PQOC vs. PFRL

Last updated Jun 4, 2026

PQOC (PGIM Nasdaq-100 Buffer 12 ETF - October) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - PQOC is a Defined Outcome fund actively managed by PGIM, while PFRL is a Bank Loan fund actively managed by PGIM. Both are actively managed. Over the past year, PQOC returned 20.55% vs 6.46% for PFRL. At a 0.41 correlation, their price movements are largely independent. PQOC charges 0.50%/yr vs 0.72%/yr for PFRL.

Performance

PQOC vs. PFRL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) 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, PQOC achieves a 9.01% return, which is significantly higher than PFRL's 1.96% return.

PQOC

• 1D: -0.05%
• 1M: 3.09%
• YTD: 9.01%
• 6M: 9.17%
• 1Y: 20.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PFRL

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

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

PQOC vs. PFRL - Yearly Performance Comparison

	2026 (YTD)	2025
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	9.01%	14.67%
PFRL PGIM Floating Rate Income ETF	1.96%	6.08%

Correlation

The correlation between PQOC and PFRL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.41

Return for Risk

PQOC vs. PFRL — Risk / Return Rank

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

PQOC

PQOC Risk / Return Rank: 73
PQOC Sharpe Ratio Rank: 75
PQOC Sortino Ratio Rank: 75
PQOC Omega Ratio Rank: 79
PQOC Calmar Ratio Rank: 63
PQOC Martin Ratio Rank: 75

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

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.

PQOC vs. PFRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) 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.

	PQOC	PFRL	Difference
Sharpe ratio: Return per unit of total volatility	2.40	3.35	-0.94
Sortino ratio: Return per unit of downside risk	3.31	4.84	-1.53
Omega ratio: Gain probability vs. loss probability	1.47	1.73	-0.26
Calmar ratio: Return relative to maximum drawdown	3.09	5.17	-2.08
Martin ratio: Return relative to average drawdown	14.07	17.58	-3.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQOC vs. PFRL - Sharpe Ratio Comparison

The current PQOC Sharpe Ratio is 2.40, which is comparable to the PFRL Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of PQOC 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

	PQOC	PFRL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	3.35	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.67	-0.33

Drawdowns

PQOC vs. PFRL - Drawdown Comparison

The maximum PQOC drawdown since its inception was -13.71%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for PQOC and PFRL.

Drawdown Indicators

	PQOC	PFRL	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-8.83%	-4.88%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-1.25%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.83%	—
Current Drawdown Current decline from peak	-0.06%	-0.03%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.44%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	0.37%	+1.09%

Volatility

PQOC vs. PFRL - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) has a higher volatility of 1.08% compared to PGIM Floating Rate Income ETF (PFRL) at 0.42%. This indicates that PQOC'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

	PQOC	PFRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.42%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	6.76%	1.58%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	1.94%	+6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.94%	4.86%	+8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.94%	4.86%	+8.08%

PQOC vs. PFRL - Expense Ratio Comparison

PQOC has a 0.50% expense ratio, which is lower than PFRL's 0.72% expense ratio.

Dividends

PQOC vs. PFRL - Dividend Comparison

PQOC has not paid dividends to shareholders, while PFRL's dividend yield for the trailing twelve months is around 6.83%.

Position	TTM	2025	2024	2023	2022
PFRL PGIM Floating Rate Income ETF	6.83%	7.34%	8.96%	9.84%	3.55%
PQOC PGIM Nasdaq-100 Buffer 12 ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQOC and PFRL in my portfolio?

PQOC and PFRL have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQOC or PFRL?

PQOC has higher volatility (1.08%) compared to PFRL (0.42%). In terms of maximum drawdown, PQOC dropped -13.71% vs PFRL's -8.83%.

Which ETF is better, PQOC or PFRL?

On 1-year performance, PQOC leads with 20.55% vs 6.46% for PFRL. On fees, PQOC is cheaper at 0.50% 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, PQOC or PFRL?

Over the 1-year period, PQOC has performed better with a 20.55% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQOC or PFRL?

PQOC is cheaper with a 0.50% expense ratio, compared with 0.72% for PFRL.

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

PFRL has the higher dividend yield at 6.83%, compared with 0.00% for PQOC.

What is the main difference between PQOC and PFRL?

PQOC is categorized as Defined Outcome, while PFRL is Bank Loan. Their fees differ too: 0.50% for PQOC and 0.72% for PFRL.

Which has better risk-adjusted returns?

PFRL currently has the higher Sharpe Ratio (3.35 vs 2.40), 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.