HIGH vs. PFRL
HIGH (Simplify Enhanced Income ETF) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while PFRL is a Bank Loan fund actively managed by PGIM. Both are actively managed. Over the past 3 years, HIGH returned 2.82%/yr vs 8.06%/yr for PFRL. At a 0.18 correlation, their price movements are largely independent. HIGH charges 0.50%/yr vs 0.72%/yr for PFRL.
Performance
HIGH vs. PFRL - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.37% return, which is significantly lower than PFRL's 2.81% return.
HIGH
- 1D
- -0.28%
- 1M
- 0.07%
- 6M
- -0.75%
- YTD
- -0.37%
- 1Y
- -3.09%
- 3Y*
- 2.82%
- 5Y*
- —
- 10Y*
- —
PFRL
- 1D
- 0.04%
- 1M
- 0.91%
- 6M
- 2.76%
- YTD
- 2.81%
- 1Y
- 5.70%
- 3Y*
- 8.06%
- 5Y*
- —
- 10Y*
- —
HIGH vs. PFRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.37% | 4.35% | 1.52% | 7.70% | 0.47% |
PFRL PGIM Floating Rate Income ETF | 2.81% | 6.25% | 9.40% | 13.75% | 1.92% |
Correlation
The correlation between HIGH and PFRL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.18 |
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Return for Risk
HIGH vs. PFRL — Risk / Return Rank
HIGH
PFRL
HIGH vs. PFRL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) 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.
| HIGH | PFRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.40 | ||
| Sortino ratioReturn per unit of downside risk | -4.83 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.64 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 4.56 | -5.00 |
| Martin ratioReturn relative to average drawdown | -0.72 | 15.50 | -16.22 |
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Drawdowns
HIGH vs. PFRL - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for HIGH and PFRL.
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Drawdown Indicators
| HIGH | PFRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -8.83% | -0.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -1.25% | -5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -8.83% | -0.67% |
Current DrawdownCurrent decline from peak | -7.11% | 0.00% | -7.11% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -0.43% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 0.37% | +3.95% |
Volatility
HIGH vs. PFRL - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 2.10% compared to PGIM Floating Rate Income ETF (PFRL) at 0.46%. This indicates that HIGH's price experiences larger fluctuations and is considered to be riskier 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
| HIGH | PFRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 0.46% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 1.56% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.30% | 1.93% | +5.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 4.80% | +4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.49% | 4.80% | +4.69% |
HIGH vs. PFRL - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is lower than PFRL's 0.72% expense ratio.
Dividends
HIGH vs. PFRL - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.09%, more than PFRL's 6.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.09% | 7.71% | 8.34% | 9.40% | 0.62% |
PFRL PGIM Floating Rate Income ETF | 6.66% | 7.34% | 8.96% | 9.84% | 3.55% |
Frequently Asked Questions
HIGH and PFRL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (2.10%) compared to PFRL (0.46%). In terms of maximum drawdown, HIGH dropped -9.50% vs PFRL's -8.83%.
On 3-year performance, PFRL leads with 8.06% vs 2.82% for HIGH. On fees, HIGH is cheaper at 0.50% per year. On volatility, PFRL has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFRL has performed better with a 8.06% return vs 2.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIGH is cheaper with a 0.50% expense ratio, compared with 0.72% for PFRL.
HIGH has the higher dividend yield at 7.09%, compared with 6.66% for PFRL.
HIGH is categorized as Derivative Income, while PFRL is Bank Loan. They also come from different issuers: Simplify and PGIM. Their fees differ too: 0.50% for HIGH and 0.72% for PFRL.
PFRL currently has the higher Sharpe Ratio (2.98 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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