IEMG vs. PFRL

Last updated Jun 9, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while PFRL is a Bank Loan fund actively managed by PGIM. IEMG is passively managed, while PFRL is actively managed. Over the past 3 years, IEMG returned 20.51%/yr vs 8.62%/yr for PFRL. At a 0.38 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.72%/yr for PFRL.

Performance

IEMG vs. PFRL - Performance Comparison

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

Returns By Period

In the year-to-date period, IEMG achieves a 18.97% return, which is significantly higher than PFRL's 1.96% return.

IEMG

• 1D: 1.70%
• 1M: -3.66%
• YTD: 18.97%
• 6M: 20.80%
• 1Y: 40.80%
• 3Y*: 20.51%
• 5Y*: 6.57%
• 10Y*: 9.88%

PFRL

• 1D: 0.01%
• 1M: 0.48%
• YTD: 1.96%
• 6M: 2.68%
• 1Y: 6.12%
• 3Y*: 8.62%
• 5Y*: —
• 10Y*: —

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

IEMG vs. PFRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IEMG iShares Core MSCI Emerging Markets ETF	18.97%	32.56%	6.50%	11.52%	-6.37%
PFRL PGIM Floating Rate Income ETF	1.96%	6.25%	9.40%	13.75%	1.27%

Correlation

The correlation between IEMG and PFRL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 24, 2022	0.38

IEMG vs. PFRL - Sectors Allocation Comparison

Sectors	IEMG	PFRL
Technology	35.0%	-
Financial Services	18.4%	-
Consumer Cyclical	9.5%	-
Industrials	9.0%	97.9%
Basic Materials	6.9%	-
Communication Services	6.4%	88.1%
Energy	3.8%	11.9%
Healthcare	3.7%	-
Consumer Defensive	3.3%	-
Utilities	2.2%	-
Real Estate	1.7%	-

Return for Risk

IEMG vs. PFRL — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 67
IEMG Sharpe Ratio Rank: 67
IEMG Sortino Ratio Rank: 61
IEMG Omega Ratio Rank: 71
IEMG Calmar Ratio Rank: 68
IEMG Martin Ratio Rank: 69

PFRL

PFRL Risk / Return Rank: 92
PFRL Sharpe Ratio Rank: 94
PFRL Sortino Ratio Rank: 94
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 89
PFRL Martin Ratio Rank: 87

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.

IEMG vs. PFRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.

	IEMG	PFRL	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.19	-1.20
Sortino ratio: Return per unit of downside risk	2.58	4.59	-2.01
Omega ratio: Gain probability vs. loss probability	1.38	1.69	-0.31
Calmar ratio: Return relative to maximum drawdown	3.10	4.90	-1.80
Martin ratio: Return relative to average drawdown	11.68	16.66	-4.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMG vs. PFRL - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.99, which is lower than the PFRL Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of IEMG and PFRL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IEMG	PFRL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	3.19	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.66	-1.33

Drawdowns

IEMG vs. PFRL - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for IEMG and PFRL.

Drawdown Indicators

	IEMG	PFRL	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-8.83%	-29.88%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-1.25%	-11.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-8.83%	-8.38%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-7.00%	-0.05%	-6.95%
Average Drawdown Average peak-to-trough decline	-12.97%	-0.44%	-12.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	0.37%	+3.13%

Volatility

IEMG vs. PFRL - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to PGIM Floating Rate Income ETF (PFRL) at 0.42%. This indicates that IEMG'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.

Volatility by Period

	IEMG	PFRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	0.42%	+9.91%
Volatility (6M) Calculated over the trailing 6-month period	18.35%	1.58%	+16.77%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	1.93%	+18.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	4.85%	+13.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	4.85%	+15.29%

IEMG vs. PFRL - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than PFRL's 0.72% expense ratio.

Dividends

IEMG vs. PFRL - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.31%, less than PFRL's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMG iShares Core MSCI Emerging Markets ETF	2.31%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%
PFRL PGIM Floating Rate Income ETF	6.83%	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

Can I hold both IEMG and PFRL in my portfolio?

IEMG and PFRL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEMG or PFRL?

IEMG has higher volatility (10.33%) compared to PFRL (0.42%). In terms of maximum drawdown, IEMG dropped -38.71% vs PFRL's -8.83%.

Which ETF is better, IEMG or PFRL?

On 3-year performance, IEMG leads with 20.51% vs 8.62% for PFRL. On fees, IEMG is cheaper at 0.09% per year. On volatility, PFRL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or PFRL?

Over the 3-year period, IEMG has performed better with a 20.51% return vs 8.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or PFRL?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.72% for PFRL.

Which ETF pays a higher dividend yield, IEMG or PFRL?

PFRL has the higher dividend yield at 6.83%, compared with 2.31% for IEMG.

What is the main difference between IEMG and PFRL?

IEMG is categorized as Emerging Markets Diversified, while PFRL is Bank Loan. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.09% for IEMG and 0.72% for PFRL.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.19 vs 1.99), 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.