PMIO vs. PFRL

Last updated Jun 5, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while PFRL is a Bank Loan fund actively managed by PGIM. Both are actively managed. Over the past year, PMIO returned 6.54% vs 6.45% for PFRL. At a 0.03 correlation, their price movements are largely independent. PMIO charges 0.25%/yr vs 0.72%/yr for PFRL.

Performance

PMIO vs. PFRL - Performance Comparison

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

Returns By Period

In the year-to-date period, PMIO achieves a 1.63% return, which is significantly lower than PFRL's 2.02% return.

PMIO

• 1D: 0.09%
• 1M: 0.85%
• YTD: 1.63%
• 6M: 1.99%
• 1Y: 6.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PFRL

• 1D: 0.05%
• 1M: 0.71%
• YTD: 2.02%
• 6M: 2.90%
• 1Y: 6.45%
• 3Y*: 8.84%
• 5Y*: —
• 10Y*: —

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

PMIO vs. PFRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.63%	5.30%	2.41%
PFRL PGIM Floating Rate Income ETF	2.02%	6.25%	4.73%

Correlation

The correlation between PMIO and PFRL is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.03

PMIO vs. PFRL - Sectors Allocation Comparison

Sectors	PMIO	PFRL
Financial Services	2.7%	-
Basic Materials	-	-
Communication Services	-	88.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	11.9%
Healthcare	-	-
Industrials	-	97.9%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PMIO vs. PFRL — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 78
PMIO Sharpe Ratio Rank: 89
PMIO Sortino Ratio Rank: 92
PMIO Omega Ratio Rank: 94
PMIO Calmar Ratio Rank: 60
PMIO Martin Ratio Rank: 57

PFRL

PFRL Risk / Return Rank: 91
PFRL Sharpe Ratio Rank: 93
PFRL Sortino Ratio Rank: 94
PFRL Omega Ratio Rank: 95
PFRL Calmar Ratio Rank: 88
PFRL Martin Ratio Rank: 85

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.

PMIO vs. PFRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	PFRL	Difference
Sharpe ratio: Return per unit of total volatility	2.95	3.34	-0.39
Sortino ratio: Return per unit of downside risk	4.39	4.84	-0.45
Omega ratio: Gain probability vs. loss probability	1.67	1.73	-0.06
Calmar ratio: Return relative to maximum drawdown	2.93	5.16	-2.23
Martin ratio: Return relative to average drawdown	9.76	17.56	-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.

PMIO vs. PFRL - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 2.95, which is comparable to the PFRL Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of PMIO 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

	PMIO	PFRL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	3.34	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.67	-0.08

Drawdowns

PMIO vs. PFRL - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum PFRL drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for PMIO and PFRL.

Drawdown Indicators

	PMIO	PFRL	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-8.83%	+5.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-1.25%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.83%	—
Current Drawdown Current decline from peak	-0.39%	0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.44%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.37%	+0.30%

Volatility

PMIO vs. PFRL - Volatility Comparison

PGIM Municipal Income Opportunities ETF (PMIO) has a higher volatility of 0.73% compared to PGIM Floating Rate Income ETF (PFRL) at 0.42%. This indicates that PMIO'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

	PMIO	PFRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.42%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	1.58%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	1.94%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	4.86%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	4.86%	-1.78%

PMIO vs. PFRL - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than PFRL's 0.72% expense ratio.

Dividends

PMIO vs. PFRL - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.92%, less than PFRL's 6.83% yield.

Position	TTM	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	6.83%	7.34%	8.96%	9.84%	3.55%
PMIO PGIM Municipal Income Opportunities ETF	3.92%	4.00%	2.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIO and PFRL in my portfolio?

PMIO and PFRL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or PFRL?

PMIO has higher volatility (0.73%) compared to PFRL (0.42%). In terms of maximum drawdown, PMIO dropped -3.39% vs PFRL's -8.83%.

Which ETF is better, PMIO or PFRL?

On 1-year performance, PMIO leads with 6.54% vs 6.45% for PFRL. On fees, PMIO is cheaper at 0.25% 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.

Which ETF has performed better, PMIO or PFRL?

Over the 1-year period, PMIO has performed better with a 6.54% return vs 6.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or PFRL?

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

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

PFRL has the higher dividend yield at 6.83%, compared with 3.92% for PMIO.

What is the main difference between PMIO and PFRL?

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

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.34 vs 2.95), 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.