CVISX vs. PCLAX

Last updated Jun 4, 2026

CVISX (Causeway International Small Cap Fund) and PCLAX (PIMCO CommoditiesPLUS Strategy Fund) are both mutual funds - CVISX is a Foreign Small & Mid Cap Equities fund managed by Causeway, while PCLAX is a Commodities fund managed by PIMCO. Over the past 10 years, CVISX returned 11.59%/yr vs 11.33%/yr for PCLAX. At a 0.32 correlation, their price movements are largely independent. CVISX charges 1.35%/yr vs 1.19%/yr for PCLAX.

Performance

CVISX vs. PCLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway International Small Cap Fund (CVISX) and PIMCO CommoditiesPLUS Strategy Fund (PCLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVISX achieves a 16.15% return, which is significantly lower than PCLAX's 36.60% return. Both investments have delivered pretty close results over the past 10 years, with CVISX having a 11.59% annualized return and PCLAX not far behind at 11.33%.

CVISX

• 1D: -0.34%
• 1M: 2.35%
• YTD: 16.15%
• 6M: 19.77%
• 1Y: 33.51%
• 3Y*: 25.88%
• 5Y*: 13.80%
• 10Y*: 11.59%

PCLAX

• 1D: 0.57%
• 1M: -3.72%
• YTD: 36.60%
• 6M: 35.76%
• 1Y: 45.73%
• 3Y*: 16.64%
• 5Y*: 15.51%
• 10Y*: 11.33%

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

CVISX vs. PCLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVISX Causeway International Small Cap Fund	16.15%	32.93%	9.71%	26.74%	-11.51%	21.30%	2.48%	18.55%	-21.34%	34.52%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	36.60%	4.13%	5.76%	-0.14%	22.73%	43.18%	-9.67%	19.19%	-12.47%	10.30%

Correlation

The correlation between CVISX and PCLAX is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.32

The correlation between CVISX and PCLAX shifts across timeframes, from -0.10 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVISX vs. PCLAX — Risk / Return Rank

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

CVISX

CVISX Risk / Return Rank: 60
CVISX Sharpe Ratio Rank: 66
CVISX Sortino Ratio Rank: 58
CVISX Omega Ratio Rank: 59
CVISX Calmar Ratio Rank: 64
CVISX Martin Ratio Rank: 54

PCLAX

PCLAX Risk / Return Rank: 74
PCLAX Sharpe Ratio Rank: 70
PCLAX Sortino Ratio Rank: 53
PCLAX Omega Ratio Rank: 59
PCLAX Calmar Ratio Rank: 97
PCLAX Martin Ratio Rank: 89

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.

CVISX vs. PCLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway International Small Cap Fund (CVISX) and PIMCO CommoditiesPLUS Strategy Fund (PCLAX). 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.

	CVISX	PCLAX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.44	-0.06
Sortino ratio: Return per unit of downside risk	3.20	3.07	+0.12
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	3.10	6.83	-3.73
Martin ratio: Return relative to average drawdown	10.92	17.57	-6.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVISX vs. PCLAX - Sharpe Ratio Comparison

The current CVISX Sharpe Ratio is 2.38, which is comparable to the PCLAX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of CVISX and PCLAX, 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

	CVISX	PCLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.44	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.80	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.28	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.15	+0.50

Drawdowns

CVISX vs. PCLAX - Drawdown Comparison

The maximum CVISX drawdown since its inception was -48.50%, smaller than the maximum PCLAX drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for CVISX and PCLAX.

Drawdown Indicators

	CVISX	PCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-68.19%	+19.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-6.93%	-3.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.17%	-13.76%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-25.20%	-21.75%	-3.45%
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	-52.00%	+3.50%
Current Drawdown Current decline from peak	-0.45%	-4.77%	+4.32%
Average Drawdown Average peak-to-trough decline	-8.89%	-25.66%	+16.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.69%	+0.36%

Volatility

CVISX vs. PCLAX - Volatility Comparison

The current volatility for Causeway International Small Cap Fund (CVISX) is 3.46%, while PIMCO CommoditiesPLUS Strategy Fund (PCLAX) has a volatility of 6.95%. This indicates that CVISX experiences smaller price fluctuations and is considered to be less risky than PCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVISX	PCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	6.95%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	16.84%	-5.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	19.49%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	19.53%	-3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	40.66%	-23.84%

CVISX vs. PCLAX - Expense Ratio Comparison

CVISX has a 1.35% expense ratio, which is higher than PCLAX's 1.19% expense ratio.

Dividends

CVISX vs. PCLAX - Dividend Comparison

CVISX's dividend yield for the trailing twelve months is around 14.26%, more than PCLAX's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVISX Causeway International Small Cap Fund	14.26%	16.56%	10.60%	6.14%	2.75%	3.48%	3.42%	3.57%	2.91%	8.23%	2.78%	2.00%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	1.24%	1.20%	5.20%	4.58%	44.24%	75.67%	0.45%	2.07%	18.31%	12.18%	0.09%	1.77%

Frequently Asked Questions

Can I hold both CVISX and PCLAX in my portfolio?

CVISX and PCLAX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVISX or PCLAX?

PCLAX has higher volatility (6.95%) compared to CVISX (3.46%). In terms of maximum drawdown, CVISX dropped -48.50% vs PCLAX's -68.19%.

Which has better risk-adjusted returns?

PCLAX currently has the higher Sharpe Ratio (2.44 vs 2.38), 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.