JCRAX vs. MCSIX

Last updated Jun 25, 2026

JCRAX (ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund) and MCSIX (MFS Commodity Strategy Fund) are both Commodities funds. Over the past 10 years, JCRAX returned 7.51%/yr vs 6.43%/yr for MCSIX. Their correlation of 0.87 suggests significant overlap in exposure. JCRAX charges 1.36%/yr vs 0.90%/yr for MCSIX.

Performance

JCRAX vs. MCSIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with JCRAX having a 13.58% return and MCSIX slightly higher at 14.09%. Over the past 10 years, JCRAX has outperformed MCSIX with an annualized return of 7.51%, while MCSIX has yielded a comparatively lower 6.43% annualized return.

JCRAX

• 1D: -1.50%
• 1M: -8.91%
• YTD: 13.58%
• 6M: 12.47%
• 1Y: 31.32%
• 3Y*: 13.55%
• 5Y*: 10.08%
• 10Y*: 7.51%

MCSIX

• 1D: -1.20%
• 1M: -8.43%
• YTD: 14.09%
• 6M: 12.53%
• 1Y: 26.60%
• 3Y*: 12.90%
• 5Y*: 10.11%
• 10Y*: 6.43%

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

JCRAX vs. MCSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	13.58%	25.30%	1.32%	-7.37%	12.82%	29.21%	2.15%	11.00%	-14.54%	4.58%
MCSIX MFS Commodity Strategy Fund	14.09%	18.47%	5.08%	-6.13%	13.40%	27.55%	-0.02%	7.79%	-12.79%	3.65%

Correlation

The correlation between JCRAX and MCSIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 1, 2010	0.87

The correlation between JCRAX and MCSIX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

JCRAX vs. MCSIX — Risk / Return Rank

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

JCRAX

JCRAX Risk / Return Rank: 60
JCRAX Sharpe Ratio Rank: 64
JCRAX Sortino Ratio Rank: 53
JCRAX Omega Ratio Rank: 54
JCRAX Calmar Ratio Rank: 57
JCRAX Martin Ratio Rank: 73

MCSIX

MCSIX Risk / Return Rank: 36
MCSIX Sharpe Ratio Rank: 34
MCSIX Sortino Ratio Rank: 29
MCSIX Omega Ratio Rank: 34
MCSIX Calmar Ratio Rank: 38
MCSIX Martin Ratio Rank: 44

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.

JCRAX vs. MCSIX - Risk-Adjusted Trends Comparison

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

	JCRAX	MCSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.49	+0.55
Sortino ratio: Return per unit of downside risk	2.64	1.99	+0.65
Omega ratio: Gain probability vs. loss probability	1.35	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	2.60	2.13	+0.48
Martin ratio: Return relative to average drawdown	12.20	8.58	+3.63

JCRAX vs. MCSIX - Sharpe Ratio Comparison

The current JCRAX Sharpe Ratio is 2.04, which is higher than the MCSIX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of JCRAX and MCSIX, 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

JCRAX vs. MCSIX - Drawdown Comparison

The maximum JCRAX drawdown since its inception was -62.03%, roughly equal to the maximum MCSIX drawdown of -64.20%. Use the drawdown chart below to compare losses from any high point for JCRAX and MCSIX.

Drawdown Indicators

	JCRAX	MCSIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.03%	-64.20%	+2.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-11.18%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-11.86%	-11.18%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-26.60%	-37.61%	+11.01%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	-37.61%	-5.53%
Current Drawdown Current decline from peak	-11.37%	-11.18%	-0.19%
Average Drawdown Average peak-to-trough decline	-26.32%	-33.18%	+6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.80%	-0.37%

Volatility

JCRAX vs. MCSIX - Volatility Comparison

ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX) has a higher volatility of 4.28% compared to MFS Commodity Strategy Fund (MCSIX) at 3.68%. This indicates that JCRAX's price experiences larger fluctuations and is considered to be riskier than MCSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JCRAX	MCSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	3.68%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	13.81%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.55%	16.04%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.68%	34.63%	-13.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	26.03%	-7.94%

JCRAX vs. MCSIX - Expense Ratio Comparison

JCRAX has a 1.36% expense ratio, which is higher than MCSIX's 0.90% expense ratio.

Dividends

JCRAX vs. MCSIX - Dividend Comparison

JCRAX's dividend yield for the trailing twelve months is around 7.75%, less than MCSIX's 14.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	7.75%	8.80%	2.80%	3.29%	7.08%	22.43%	0.29%	0.90%	3.26%	2.44%	0.05%	0.00%
MCSIX MFS Commodity Strategy Fund	14.06%	16.04%	3.30%	2.21%	27.42%	56.01%	0.88%	1.87%	3.50%	3.14%	0.61%	0.47%

Frequently Asked Questions

Can I hold both JCRAX and MCSIX in my portfolio?

With a correlation of 0.91, JCRAX and MCSIX 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, JCRAX or MCSIX?

JCRAX has higher volatility (4.28%) compared to MCSIX (3.68%). In terms of maximum drawdown, JCRAX dropped -62.03% vs MCSIX's -64.20%.

Which has better risk-adjusted returns?

JCRAX currently has the higher Sharpe Ratio (2.04 vs 1.49), 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.