FRFZX vs. PFRL

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM Floating Rate Income Fund (FRFZX) and PGIM Floating Rate Income ETF (PFRL).

FRFZX is managed by PGIM. It was launched on Mar 29, 2011. PFRL is an actively managed fund by PGIM. It was launched on May 17, 2022.

Performance

FRFZX vs. PFRL - Performance Comparison

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

FRFZX vs. PFRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FRFZX PGIM Floating Rate Income Fund	-0.61%	5.66%	9.45%	14.11%	1.61%
PFRL PGIM Floating Rate Income ETF	-0.51%	6.25%	9.40%	13.75%	1.27%

Returns By Period

In the year-to-date period, FRFZX achieves a -0.61% return, which is significantly lower than PFRL's -0.51% return.

FRFZX

• 1D: -0.11%
• 1M: -0.34%
• YTD: -0.61%
• 6M: 0.74%
• 1Y: 4.85%
• 3Y*: 8.27%
• 5Y*: 5.44%
• 10Y*: 5.30%

PFRL

• 1D: 0.12%
• 1M: 0.48%
• YTD: -0.51%
• 6M: 1.06%
• 1Y: 5.35%
• 3Y*: 8.43%
• 5Y*: —
• 10Y*: —

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

FRFZX vs. PFRL - Expense Ratio Comparison

FRFZX has a 0.70% expense ratio, which is lower than PFRL's 0.72% expense ratio.

PFRL

PGIM Floating Rate Income ETF

FRFZX

PGIM Floating Rate Income Fund

Return for Risk

FRFZX vs. PFRL — Risk / Return Rank

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

FRFZX

FRFZX Risk / Return Rank: 91
FRFZX Sharpe Ratio Rank: 92
FRFZX Sortino Ratio Rank: 95
FRFZX Omega Ratio Rank: 97
FRFZX Calmar Ratio Rank: 86
FRFZX Martin Ratio Rank: 87

PFRL

PFRL Risk / Return Rank: 48
PFRL Sharpe Ratio Rank: 35
PFRL Sortino Ratio Rank: 27
PFRL Omega Ratio Rank: 86
PFRL Calmar Ratio Rank: 29
PFRL Martin Ratio Rank: 63

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. PFRL - Risk-Adjusted Trends Comparison

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

	FRFZX	PFRL	Difference
Sharpe ratio Return per unit of total volatility	1.95	0.63	+1.32
Sortino ratio Return per unit of downside risk	3.26	0.77	+2.49
Omega ratio Gain probability vs. loss probability	1.62	1.34	+0.29
Calmar ratio Return relative to maximum drawdown	2.21	0.67	+1.54
Martin ratio Return relative to average drawdown	9.23	6.10	+3.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRFZX vs. PFRL - Sharpe Ratio Comparison

The current FRFZX Sharpe Ratio is 1.95, which is higher than the PFRL Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of FRFZX and PFRL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FRFZX	PFRL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	0.63	+1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.78	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	1.57	-0.21

Correlation

The correlation between FRFZX and PFRL is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FRFZX vs. PFRL - Dividend Comparison

FRFZX's dividend yield for the trailing twelve months is around 7.00%, less than PFRL's 7.83% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRFZX PGIM Floating Rate Income Fund	7.00%	7.65%	8.76%	8.87%	6.41%	3.33%	5.35%	5.42%	5.06%	4.90%	4.34%	3.97%
PFRL PGIM Floating Rate Income ETF	7.83%	7.34%	8.96%	9.84%	3.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FRFZX vs. PFRL - Drawdown Comparison

The maximum FRFZX drawdown since its inception was -21.95%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for FRFZX and PFRL.

Drawdown Indicators

	FRFZX	PFRL	Difference
Max Drawdown Largest peak-to-trough decline	-21.95%	-8.83%	-13.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-7.87%	+5.64%
Max Drawdown (5Y) Largest decline over 5 years	-7.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.95%	—	—
Current Drawdown Current decline from peak	-0.85%	-0.78%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.93%	-0.46%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.86%	-0.30%

Volatility

FRFZX vs. PFRL - Volatility Comparison

The current volatility for PGIM Floating Rate Income Fund (FRFZX) is 0.60%, while PGIM Floating Rate Income ETF (PFRL) has a volatility of 0.74%. This indicates that FRFZX experiences smaller price fluctuations and is considered to be less risky than PFRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRFZX	PFRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.74%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	1.61%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	8.53%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.07%	4.96%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.96%	4.96%	-1.00%