PFRL vs. HYGI

Last updated Jun 9, 2026

PFRL (PGIM Floating Rate Income ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. PFRL is actively managed, while HYGI is passively managed. At a 0.38 correlation, their price movements are largely independent. PFRL charges 0.72%/yr vs 0.52%/yr for HYGI.

Performance

PFRL vs. HYGI - Performance Comparison

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

Returns By Period

PFRL

• 1D: 0.01%
• 1M: 0.48%
• YTD: 1.96%
• 6M: 2.68%
• 1Y: 6.12%
• 3Y*: 8.62%
• 5Y*: —
• 10Y*: —

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFRL vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	1.96%	6.25%	9.40%	13.75%	2.35%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between PFRL and HYGI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.38

Over the past year, the correlation between PFRL and HYGI has dropped to 0.13 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

PFRL vs. HYGI - Sectors Allocation Comparison

Sectors	PFRL	HYGI
Industrials	97.9%	-
Communication Services	88.1%	-
Energy	11.9%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	0.4%
Technology	-	-
Utilities	-	99.6%

Return for Risk

PFRL vs. HYGI — 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: 94
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 89
PFRL Martin Ratio Rank: 87

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	3.19	—	—
Sortino ratio: Return per unit of downside risk	4.59	—	—
Omega ratio: Gain probability vs. loss probability	1.69	—	—
Calmar ratio: Return relative to maximum drawdown	4.90	—	—
Martin ratio: Return relative to average drawdown	16.66	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PFRL	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	—	—

Drawdowns

Drawdown Indicators

	PFRL	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	—	—
Current Drawdown Current decline from peak	-0.05%	—	—
Average Drawdown Average peak-to-trough decline	-0.44%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	—	—

Volatility

Volatility by Period

	PFRL	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	—	—

PFRL vs. HYGI - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is higher than HYGI's 0.52% expense ratio.

Dividends

PFRL vs. HYGI - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 6.83%, while HYGI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%
PFRL PGIM Floating Rate Income ETF	6.83%	7.34%	8.96%	9.84%	3.55%

Frequently Asked Questions

Can I hold both PFRL and HYGI in my portfolio?

PFRL and HYGI have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFRL or HYGI?

On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFRL or HYGI?

HYGI is cheaper with a 0.52% expense ratio, compared with 0.72% for PFRL.

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

PFRL has the higher dividend yield at 6.83%, compared with 0.97% for HYGI.

What is the main difference between PFRL and HYGI?

PFRL is categorized as Bank Loan, while HYGI is Inflation-Protected Bonds. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.72% for PFRL and 0.52% for HYGI.