BICSX vs. JCRAX

Last updated Jun 4, 2026

BICSX (BlackRock Commodity Strategies Portfolio) and JCRAX (ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund) are both Commodities funds. Over the past 10 years, BICSX returned 9.47%/yr vs 8.53%/yr for JCRAX. Their correlation of 0.92 suggests significant overlap in exposure. BICSX charges 0.72%/yr vs 1.36%/yr for JCRAX.

Performance

BICSX vs. JCRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Commodity Strategies Portfolio (BICSX) and ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BICSX achieves a 20.87% return, which is significantly lower than JCRAX's 24.94% return. Over the past 10 years, BICSX has outperformed JCRAX with an annualized return of 9.47%, while JCRAX has yielded a comparatively lower 8.53% annualized return.

BICSX

• 1D: 0.81%
• 1M: -1.57%
• YTD: 20.87%
• 6M: 22.97%
• 1Y: 40.20%
• 3Y*: 18.12%
• 5Y*: 12.07%
• 10Y*: 9.47%

JCRAX

• 1D: 0.90%
• 1M: -0.78%
• YTD: 24.94%
• 6M: 26.10%
• 1Y: 45.59%
• 3Y*: 17.82%
• 5Y*: 11.92%
• 10Y*: 8.53%

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

BICSX vs. JCRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BICSX BlackRock Commodity Strategies Portfolio	20.87%	28.70%	4.38%	-4.32%	11.90%	22.44%	6.80%	11.60%	-14.50%	8.28%
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	24.94%	25.30%	1.32%	-7.37%	12.82%	29.21%	2.15%	11.00%	-14.54%	4.58%

Correlation

The correlation between BICSX and JCRAX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.92

The correlation between BICSX and JCRAX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

BICSX vs. JCRAX — Risk / Return Rank

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

BICSX

BICSX Risk / Return Rank: 84
BICSX Sharpe Ratio Rank: 86
BICSX Sortino Ratio Rank: 71
BICSX Omega Ratio Rank: 72
BICSX Calmar Ratio Rank: 96
BICSX Martin Ratio Rank: 96

JCRAX

JCRAX Risk / Return Rank: 92
JCRAX Sharpe Ratio Rank: 94
JCRAX Sortino Ratio Rank: 87
JCRAX Omega Ratio Rank: 84
JCRAX Calmar Ratio Rank: 98
JCRAX Martin Ratio Rank: 97

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.

BICSX vs. JCRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Commodity Strategies Portfolio (BICSX) and ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX). 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.

	BICSX	JCRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.78	3.33	-0.55
Sortino ratio: Return per unit of downside risk	3.50	4.15	-0.66
Omega ratio: Gain probability vs. loss probability	1.48	1.56	-0.09
Calmar ratio: Return relative to maximum drawdown	6.47	7.71	-1.25
Martin ratio: Return relative to average drawdown	23.58	27.87	-4.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BICSX vs. JCRAX - Sharpe Ratio Comparison

The current BICSX Sharpe Ratio is 2.78, which is comparable to the JCRAX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of BICSX and JCRAX, 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

	BICSX	JCRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	3.33	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.58	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.47	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.23	+0.05

Drawdowns

BICSX vs. JCRAX - Drawdown Comparison

The maximum BICSX drawdown since its inception was -51.59%, smaller than the maximum JCRAX drawdown of -62.03%. Use the drawdown chart below to compare losses from any high point for BICSX and JCRAX.

Drawdown Indicators

	BICSX	JCRAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.59%	-62.03%	+10.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-6.04%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-10.53%	-11.86%	+1.33%
Max Drawdown (5Y) Largest decline over 5 years	-22.35%	-26.60%	+4.25%
Max Drawdown (10Y) Largest decline over 10 years	-35.82%	-43.14%	+7.32%
Current Drawdown Current decline from peak	-2.34%	-2.50%	+0.16%
Average Drawdown Average peak-to-trough decline	-20.52%	-26.39%	+5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.67%	+0.05%

Volatility

BICSX vs. JCRAX - Volatility Comparison

BlackRock Commodity Strategies Portfolio (BICSX) and ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX) have volatilities of 4.41% and 4.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BICSX	JCRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.26%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	11.36%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	14.08%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	20.66%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	18.11%	-3.07%

BICSX vs. JCRAX - Expense Ratio Comparison

BICSX has a 0.72% expense ratio, which is lower than JCRAX's 1.36% expense ratio.

Dividends

BICSX vs. JCRAX - Dividend Comparison

BICSX's dividend yield for the trailing twelve months is around 2.56%, less than JCRAX's 7.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BICSX BlackRock Commodity Strategies Portfolio	2.56%	3.09%	3.60%	9.39%	9.05%	2.68%	0.80%	2.03%	2.12%	0.65%	0.94%
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	7.05%	8.80%	2.80%	3.29%	7.08%	22.43%	0.29%	0.90%	3.26%	2.44%	0.05%

Frequently Asked Questions

Can I hold both BICSX and JCRAX in my portfolio?

With a correlation of 0.94, BICSX and JCRAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BICSX or JCRAX?

BICSX has higher volatility (4.41%) compared to JCRAX (4.26%). In terms of maximum drawdown, BICSX dropped -51.59% vs JCRAX's -62.03%.

Which has better risk-adjusted returns?

JCRAX currently has the higher Sharpe Ratio (3.33 vs 2.78), 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.