PFRL vs. JEPQ

Last updated Jun 24, 2026

PFRL (PGIM Floating Rate Income ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. PFRL is actively managed, while JEPQ is passively managed. Over the past 3 years, PFRL returned 8.50%/yr vs 19.79%/yr for JEPQ. At a 0.40 correlation, their price movements are largely independent. PFRL charges 0.72%/yr vs 0.35%/yr for JEPQ.

Performance

PFRL vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Floating Rate Income ETF (PFRL) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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 JEPQ's 7.85% return.

PFRL

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

JEPQ

• 1D: -2.48%
• 1M: 0.34%
• YTD: 7.85%
• 6M: 7.02%
• 1Y: 25.10%
• 3Y*: 19.79%
• 5Y*: —
• 10Y*: —

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

PFRL vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	2.37%	6.25%	9.40%	13.75%	1.27%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-5.56%

Correlation

The correlation between PFRL and JEPQ is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since May 24, 2022	0.40

Return for Risk

PFRL vs. JEPQ — 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

JEPQ

JEPQ Risk / Return Rank: 63
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 55
JEPQ Omega Ratio Rank: 66
JEPQ Calmar Ratio Rank: 60
JEPQ Martin Ratio Rank: 74

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. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	3.33	1.93	+1.40
Sortino ratio: Return per unit of downside risk	4.81	2.57	+2.24
Omega ratio: Gain probability vs. loss probability	1.73	1.38	+0.34
Calmar ratio: Return relative to maximum drawdown	5.11	2.86	+2.25
Martin ratio: Return relative to average drawdown	17.37	13.55	+3.82

PFRL vs. JEPQ - Sharpe Ratio Comparison

The current PFRL Sharpe Ratio is 3.33, which is higher than the JEPQ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of PFRL and JEPQ, 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. JEPQ - Drawdown Comparison

The maximum PFRL drawdown since its inception was -8.83%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for PFRL and JEPQ.

Drawdown Indicators

	PFRL	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-20.07%	+11.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-8.82%	+7.57%
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	-20.07%	+11.24%
Current Drawdown Current decline from peak	0.00%	-2.48%	+2.48%
Average Drawdown Average peak-to-trough decline	-0.43%	-3.40%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	1.86%	-1.49%

Volatility

PFRL vs. JEPQ - Volatility Comparison

The current volatility for PGIM Floating Rate Income ETF (PFRL) is 0.48%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.27%. This indicates that PFRL experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFRL	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	6.27%	-5.79%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	10.58%	-8.97%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	13.08%	-11.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	16.79%	-11.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.83%	16.79%	-11.96%

PFRL vs. JEPQ - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

PFRL vs. JEPQ - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 6.80%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%
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 JEPQ in my portfolio?

PFRL and JEPQ have a correlation of 0.39, 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 JEPQ?

JEPQ has higher volatility (6.27%) compared to PFRL (0.48%). In terms of maximum drawdown, PFRL dropped -8.83% vs JEPQ's -20.07%.

Which ETF is better, PFRL or JEPQ?

On 3-year performance, JEPQ leads with 19.79% vs 8.50% for PFRL. On fees, JEPQ is cheaper at 0.35% 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 JEPQ?

Over the 3-year period, JEPQ has performed better with a 19.79% 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 JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.72% for PFRL.

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

JEPQ has the higher dividend yield at 10.22%, compared with 6.80% for PFRL.

What is the main difference between PFRL and JEPQ?

PFRL is categorized as Bank Loan, while JEPQ is Nasdaq-100. They also come from different issuers: PGIM and JPMorgan. Their fees differ too: 0.72% for PFRL and 0.35% for JEPQ.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.33 vs 1.93), 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.