PFRL vs. HIPS

Last updated Jun 4, 2026

PFRL (PGIM Floating Rate Income ETF) and HIPS (GraniteShares HIPS US High Income ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index. PFRL is actively managed, while HIPS is passively managed. Over the past 3 years, PFRL returned 8.85%/yr vs 10.94%/yr for HIPS. At a 0.38 correlation, their price movements are largely independent. PFRL charges 0.72%/yr vs 3.19%/yr for HIPS.

Performance

PFRL vs. HIPS - Performance Comparison

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

Returns By Period

In the year-to-date period, PFRL achieves a 1.96% return, which is significantly lower than HIPS's 3.28% return.

PFRL

• 1D: 0.09%
• 1M: 0.68%
• YTD: 1.96%
• 6M: 2.91%
• 1Y: 6.46%
• 3Y*: 8.85%
• 5Y*: —
• 10Y*: —

HIPS

• 1D: -0.79%
• 1M: -3.49%
• YTD: 3.28%
• 6M: 2.30%
• 1Y: 6.18%
• 3Y*: 10.94%
• 5Y*: 3.96%
• 10Y*: 5.55%

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

PFRL vs. HIPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	1.96%	6.25%	9.40%	13.75%	1.27%
HIPS GraniteShares HIPS US High Income ETF	3.28%	1.00%	13.71%	16.09%	-3.00%

Correlation

The correlation between PFRL and HIPS is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 25, 2022	0.38

PFRL vs. HIPS - Sectors Allocation Comparison

Sectors	PFRL	HIPS
Industrials	97.9%	-
Communication Services	88.1%	0.0%
Energy	11.9%	32.7%
Basic Materials	-	4.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	31.6%
Healthcare	-	-
Real Estate	-	31.7%
Technology	-	-
Utilities	-	-

Return for Risk

PFRL vs. HIPS — Risk / Return Rank

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

PFRL

PFRL Risk / Return Rank: 91
PFRL Sharpe Ratio Rank: 92
PFRL Sortino Ratio Rank: 94
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 88
PFRL Martin Ratio Rank: 84

HIPS

HIPS Risk / Return Rank: 20
HIPS Sharpe Ratio Rank: 19
HIPS Sortino Ratio Rank: 18
HIPS Omega Ratio Rank: 18
HIPS Calmar Ratio Rank: 22
HIPS Martin Ratio Rank: 22

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. HIPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and GraniteShares HIPS US High Income ETF (HIPS). 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.

	PFRL	HIPS	Difference
Sharpe ratio: Return per unit of total volatility	3.35	0.65	+2.70
Sortino ratio: Return per unit of downside risk	4.84	0.97	+3.88
Omega ratio: Gain probability vs. loss probability	1.73	1.11	+0.62
Calmar ratio: Return relative to maximum drawdown	5.17	1.01	+4.16
Martin ratio: Return relative to average drawdown	17.58	2.70	+14.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFRL vs. HIPS - Sharpe Ratio Comparison

The current PFRL Sharpe Ratio is 3.35, which is higher than the HIPS Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of PFRL and HIPS, 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

	PFRL	HIPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	0.65	+2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	0.23	+1.44

Drawdowns

PFRL vs. HIPS - Drawdown Comparison

The maximum PFRL drawdown since its inception was -8.83%, smaller than the maximum HIPS drawdown of -53.14%. Use the drawdown chart below to compare losses from any high point for PFRL and HIPS.

Drawdown Indicators

	PFRL	HIPS	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-53.14%	+44.31%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-6.15%	+4.90%
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	-15.41%	+6.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-53.14%	—
Current Drawdown Current decline from peak	-0.03%	-4.23%	+4.20%
Average Drawdown Average peak-to-trough decline	-0.44%	-7.39%	+6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	2.29%	-1.92%

Volatility

PFRL vs. HIPS - Volatility Comparison

The current volatility for PGIM Floating Rate Income ETF (PFRL) is 0.42%, while GraniteShares HIPS US High Income ETF (HIPS) has a volatility of 1.77%. This indicates that PFRL experiences smaller price fluctuations and is considered to be less risky than HIPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFRL	HIPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	1.77%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	7.05%	-5.47%
Volatility (1Y) Calculated over the trailing 1-year period	1.94%	9.57%	-7.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	13.29%	-8.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	18.07%	-13.21%

PFRL vs. HIPS - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is lower than HIPS's 3.19% expense ratio.

Dividends

PFRL vs. HIPS - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 6.83%, less than HIPS's 11.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIPS GraniteShares HIPS US High Income ETF	11.19%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%
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 PFRL and HIPS in my portfolio?

PFRL and HIPS have a correlation of 0.32, 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 HIPS?

HIPS has higher volatility (1.77%) compared to PFRL (0.42%). In terms of maximum drawdown, PFRL dropped -8.83% vs HIPS's -53.14%.

Which ETF is better, PFRL or HIPS?

On 3-year performance, HIPS leads with 10.94% vs 8.85% for PFRL. On fees, PFRL is cheaper at 0.72% 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, PFRL or HIPS?

Over the 3-year period, HIPS has performed better with a 10.94% return vs 8.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFRL or HIPS?

PFRL is cheaper with a 0.72% expense ratio, compared with 3.19% for HIPS.

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

HIPS has the higher dividend yield at 11.19%, compared with 6.83% for PFRL.

What is the main difference between PFRL and HIPS?

PFRL is categorized as Bank Loan, while HIPS is Diversified Portfolio. They also come from different issuers: PGIM and GraniteShares. Their fees differ too: 0.72% for PFRL and 3.19% for HIPS.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.35 vs 0.65), 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.