PFRL vs. CMDT

Last updated Jun 24, 2026

PFRL (PGIM Floating Rate Income ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. PFRL is actively managed, while CMDT is passively managed. Over the past 3 years, PFRL returned 8.50%/yr vs 12.77%/yr for CMDT. At a 0.08 correlation, their price movements are largely independent. PFRL charges 0.72%/yr vs 0.65%/yr for CMDT.

Performance

PFRL vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Floating Rate Income ETF (PFRL) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFRL achieves a 2.37% return, which is significantly lower than CMDT's 13.43% return.

PFRL

• 1D: 0.06%
• 1M: 0.55%
• YTD: 2.37%
• 6M: 2.75%
• 1Y: 6.38%
• 3Y*: 8.50%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

PFRL vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFRL PGIM Floating Rate Income ETF	2.37%	6.25%	9.40%	9.53%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between PFRL and CMDT is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.08

The correlation between PFRL and CMDT shifts across timeframes, from -0.09 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PFRL vs. CMDT — Risk / Return Rank

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

PFRL

PFRL Risk / Return Rank: 92
PFRL Sharpe Ratio Rank: 94
PFRL Sortino Ratio Rank: 95
PFRL Omega Ratio Rank: 96
PFRL Calmar Ratio Rank: 89
PFRL Martin Ratio Rank: 86

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT Martin Ratio Rank: 58

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.

PFRL vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.

	PFRL	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	3.33	1.71	+1.62
Sortino ratio: Return per unit of downside risk	4.81	2.39	+2.42
Omega ratio: Gain probability vs. loss probability	1.73	1.29	+0.44
Calmar ratio: Return relative to maximum drawdown	5.11	1.93	+3.18
Martin ratio: Return relative to average drawdown	17.37	9.62	+7.75

PFRL vs. CMDT - Sharpe Ratio Comparison

The current PFRL Sharpe Ratio is 3.33, which is higher than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of PFRL and CMDT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFRL vs. CMDT - Drawdown Comparison

The maximum PFRL drawdown since its inception was -8.83%, smaller than the maximum CMDT drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for PFRL and CMDT.

Drawdown Indicators

	PFRL	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-11.11%	+2.28%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-11.11%	+9.86%
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	-11.11%	+2.28%
Current Drawdown Current decline from peak	0.00%	-11.11%	+11.11%
Average Drawdown Average peak-to-trough decline	-0.43%	-2.77%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	2.25%	-1.88%

Volatility

PFRL vs. CMDT - Volatility Comparison

The current volatility for PGIM Floating Rate Income ETF (PFRL) is 0.48%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that PFRL experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFRL	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	3.26%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	10.60%	-8.99%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	12.65%	-10.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	12.24%	-7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.83%	12.24%	-7.41%

PFRL vs. CMDT - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

PFRL vs. CMDT - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 6.80%, more than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023	2022
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%	0.00%
PFRL PGIM Floating Rate Income ETF	6.80%	7.34%	8.96%	9.84%	3.55%

Frequently Asked Questions

Can I hold both PFRL and CMDT in my portfolio?

PFRL and CMDT have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFRL or CMDT?

CMDT has higher volatility (3.26%) compared to PFRL (0.48%). In terms of maximum drawdown, PFRL dropped -8.83% vs CMDT's -11.11%.

Which ETF is better, PFRL or CMDT?

On 3-year performance, CMDT leads with 12.77% vs 8.50% for PFRL. On fees, CMDT is cheaper at 0.65% per year. On volatility, PFRL has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFRL or CMDT?

Over the 3-year period, CMDT has performed better with a 12.77% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFRL or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 0.72% for PFRL.

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

PFRL has the higher dividend yield at 6.80%, compared with 2.67% for CMDT.

What is the main difference between PFRL and CMDT?

PFRL is categorized as Bank Loan, while CMDT is Commodities. They also come from different issuers: PGIM and PIMCO. Their fees differ too: 0.72% for PFRL and 0.65% for CMDT.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.33 vs 1.71), 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.