PFLRX vs. FLYRX
PFLRX (Putnam Floating Rate Income Fund) and FLYRX (Pioneer Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, PFLRX returned 3.72%/yr vs 3.97%/yr for FLYRX. A 0.65 correlation means they provide meaningful diversification when combined. PFLRX charges 1.03%/yr vs 0.75%/yr for FLYRX.
Performance
PFLRX vs. FLYRX - Performance Comparison
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Returns By Period
Over the past 10 years, PFLRX has underperformed FLYRX with an annualized return of 3.72%, while FLYRX has yielded a comparatively higher 3.97% annualized return.
PFLRX
- 1D
- 0.00%
- 1M
- 0.43%
- YTD
- -0.00%
- 6M
- 0.44%
- 1Y
- 3.28%
- 3Y*
- 5.63%
- 5Y*
- 4.03%
- 10Y*
- 3.72%
FLYRX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.75%
- 6M
- 2.53%
- 1Y
- 5.17%
- 3Y*
- 5.90%
- 5Y*
- 4.00%
- 10Y*
- 3.97%
PFLRX vs. FLYRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFLRX Putnam Floating Rate Income Fund | -0.00% | 4.74% | 6.34% | 11.01% | -2.78% | 3.04% | 0.69% | 8.14% | -0.66% | 3.28% |
FLYRX Pioneer Floating Rate Fund | 1.75% | 4.90% | 6.94% | 8.31% | -3.26% | 4.32% | 2.10% | 7.57% | 0.17% | 3.74% |
Correlation
The correlation between PFLRX and FLYRX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.65 |
The correlation between PFLRX and FLYRX shifts across timeframes, from 0.50 (3 years) to 0.65 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFLRX vs. FLYRX — Risk / Return Rank
PFLRX
FLYRX
PFLRX vs. FLYRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Floating Rate Income Fund (PFLRX) and Pioneer Floating Rate Fund (FLYRX). 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.
| PFLRX | FLYRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.72 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 5.34 | -3.68 |
| Martin ratioReturn relative to average drawdown | 4.45 | 15.78 | -11.34 |
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Drawdowns
PFLRX vs. FLYRX - Drawdown Comparison
The maximum PFLRX drawdown since its inception was -32.89%, which is greater than FLYRX's maximum drawdown of -30.67%. Use the drawdown chart below to compare losses from any high point for PFLRX and FLYRX.
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Drawdown Indicators
| PFLRX | FLYRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.89% | -30.67% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -0.94% | -1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -2.05% | -0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -6.95% | -6.61% | -0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -20.74% | -19.05% | -1.69% |
Current DrawdownCurrent decline from peak | -0.39% | 0.00% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -1.74% | -1.98% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 0.32% | +0.42% |
Volatility
PFLRX vs. FLYRX - Volatility Comparison
Putnam Floating Rate Income Fund (PFLRX) and Pioneer Floating Rate Fund (FLYRX) have volatilities of 0.67% and 0.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLRX | FLYRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.65% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 1.74% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 2.47% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.83% | 2.68% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.01% | 3.58% | +0.43% |
PFLRX vs. FLYRX - Expense Ratio Comparison
PFLRX has a 1.03% expense ratio, which is higher than FLYRX's 0.75% expense ratio.
Dividends
PFLRX vs. FLYRX - Dividend Comparison
PFLRX's dividend yield for the trailing twelve months is around 6.30%, less than FLYRX's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLYRX Pioneer Floating Rate Fund | 7.27% | 7.48% | 5.87% | 6.45% | 5.40% | 3.46% | 3.91% | 5.01% | 4.70% | 4.13% | 3.88% | 3.85% |
PFLRX Putnam Floating Rate Income Fund | 6.30% | 6.69% | 6.25% | 7.27% | 3.48% | 2.63% | 3.10% | 4.56% | 4.54% | 3.69% | 3.71% | 4.45% |
Frequently Asked Questions
PFLRX and FLYRX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFLRX has higher volatility (0.67%) compared to FLYRX (0.65%). In terms of maximum drawdown, PFLRX dropped -32.89% vs FLYRX's -30.67%.
FLYRX currently has the higher Sharpe Ratio (2.03 vs 1.39), 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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