FRFZX vs. TLT
FRFZX (PGIM Floating Rate Income Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - FRFZX is a Bank Loan fund managed by PGIM, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, FRFZX returned 5.36%/yr vs -1.75%/yr for TLT. At a correlation of -0.09, they often move in opposite directions. FRFZX charges 0.70%/yr vs 0.15%/yr for TLT.
Performance
FRFZX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FRFZX achieves a 2.29% return, which is significantly higher than TLT's 0.64% return. Over the past 10 years, FRFZX has outperformed TLT with an annualized return of 5.36%, while TLT has yielded a comparatively lower -1.75% annualized return.
FRFZX
- 1D
- 0.00%
- 1M
- 0.54%
- YTD
- 2.29%
- 6M
- 2.86%
- 1Y
- 6.22%
- 3Y*
- 8.45%
- 5Y*
- 5.83%
- 10Y*
- 5.36%
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
FRFZX vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.64% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between FRFZX and TLT is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.09 |
The correlation between FRFZX and TLT shifts across timeframes, from -0.09 (all time) to 0.04 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FRFZX vs. TLT — Risk / Return Rank
FRFZX
TLT
FRFZX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income Fund (FRFZX) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +5.95 | ||
| Omega ratioGain probability vs. loss probability | 2.02 | 1.08 | +0.94 |
| Calmar ratioReturn relative to maximum drawdown | 7.34 | 0.54 | +6.80 |
| Martin ratioReturn relative to average drawdown | 22.76 | 1.29 | +21.48 |
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Drawdowns
FRFZX vs. TLT - Drawdown Comparison
The maximum FRFZX drawdown since its inception was -21.95%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FRFZX and TLT.
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Drawdown Indicators
| FRFZX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.95% | -48.35% | +26.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.85% | -7.58% | +6.73% |
Max Drawdown (3Y)Largest decline over 3 years | -3.12% | -19.18% | +16.06% |
Max Drawdown (5Y)Largest decline over 5 years | -7.85% | -43.70% | +35.85% |
Max Drawdown (10Y)Largest decline over 10 years | -21.95% | -48.35% | +26.40% |
Current DrawdownCurrent decline from peak | -0.11% | -39.89% | +39.78% |
Average DrawdownAverage peak-to-trough decline | -0.91% | -13.87% | +12.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 3.17% | -2.90% |
Volatility
FRFZX vs. TLT - Volatility Comparison
The current volatility for PGIM Floating Rate Income Fund (FRFZX) is 0.61%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.21%. This indicates that FRFZX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRFZX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 2.21% | -1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 6.63% | -5.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 9.50% | -7.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.10% | 15.82% | -12.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.97% | 14.91% | -10.94% |
FRFZX vs. TLT - Expense Ratio Comparison
FRFZX has a 0.70% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FRFZX vs. TLT - Dividend Comparison
FRFZX's dividend yield for the trailing twelve months is around 7.40%, more than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.55% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
FRFZX and TLT have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.21%) compared to FRFZX (0.61%). In terms of maximum drawdown, FRFZX dropped -21.95% vs TLT's -48.35%.
FRFZX currently has the higher Sharpe Ratio (2.69 vs 0.43), 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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