PHD vs. PFRL

Last updated Jun 3, 2026

PHD (Pioneer Floating Rate Fund, Inc.) is a stock, while PFRL (PGIM Floating Rate Income ETF) is Bank Loan fund actively managed by PGIM. Over the past 3 years, PHD returned -60.81%/yr vs 8.81%/yr for PFRL. At a 0.30 correlation, their price movements are largely independent.

Performance

PHD vs. PFRL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Floating Rate Fund, Inc. (PHD) and PGIM Floating Rate Income ETF (PFRL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PHD

• 1D: -95.98%
• 1M: -95.98%
• YTD: -0.00%
• 6M: -0.00%
• 1Y: -95.84%
• 3Y*: -60.81%
• 5Y*: -44.55%
• 10Y*: -22.88%

PFRL

• 1D: 0.03%
• 1M: 0.68%
• YTD: 1.87%
• 6M: 2.81%
• 1Y: 6.35%
• 3Y*: 8.81%
• 5Y*: —
• 10Y*: —

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

PHD vs. PFRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PHD Pioneer Floating Rate Fund, Inc.	-0.00%	-95.64%	16.93%	18.20%	1.94%
PFRL PGIM Floating Rate Income ETF	1.87%	6.25%	9.40%	13.75%	1.27%

Correlation

The correlation between PHD and PFRL is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 25, 2022	0.30

Over the past year, the correlation between PHD and PFRL has dropped to 0.03 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

PHD vs. PFRL — Risk / Return Rank

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

PHD

PHD Risk / Return Rank: 48
PHD Sharpe Ratio Rank: 40
PHD Sortino Ratio Rank: 100
PHD Omega Ratio Rank: 100
PHD Calmar Ratio Rank: 1
PHD Martin Ratio Rank: 0

PFRL

PFRL Risk / Return Rank: 90
PFRL Sharpe Ratio Rank: 92
PFRL Sortino Ratio Rank: 93
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 88
PFRL Martin Ratio Rank: 84

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.

PHD vs. PFRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Floating Rate Fund, Inc. (PHD) and PGIM Floating Rate Income ETF (PFRL). 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.

	PHD	PFRL	Difference
Sharpe ratio Return per unit of total volatility	-0.02	3.29	-3.32
Sortino ratio Return per unit of downside risk	32.69	4.77	+27.93
Omega ratio Gain probability vs. loss probability	16.19	1.72	+14.47
Calmar ratio Return relative to maximum drawdown	-1.00	5.19	-6.19
Martin ratio Return relative to average drawdown	-3.53	17.69	-21.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHD vs. PFRL - Sharpe Ratio Comparison

The current PHD Sharpe Ratio is -0.02, which is lower than the PFRL Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of PHD and PFRL, 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

	PHD	PFRL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	3.29	-3.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	1.66	-1.67

Drawdowns

PHD vs. PFRL - Drawdown Comparison

The maximum PHD drawdown since its inception was -96.00%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for PHD and PFRL.

Drawdown Indicators

	PHD	PFRL	Difference
Max Drawdown Largest peak-to-trough decline	-96.00%	-8.83%	-87.17%
Max Drawdown (1Y) Largest decline over 1 year	-96.00%	-1.25%	-94.75%
Max Drawdown (3Y) Largest decline over 3 years	-96.00%	-8.83%	-87.17%
Max Drawdown (5Y) Largest decline over 5 years	-96.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.00%	—	—
Current Drawdown Current decline from peak	-96.00%	-0.12%	-95.88%
Average Drawdown Average peak-to-trough decline	-9.52%	-0.44%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.10%	0.37%	+26.73%

Volatility

PHD vs. PFRL - Volatility Comparison

Pioneer Floating Rate Fund, Inc. (PHD) has a higher volatility of 565.86% compared to PGIM Floating Rate Income ETF (PFRL) at 0.42%. This indicates that PHD's price experiences larger fluctuations and is considered to be riskier than PFRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHD	PFRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	565.86%	0.42%	+565.44%
Volatility (6M) Calculated over the trailing 6-month period	720.94%	1.58%	+719.36%
Volatility (1Y) Calculated over the trailing 1-year period	4,070.93%	1.94%	+4,068.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,564.39%	4.86%	+1,559.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1,087.87%	4.86%	+1,083.01%

Dividends

PHD vs. PFRL - Dividend Comparison

PHD's dividend yield for the trailing twelve months is around 37.50%, more than PFRL's 6.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFRL PGIM Floating Rate Income ETF	6.84%	7.34%	8.96%	9.84%	3.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHD Pioneer Floating Rate Fund, Inc.	37.50%	131.25%	10.36%	11.91%	9.75%	6.24%	6.67%	7.29%	6.71%	6.28%	6.13%	6.50%

Frequently Asked Questions

Can I hold both PHD and PFRL in my portfolio?

PHD and PFRL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHD or PFRL?

PHD has higher volatility (565.86%) compared to PFRL (0.42%). In terms of maximum drawdown, PHD dropped -96.00% vs PFRL's -8.83%.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.29 vs -0.02), 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.