PFRL vs. PUSH

Last updated Jun 4, 2026

PFRL (PGIM Floating Rate Income ETF) and PUSH (PGIM Ultra Short Municipal Bond ETF) are both exchange-traded funds - PFRL is a Bank Loan fund actively managed by PGIM, while PUSH is a Municipal Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PFRL returned 6.46% vs 3.85% for PUSH. At a correlation of -0.05, they often move in opposite directions. PFRL charges 0.72%/yr vs 0.15%/yr for PUSH.

Performance

PFRL vs. PUSH - Performance Comparison

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

Returns By Period

In the year-to-date period, PFRL achieves a 1.96% return, which is significantly higher than PUSH's 1.32% return.

PFRL

• 1D: 0.09%
• 1M: 0.68%
• YTD: 1.96%
• 6M: 2.91%
• 1Y: 6.46%
• 3Y*: 8.85%
• 5Y*: —
• 10Y*: —

PUSH

• 1D: 0.04%
• 1M: 0.38%
• YTD: 1.32%
• 6M: 1.66%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFRL vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PFRL PGIM Floating Rate Income ETF	1.96%	6.25%	4.73%
PUSH PGIM Ultra Short Municipal Bond ETF	1.32%	4.16%	1.74%

Correlation

The correlation between PFRL and PUSH 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 (All Time) Calculated using the full available price history since Jul 1, 2024	-0.05

Return for Risk

PFRL vs. PUSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFRL

PFRL Risk / Return Rank: 91
PFRL Sharpe Ratio Rank: 92
PFRL Sortino Ratio Rank: 94
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 88
PFRL Martin Ratio Rank: 84

PUSH

PUSH Risk / Return Rank: 88
PUSH Sharpe Ratio Rank: 78
PUSH Sortino Ratio Rank: 85
PUSH Omega Ratio Rank: 94
PUSH Calmar Ratio Rank: 95
PUSH Martin Ratio Rank: 88

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. PUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Floating Rate Income ETF (PFRL) and PGIM Ultra Short Municipal Bond ETF (PUSH). 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	PUSH	Difference
Sharpe ratio: Return per unit of total volatility	3.35	2.54	+0.81
Sortino ratio: Return per unit of downside risk	4.84	3.84	+1.00
Omega ratio: Gain probability vs. loss probability	1.73	1.71	+0.02
Calmar ratio: Return relative to maximum drawdown	5.17	7.72	-2.54
Martin ratio: Return relative to average drawdown	17.58	19.17	-1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFRL vs. PUSH - Sharpe Ratio Comparison

The current PFRL Sharpe Ratio is 3.35, which is higher than the PUSH Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of PFRL and PUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFRL	PUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	2.54	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	2.91	-1.25

Drawdowns

PFRL vs. PUSH - Drawdown Comparison

The maximum PFRL drawdown since its inception was -8.83%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for PFRL and PUSH.

Drawdown Indicators

	PFRL	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-0.85%	-7.98%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-0.50%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	—	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.44%	-0.11%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.20%	+0.17%

Volatility

PFRL vs. PUSH - Volatility Comparison

PGIM Floating Rate Income ETF (PFRL) has a higher volatility of 0.42% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.30%. This indicates that PFRL's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFRL	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.30%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	0.98%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	1.94%	1.52%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	1.30%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	1.30%	+3.56%

PFRL vs. PUSH - Expense Ratio Comparison

PFRL has a 0.72% expense ratio, which is higher than PUSH's 0.15% expense ratio.

Dividends

PFRL vs. PUSH - Dividend Comparison

PFRL's dividend yield for the trailing twelve months is around 6.83%, more than PUSH's 3.23% yield.

Position	TTM	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	6.83%	7.34%	8.96%	9.84%	3.55%
PUSH PGIM Ultra Short Municipal Bond ETF	3.23%	3.45%	1.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFRL and PUSH in my portfolio?

PFRL and PUSH 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.

Which is riskier, PFRL or PUSH?

PFRL has higher volatility (0.42%) compared to PUSH (0.30%). In terms of maximum drawdown, PFRL dropped -8.83% vs PUSH's -0.85%.

Which ETF is better, PFRL or PUSH?

On 1-year performance, PFRL leads with 6.46% vs 3.85% for PUSH. On fees, PUSH is cheaper at 0.15% per year. On volatility, PUSH has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFRL or PUSH?

Over the 1-year period, PFRL has performed better with a 6.46% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFRL or PUSH?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.72% for PFRL.

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

PFRL has the higher dividend yield at 6.83%, compared with 3.23% for PUSH.

What is the main difference between PFRL and PUSH?

PFRL is categorized as Bank Loan, while PUSH is Municipal Bonds. Their fees differ too: 0.72% for PFRL and 0.15% for PUSH.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.35 vs 2.54), 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.