFZX vs. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income Fund (FRFZX) and Fidelity Floating Rate High Income Fund (FFRHX). 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.

	FRFZX	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.50	+0.19
Sortino ratio: Return per unit of downside risk	6.64	5.94	+0.70
Omega ratio: Gain probability vs. loss probability	2.02	1.87	+0.15
Calmar ratio: Return relative to maximum drawdown	7.34	4.97	+2.38
Martin ratio: Return relative to average drawdown	22.76	17.06	+5.70

FRFZX vs. FFRHX - Sharpe Ratio Comparison

The current FRFZX Sharpe Ratio is 2.69, which is comparable to the FFRHX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of FRFZX and FFRHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRFZX vs. FFRHX - Drawdown Comparison

The maximum FRFZX drawdown since its inception was -21.95%, roughly equal to the maximum FFRHX drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for FRFZX and FFRHX.

Drawdown Indicators

	FRFZX	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-21.95%	-22.20%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.85%	-1.19%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-3.12%	-3.29%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-7.85%	-5.90%	-1.95%
Max Drawdown (10Y) Largest decline over 10 years	-21.95%	-22.20%	+0.25%
Current Drawdown Current decline from peak	-0.11%	-0.44%	+0.33%
Average Drawdown Average peak-to-trough decline	-0.91%	-1.15%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.35%	-0.08%

Volatility

FRFZX vs. FFRHX - Volatility Comparison

The current volatility for PGIM Floating Rate Income Fund (FRFZX) is 0.60%, while Fidelity Floating Rate High Income Fund (FFRHX) has a volatility of 0.66%. This indicates that FRFZX experiences smaller price fluctuations and is considered to be less risky than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRFZX	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.66%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	1.63%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	2.37%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.10%	2.88%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	4.14%	-0.17%

FRFZX vs. FFRHX - Expense Ratio Comparison

FRFZX has a 0.70% expense ratio, which is higher than FFRHX's 0.67% expense ratio.

Dividends

FRFZX vs. FFRHX - Dividend Comparison

FRFZX's dividend yield for the trailing twelve months is around 7.40%, more than FFRHX's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRHX Fidelity Floating Rate High Income Fund	7.09%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%
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

Can I hold both FRFZX and FFRHX in my portfolio?

FRFZX and FFRHX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRFZX or FFRHX?

FFRHX has higher volatility (0.66%) compared to FRFZX (0.60%). In terms of maximum drawdown, FRFZX dropped -21.95% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

FRFZX currently has the higher Sharpe Ratio (2.69 vs 2.50), 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.