PFRL vs. PCL

Last updated Jul 17, 2026

PFRL (PGIM Floating Rate Income ETF) and PCL (PGIM Corporate Bond 10+ Year ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while PCL is a Corporate Bonds fund actively managed by PGIM. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. PFRL charges 0.72%/yr vs 0.25%/yr for PCL.

Performance

PFRL vs. PCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Floating Rate Income ETF (PFRL) and PGIM Corporate Bond 10+ Year ETF (PCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFRL achieves a 2.72% return, which is significantly higher than PCL's -0.03% return.

PFRL

• 1D: 0.01%
• 1M: 0.70%
• 6M: 2.58%
• YTD: 2.72%
• 1Y: 5.45%
• 3Y*: 7.95%
• 5Y*: —
• 10Y*: —

PCL

• 1D: -0.08%
• 1M: -2.11%
• 6M: -1.22%
• YTD: -0.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFRL vs. PCL - Yearly Performance Comparison

	2026 (YTD)	2025
PFRL PGIM Floating Rate Income ETF	2.72%	2.46%
PCL PGIM Corporate Bond 10+ Year ETF	-0.03%	2.51%

Correlation

The correlation between PFRL and PCL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.14

Return for Risk

PFRL vs. PCL — 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: 90
PFRL Martin Ratio Rank: 88

PCL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and PGIM Corporate Bond 10+ Year ETF (PCL). 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	PCL	Difference
Sharpe ratio: Return per unit of total volatility	2.85	—	—
Sortino ratio: Return per unit of downside risk	4.07	—	—
Omega ratio: Gain probability vs. loss probability	1.60	—	—
Calmar ratio: Return relative to maximum drawdown	4.37	—	—
Martin ratio: Return relative to average drawdown	14.83	—	—

Drawdowns

PFRL vs. PCL - Drawdown Comparison

The maximum PFRL drawdown since its inception was -8.83%, which is greater than PCL's maximum drawdown of -5.14%. Use the drawdown chart below to compare losses from any high point for PFRL and PCL.

Drawdown Indicators

	PFRL	PCL	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-5.14%	-3.69%
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	-0.09%	-2.97%	+2.88%
Average Drawdown Average peak-to-trough decline	-0.43%	-1.73%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	—	—

Volatility

Volatility by Period

	PFRL	PCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	7.82%	-5.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.80%	7.82%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	7.82%	-3.02%

PFRL vs. PCL - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is higher than PCL's 0.25% expense ratio.

Dividends

PFRL vs. PCL - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 6.66%, more than PCL's 5.87% yield.

Position	TTM	2025	2024	2023	2022
PCL PGIM Corporate Bond 10+ Year ETF	5.87%	2.52%	0.00%	0.00%	0.00%
PFRL PGIM Floating Rate Income ETF	6.66%	7.34%	8.96%	9.84%	3.55%

Frequently Asked Questions

Can I hold both PFRL and PCL in my portfolio?

PFRL and PCL have a correlation of 0.14, 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 PCL?

On fees, PCL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFRL or PCL?

PCL is cheaper with a 0.25% expense ratio, compared with 0.72% for PFRL.

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

PFRL has the higher dividend yield at 6.66%, compared with 5.87% for PCL.

What is the main difference between PFRL and PCL?

PFRL is categorized as Bank Loan, while PCL is Corporate Bonds. Their fees differ too: 0.72% for PFRL and 0.25% for PCL.