FEGIX vs. PCLAX

Last updated Jul 17, 2026

FEGIX (First Eagle Gold Fund Class I) and PCLAX (PIMCO CommoditiesPLUS Strategy Fund) are both mutual funds - FEGIX is a Gold fund managed by First Eagle, while PCLAX is a Commodities fund managed by PIMCO. Over the past 10 years, FEGIX returned 10.67%/yr vs 11.01%/yr for PCLAX. At a 0.28 correlation, their price movements are largely independent. FEGIX charges 0.96%/yr vs 1.19%/yr for PCLAX.

Performance

FEGIX vs. PCLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Gold Fund Class I (FEGIX) 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, FEGIX achieves a -10.25% return, which is significantly lower than PCLAX's 31.95% return. Both investments have delivered pretty close results over the past 10 years, with FEGIX having a 10.67% annualized return and PCLAX not far ahead at 11.01%.

FEGIX

• 1D: -0.51%
• 1M: -12.51%
• 6M: -19.74%
• YTD: -10.25%
• 1Y: 40.45%
• 3Y*: 31.43%
• 5Y*: 18.55%
• 10Y*: 10.67%

PCLAX

• 1D: 0.65%
• 1M: 4.47%
• 6M: 27.80%
• YTD: 31.95%
• 1Y: 36.05%
• 3Y*: 13.21%
• 5Y*: 14.14%
• 10Y*: 11.01%

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

FEGIX vs. PCLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEGIX First Eagle Gold Fund Class I	-10.25%	128.89%	10.57%	7.24%	-1.31%	-7.54%	30.00%	38.98%	-15.69%	8.44%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	31.95%	4.13%	5.76%	-0.14%	22.73%	43.18%	-9.67%	19.19%	-12.47%	10.30%

Correlation

The correlation between FEGIX and PCLAX 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 (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 1, 2010	0.28

Over the past year, the correlation between FEGIX and PCLAX has dropped to 0.02 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

Return for Risk

FEGIX vs. PCLAX — Risk / Return Rank

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

FEGIX

FEGIX Risk / Return Rank: 20
FEGIX Sharpe Ratio Rank: 22
FEGIX Sortino Ratio Rank: 19
FEGIX Omega Ratio Rank: 24
FEGIX Calmar Ratio Rank: 20
FEGIX Martin Ratio Rank: 14

PCLAX

PCLAX Risk / Return Rank: 60
PCLAX Sharpe Ratio Rank: 70
PCLAX Sortino Ratio Rank: 61
PCLAX Omega Ratio Rank: 62
PCLAX Calmar Ratio Rank: 57
PCLAX Martin Ratio Rank: 49

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.

FEGIX vs. PCLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Gold Fund Class I (FEGIX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEGIX	PCLAX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.88	-0.86
Sortino ratio: Return per unit of downside risk	1.42	2.49	-1.08
Omega ratio: Gain probability vs. loss probability	1.20	1.33	-0.13
Calmar ratio: Return relative to maximum drawdown	1.24	2.36	-1.12
Martin ratio: Return relative to average drawdown	2.87	8.21	-5.34

FEGIX vs. PCLAX - Sharpe Ratio Comparison

The current FEGIX Sharpe Ratio is 1.01, which is lower than the PCLAX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FEGIX 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.

Drawdowns

FEGIX vs. PCLAX - Drawdown Comparison

The maximum FEGIX drawdown since its inception was -70.38%, roughly equal to the maximum PCLAX drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for FEGIX and PCLAX.

Drawdown Indicators

	FEGIX	PCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-68.19%	-2.19%
Max Drawdown (1Y) Largest decline over 1 year	-32.99%	-15.53%	-17.46%
Max Drawdown (3Y) Largest decline over 3 years	-32.99%	-15.53%	-17.46%
Max Drawdown (5Y) Largest decline over 5 years	-33.95%	-21.75%	-12.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.84%	-52.00%	+10.16%
Current Drawdown Current decline from peak	-32.43%	-8.01%	-24.42%
Average Drawdown Average peak-to-trough decline	-28.73%	-25.55%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.19%	4.44%	+9.75%

Volatility

FEGIX vs. PCLAX - Volatility Comparison

First Eagle Gold Fund Class I (FEGIX) has a higher volatility of 11.30% compared to PIMCO CommoditiesPLUS Strategy Fund (PCLAX) at 5.58%. This indicates that FEGIX's price experiences larger fluctuations and is considered to be riskier than PCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEGIX	PCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.30%	5.58%	+5.72%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	17.51%	+16.62%
Volatility (1Y) Calculated over the trailing 1-year period	40.36%	19.51%	+20.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.38%	19.61%	+9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.43%	40.62%	-13.19%

FEGIX vs. PCLAX - Expense Ratio Comparison

FEGIX has a 0.96% expense ratio, which is lower than PCLAX's 1.19% expense ratio.

Dividends

FEGIX vs. PCLAX - Dividend Comparison

FEGIX's dividend yield for the trailing twelve months is around 1.33%, less than PCLAX's 11.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEGIX First Eagle Gold Fund Class I	1.33%	1.19%	5.31%	1.08%	0.00%	1.19%	1.48%	0.09%	0.00%	0.00%	0.00%	0.00%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	11.00%	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 FEGIX and PCLAX in my portfolio?

FEGIX and PCLAX 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, FEGIX or PCLAX?

FEGIX has higher volatility (11.30%) compared to PCLAX (5.58%). In terms of maximum drawdown, FEGIX dropped -70.38% vs PCLAX's -68.19%.

Which has better risk-adjusted returns?

PCLAX currently has the higher Sharpe Ratio (1.88 vs 1.01), 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.