PFRL vs. HIGH

Last updated Aug 2, 2026

PFRL (PGIM Floating Rate Income ETF) and HIGH (Simplify Enhanced Income ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while HIGH is a Derivative Income fund actively managed by Simplify. Both are actively managed. Over the past 3 years, PFRL returned 7.95%/yr vs 2.43%/yr for HIGH. Their 0.17 correlation means their historical movements had little consistent relationship. PFRL charges 0.72%/yr vs 0.50%/yr for HIGH.

Performance

PFRL vs. HIGH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Floating Rate Income ETF (PFRL) and Simplify Enhanced Income ETF (HIGH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFRL achieves a 2.97% return, which is significantly higher than HIGH's -1.00% return.

PFRL

• 1D: 0.05%
• 1M: 0.42%
• 6M: 3.01%
• YTD: 2.97%
• 1Y: 5.60%
• 3Y*: 7.95%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.98%

HIGH

• 1D: 0.30%
• 1M: -0.44%
• 6M: -0.14%
• YTD: -1.00%
• 1Y: -1.25%
• 3Y*: 2.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HIGH Simplify Enhanced Income ETF	$264.89K	$245.02K	$537.34K
PFRL PGIM Floating Rate Income ETF	$887.82K	$834.06K	$677.61K

PFRL vs. HIGH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	2.97%	6.25%	9.40%	13.75%	1.92%
HIGH Simplify Enhanced Income ETF	-1.00%	4.35%	1.52%	7.70%	0.47%

Correlation

The correlation between PFRL and HIGH is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.17

Return for Risk

PFRL vs. HIGH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFRL

PFRL Risk / Return Rank: 94
PFRL Sharpe Ratio Rank: 95
PFRL Sortino Ratio Rank: 95
PFRL Omega Ratio Rank: 96
PFRL Calmar Ratio Rank: 93
PFRL Martin Ratio Rank: 91

HIGH

HIGH Risk / Return Rank: 8
HIGH Sharpe Ratio Rank: 8
HIGH Sortino Ratio Rank: 7
HIGH Omega Ratio Rank: 7
HIGH Calmar Ratio Rank: 8
HIGH Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PFRL vs. HIGH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and Simplify Enhanced Income ETF (HIGH). 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	HIGH	Difference
Sharpe ratio: Return per unit of total volatility	2.81	-0.21	+3.02
Sortino ratio: Return per unit of downside risk	4.02	-0.26	+4.28
Omega ratio: Gain probability vs. loss probability	1.61	0.97	+0.64
Calmar ratio: Return relative to maximum drawdown	4.40	-0.21	+4.62
Martin ratio: Return relative to average drawdown	14.96	-0.34	+15.29

PFRL vs. HIGH - Sharpe Ratio Comparison

The current PFRL Sharpe Ratio is 2.81, which is higher than the HIGH Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of PFRL and HIGH, 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. HIGH - Drawdown Comparison

The maximum PFRL drawdown since its inception was -8.83%, smaller than the maximum HIGH drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for PFRL and HIGH.

Drawdown Indicators

	PFRL	HIGH	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-9.50%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-7.08%	+5.83%
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	-9.50%	+0.67%
Current Drawdown Current decline from peak	-0.27%	-7.69%	+7.42%
Average Drawdown Average peak-to-trough decline	-0.42%	-2.59%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	4.46%	-4.09%

Volatility

PFRL vs. HIGH - Volatility Comparison

The current volatility for PGIM Floating Rate Income ETF (PFRL) is 0.57%, while Simplify Enhanced Income ETF (HIGH) has a volatility of 2.16%. This indicates that PFRL experiences smaller price fluctuations and is considered to be less risky than HIGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFRL	HIGH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	2.16%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	3.90%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	1.97%	7.23%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.78%	9.46%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.78%	9.46%	-4.68%

PFRL vs. HIGH - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is higher than HIGH's 0.50% expense ratio.

Dividends

PFRL vs. HIGH - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 7.15%, more than HIGH's 6.88% yield.

Position	TTM	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	6.88%	7.71%	8.34%	9.40%	0.62%
PFRL PGIM Floating Rate Income ETF	6.49%	7.34%	8.96%	9.84%	3.55%

Frequently Asked Questions

Can I hold both PFRL and HIGH in my portfolio?

PFRL and HIGH have a correlation of 0.20, 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 HIGH?

HIGH has higher volatility (2.16%) compared to PFRL (0.57%). In terms of maximum drawdown, PFRL dropped -8.83% vs HIGH's -9.50%.

Which ETF is better, PFRL or HIGH?

On 3-year performance, PFRL leads with 7.95% vs 2.43% for HIGH. On fees, HIGH is cheaper at 0.50% per year. On volatility, PFRL has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFRL or HIGH?

Over the 3-year period, PFRL has performed better with a 7.95% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFRL or HIGH?

HIGH is cheaper with a 0.50% expense ratio, compared with 0.72% for PFRL.

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

HIGH has the higher dividend yield at 6.88%, compared with 6.49% for PFRL.

What is the main difference between PFRL and HIGH?

PFRL is categorized as Bank Loan, while HIGH is Derivative Income. They also come from different issuers: PGIM and Simplify. Their fees differ too: 0.72% for PFRL and 0.50% for HIGH.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (2.81 vs -0.21), 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.