FRFZX vs. PFRL
FRFZX (PGIM Floating Rate Income Fund) and PFRL (PGIM Floating Rate Income ETF) are both Bank Loan funds from PGIM. Over the past 3 years, FRFZX returned 7.77%/yr vs 7.95%/yr for PFRL. Their 0.30 correlation means their historical movements had little consistent relationship. FRFZX charges 0.70%/yr vs 0.72%/yr for PFRL.
Performance
FRFZX vs. PFRL - Performance Comparison
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Returns By Period
In the year-to-date period, FRFZX achieves a 2.71% return, which is significantly lower than PFRL's 2.97% return.
FRFZX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 2.46%
- YTD
- 2.71%
- 1Y
- 4.92%
- 3Y*
- 7.77%
- 5Y*
- 5.84%
- 10Y*
- 5.26%
- ALL TIME*
- 4.85%
PFRL
- 1D
- 0.05%
- 1M
- 0.42%
- 6M
- 3.01%
- YTD
- 2.97%
- 1Y
- 5.60%
- 3Y*
- 7.95%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $887.82K | $834.06K | $677.61K |
FRFZX vs. PFRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FRFZX PGIM Floating Rate Income Fund | 2.71% | 5.66% | 9.45% | 14.11% | 1.16% |
PFRL PGIM Floating Rate Income ETF | 2.97% | 6.25% | 9.40% | 13.75% | 1.27% |
Correlation
The correlation between FRFZX and PFRL is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (All Time) Calculated using the full available price history since May 24, 2022 | 0.30 |
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Return for Risk
FRFZX vs. PFRL — Risk / Return Rank
FRFZX
PFRL
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.
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 | PFRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | +1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 1.61 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 4.40 | +2.02 |
| Martin ratioReturn relative to average drawdown | 19.62 | 14.96 | +4.66 |
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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.
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Drawdown Indicators
| FRFZX | PFRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.95% | -8.83% | -13.12% |
Max Drawdown (1Y)Largest decline over 1 year | -0.85% | -1.25% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -3.12% | -8.83% | +5.71% |
Max Drawdown (5Y)Largest decline over 5 years | -7.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.95% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.27% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -0.91% | -0.42% | -0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.37% | -0.09% |
Volatility
FRFZX vs. PFRL - Volatility Comparison
The current volatility for PGIM Floating Rate Income Fund (FRFZX) is 0.30%, while PGIM Floating Rate Income ETF (PFRL) has a volatility of 0.57%. 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.
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Volatility by Period
| FRFZX | PFRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.57% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 1.61% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 1.97% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.10% | 4.78% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.97% | 4.78% | -0.81% |
FRFZX vs. PFRL - Expense Ratio Comparison
FRFZX has a 0.70% expense ratio, which is lower than PFRL's 0.72% expense ratio.
Dividends
FRFZX vs. PFRL - Dividend Comparison
FRFZX's dividend yield for the trailing twelve months is around 6.71%, less than PFRL's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRFZX PGIM Floating Rate Income Fund | 6.71% | 7.65% | 8.76% | 8.86% | 6.41% | 3.33% | 5.35% | 5.42% | 5.06% | 4.90% | 4.34% | 3.97% |
PFRL PGIM Floating Rate Income ETF | 6.49% | 7.34% | 8.96% | 9.84% | 3.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FRFZX and PFRL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFRL has higher volatility (0.57%) compared to FRFZX (0.30%). In terms of maximum drawdown, FRFZX dropped -21.95% vs PFRL's -8.83%.
PFRL currently has the higher Sharpe Ratio (2.81 vs 2.39), 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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