FCSSX vs. PCLAX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Series Commodity Strategy Fund (FCSSX) and PIMCO CommoditiesPLUS Strategy Fund (PCLAX).

FCSSX is managed by Fidelity. It was launched on Sep 30, 2009. PCLAX is managed by PIMCO. It was launched on May 28, 2010.

Performance

FCSSX vs. PCLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Commodity Strategy Fund (FCSSX) and PIMCO CommoditiesPLUS Strategy Fund (PCLAX). The values are adjusted to include any dividend payments, if applicable.

FCSSX vs. PCLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCSSX Fidelity Series Commodity Strategy Fund	16.55%	15.43%	5.36%	-8.25%	-47.85%	27.59%	-3.11%	7.41%	-12.10%	0.92%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	30.70%	4.13%	5.76%	-0.14%	22.73%	43.18%	-9.67%	19.19%	-12.47%	10.30%

Returns By Period

In the year-to-date period, FCSSX achieves a 16.55% return, which is significantly lower than PCLAX's 30.70% return. Over the past 10 years, FCSSX has underperformed PCLAX with an annualized return of -1.11%, while PCLAX has yielded a comparatively higher 12.39% annualized return.

FCSSX

• 1D: -0.03%
• 1M: 5.27%
• YTD: 16.55%
• 6M: 22.88%
• 1Y: 23.54%
• 3Y*: 11.27%
• 5Y*: -4.11%
• 10Y*: -1.11%

PCLAX

• 1D: 0.72%
• 1M: 19.09%
• YTD: 30.70%
• 6M: 31.51%
• 1Y: 32.30%
• 3Y*: 13.39%
• 5Y*: 17.29%
• 10Y*: 12.39%

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

FCSSX vs. PCLAX - Expense Ratio Comparison

FCSSX has a 0.00% expense ratio, which is lower than PCLAX's 1.19% expense ratio.

PCLAX

PIMCO CommoditiesPLUS Strategy Fund

FCSSX

Fidelity Series Commodity Strategy Fund

Return for Risk

FCSSX vs. PCLAX — Risk / Return Rank

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

FCSSX

FCSSX Risk / Return Rank: 83
FCSSX Sharpe Ratio Rank: 84
FCSSX Sortino Ratio Rank: 83
FCSSX Omega Ratio Rank: 77
FCSSX Calmar Ratio Rank: 92
FCSSX Martin Ratio Rank: 78

PCLAX

PCLAX Risk / Return Rank: 87
PCLAX Sharpe Ratio Rank: 89
PCLAX Sortino Ratio Rank: 87
PCLAX Omega Ratio Rank: 83
PCLAX Calmar Ratio Rank: 94
PCLAX 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.

FCSSX vs. PCLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Commodity Strategy Fund (FCSSX) 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.

	FCSSX	PCLAX	Difference
Sharpe ratio Return per unit of total volatility	1.59	1.81	-0.22
Sortino ratio Return per unit of downside risk	2.10	2.35	-0.26
Omega ratio Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio Return relative to maximum drawdown	2.69	3.09	-0.40
Martin ratio Return relative to average drawdown	7.54	8.51	-0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCSSX vs. PCLAX - Sharpe Ratio Comparison

The current FCSSX Sharpe Ratio is 1.59, which is comparable to the PCLAX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FCSSX and PCLAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCSSX	PCLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.81	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.90	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	0.31	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.15	-0.34

Correlation

The correlation between FCSSX and PCLAX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FCSSX vs. PCLAX - Dividend Comparison

FCSSX's dividend yield for the trailing twelve months is around 2.31%, more than PCLAX's 1.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSSX Fidelity Series Commodity Strategy Fund	2.31%	2.69%	12.74%	4.53%	1.27%	41.74%	0.44%	1.49%	6.76%	0.53%	0.00%	0.00%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	1.29%	1.20%	5.20%	4.58%	44.24%	75.67%	0.45%	2.07%	18.31%	12.18%	0.09%	1.77%

Drawdowns

FCSSX vs. PCLAX - Drawdown Comparison

The maximum FCSSX drawdown since its inception was -73.85%, which is greater than PCLAX's maximum drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for FCSSX and PCLAX.

Drawdown Indicators

	FCSSX	PCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-73.85%	-68.19%	-5.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-10.92%	+1.72%
Max Drawdown (5Y) Largest decline over 5 years	-66.47%	-21.75%	-44.72%
Max Drawdown (10Y) Largest decline over 10 years	-66.47%	-52.00%	-14.47%
Current Drawdown Current decline from peak	-61.50%	0.00%	-61.50%
Average Drawdown Average peak-to-trough decline	-44.50%	-25.92%	-18.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.96%	-0.68%

Volatility

FCSSX vs. PCLAX - Volatility Comparison

The current volatility for Fidelity Series Commodity Strategy Fund (FCSSX) is 5.41%, while PIMCO CommoditiesPLUS Strategy Fund (PCLAX) has a volatility of 10.44%. This indicates that FCSSX 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

	FCSSX	PCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	10.44%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	14.74%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	18.96%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.81%	19.25%	+9.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	40.64%	-18.42%