MUB vs. PFRL
MUB (iShares National AMT-Free Muni Bond ETF) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while PFRL is a Bank Loan fund actively managed by PGIM. MUB is passively managed, while PFRL is actively managed. Over the past 3 years, MUB returned 3.29%/yr vs 8.62%/yr for PFRL. At a 0.14 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.72%/yr for PFRL.
Performance
MUB vs. PFRL - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.17% return, which is significantly lower than PFRL's 1.96% return.
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
PFRL
- 1D
- 0.01%
- 1M
- 0.48%
- YTD
- 1.96%
- 6M
- 2.68%
- 1Y
- 6.12%
- 3Y*
- 8.62%
- 5Y*
- —
- 10Y*
- —
MUB vs. PFRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | 0.50% |
PFRL PGIM Floating Rate Income ETF | 1.96% | 6.25% | 9.40% | 13.75% | 1.27% |
Correlation
The correlation between MUB and PFRL 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 | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 25, 2022 | 0.14 |
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Return for Risk
MUB vs. PFRL — Risk / Return Rank
MUB
PFRL
MUB vs. PFRL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) 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.
| MUB | PFRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.69 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 4.90 | -2.38 |
| Martin ratioReturn relative to average drawdown | 8.85 | 16.66 | -7.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUB | PFRL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 3.19 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.66 | -1.08 |
Drawdowns
MUB vs. PFRL - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for MUB and PFRL.
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Drawdown Indicators
| MUB | PFRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -8.83% | -4.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -1.25% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -8.83% | +3.49% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -0.05% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.44% | -1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.37% | +0.42% |
Volatility
MUB vs. PFRL - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.99% compared to PGIM Floating Rate Income ETF (PFRL) at 0.42%. This indicates that MUB'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
| MUB | PFRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.42% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 1.58% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 1.93% | +0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 4.85% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 4.85% | +0.07% |
MUB vs. PFRL - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than PFRL's 0.72% expense ratio.
Dividends
MUB vs. PFRL - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.18%, less than PFRL's 6.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
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
MUB and PFRL 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.
MUB has higher volatility (0.99%) compared to PFRL (0.42%). In terms of maximum drawdown, MUB dropped -13.68% vs PFRL's -8.83%.
On 3-year performance, PFRL leads with 8.62% vs 3.29% for MUB. On fees, MUB is cheaper at 0.07% 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.
Over the 3-year period, PFRL has performed better with a 8.62% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.72% for PFRL.
PFRL has the higher dividend yield at 6.83%, compared with 3.18% for MUB.
MUB is categorized as Municipal Bonds, while PFRL is Bank Loan. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.07% for MUB and 0.72% for PFRL.
PFRL currently has the higher Sharpe Ratio (3.19 vs 2.42), 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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