PFRL vs. MUB
PFRL (PGIM Floating Rate Income ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. PFRL is actively managed, while MUB is passively managed. Over the past 3 years, PFRL returned 8.62%/yr vs 3.29%/yr for MUB. At a 0.14 correlation, their price movements are largely independent. PFRL charges 0.72%/yr vs 0.07%/yr for MUB.
Performance
PFRL vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, PFRL achieves a 1.96% return, which is significantly higher than MUB's 1.17% return.
PFRL
- 1D
- 0.01%
- 1M
- 0.48%
- YTD
- 1.96%
- 6M
- 2.68%
- 1Y
- 6.12%
- 3Y*
- 8.62%
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
PFRL vs. MUB - 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% |
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | 0.50% |
Correlation
The correlation between PFRL and MUB is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 25, 2022 | 0.14 |
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Return for Risk
PFRL vs. MUB — Risk / Return Rank
PFRL
MUB
PFRL vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.51 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.90 | 2.52 | +2.38 |
| Martin ratioReturn relative to average drawdown | 16.66 | 8.85 | +7.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFRL | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.19 | 2.42 | +0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.19 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.66 | 0.58 | +1.08 |
Drawdowns
PFRL vs. MUB - Drawdown Comparison
The maximum PFRL drawdown since its inception was -8.83%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for PFRL and MUB.
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Drawdown Indicators
| PFRL | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.83% | -13.68% | +4.85% |
Max Drawdown (1Y)Largest decline over 1 year | -1.25% | -2.79% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -8.83% | -5.34% | -3.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.77% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -0.44% | -2.23% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.79% | -0.42% |
Volatility
PFRL vs. MUB - Volatility Comparison
The current volatility for PGIM Floating Rate Income ETF (PFRL) is 0.42%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.99%. This indicates that PFRL experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFRL | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.99% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 2.23% | -0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.93% | 2.90% | -0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 4.06% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 4.92% | -0.07% |
PFRL vs. MUB - Expense Ratio Comparison
PFRL has a 0.72% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
PFRL vs. MUB - Dividend Comparison
PFRL's dividend yield for the trailing twelve months is around 6.83%, more than MUB's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
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
PFRL and MUB have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.99%) compared to PFRL (0.42%). In terms of maximum drawdown, PFRL dropped -8.83% vs MUB's -13.68%.
On 3-year performance, PFRL leads with 8.62% vs 3.29% for MUB. On fees, MUB is cheaper at 0.07% 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.
Over the 3-year period, PFRL has performed better with a 8.62% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.72% for PFRL.
PFRL has the higher dividend yield at 6.83%, compared with 3.18% for MUB.
PFRL is categorized as Bank Loan, while MUB is Municipal Bonds. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.72% for PFRL and 0.07% for MUB.
PFRL currently has the higher Sharpe Ratio (3.19 vs 2.42), 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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