PFRL vs. MSD
PFRL (PGIM Floating Rate Income ETF) is Bank Loan fund actively managed by PGIM, while MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) is a stock. Over the past 3 years, PFRL returned 8.50%/yr vs 14.45%/yr for MSD. At a 0.26 correlation, their price movements are largely independent.
Performance
PFRL vs. MSD - Performance Comparison
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Returns By Period
In the year-to-date period, PFRL achieves a 2.37% return, which is significantly higher than MSD's 1.18% return.
PFRL
- 1D
- 0.06%
- 1M
- 0.55%
- YTD
- 2.37%
- 6M
- 2.75%
- 1Y
- 6.38%
- 3Y*
- 8.50%
- 5Y*
- —
- 10Y*
- —
MSD
- 1D
- 0.14%
- 1M
- -0.30%
- YTD
- 1.18%
- 6M
- 0.64%
- 1Y
- 2.33%
- 3Y*
- 14.45%
- 5Y*
- 4.14%
- 10Y*
- 5.48%
PFRL vs. MSD - 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% |
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 1.18% | 5.58% | 24.92% | 19.14% | -3.61% |
Correlation
The correlation between PFRL and MSD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 24, 2022 | 0.26 |
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Return for Risk
PFRL vs. MSD — Risk / Return Rank
PFRL
MSD
PFRL vs. MSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD). 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 | MSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.10 | ||
| Sortino ratioReturn per unit of downside risk | +4.44 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.05 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 5.11 | 0.22 | +4.89 |
| Martin ratioReturn relative to average drawdown | 17.37 | 0.58 | +16.79 |
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Drawdowns
PFRL vs. MSD - Drawdown Comparison
The maximum PFRL drawdown since its inception was -8.83%, smaller than the maximum MSD drawdown of -58.51%. Use the drawdown chart below to compare losses from any high point for PFRL and MSD.
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Drawdown Indicators
| PFRL | MSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.83% | -58.51% | +49.68% |
Max Drawdown (1Y)Largest decline over 1 year | -1.25% | -10.59% | +9.34% |
Max Drawdown (3Y)Largest decline over 3 years | -8.83% | -12.84% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.89% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.50% | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.71% | +5.71% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -11.29% | +10.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 3.99% | -3.62% |
Volatility
PFRL vs. MSD - Volatility Comparison
The current volatility for PGIM Floating Rate Income ETF (PFRL) is 0.48%, while Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) has a volatility of 2.52%. This indicates that PFRL experiences smaller price fluctuations and is considered to be less risky than MSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFRL | MSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.52% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 8.37% | -6.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.92% | 10.30% | -8.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.83% | 14.06% | -9.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.83% | 14.73% | -9.90% |
Dividends
PFRL vs. MSD - Dividend Comparison
PFRL's dividend yield for the trailing twelve months is around 6.80%, less than MSD's 8.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 8.87% | 9.88% | 11.88% | 10.90% | 7.34% | 4.99% | 4.67% | 5.37% | 6.56% | 5.81% | 6.87% | 7.03% |
PFRL PGIM Floating Rate Income ETF | 6.80% | 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
PFRL and MSD have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSD has higher volatility (2.52%) compared to PFRL (0.48%). In terms of maximum drawdown, PFRL dropped -8.83% vs MSD's -58.51%.
PFRL currently has the higher Sharpe Ratio (3.33 vs 0.23), 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.
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