MCSFX vs. PCLPX

Last updated Jun 3, 2026

MCSFX (MFS Commodity Strategy Fund) and PCLPX (PIMCO CommoditiesPLUS Strategy I2) are both Commodities funds. Over the past 5 years, MCSFX returned 10.39%/yr vs 15.49%/yr for PCLPX. Their correlation of 0.85 suggests significant overlap in exposure. MCSFX charges 1.89%/yr vs 0.92%/yr for PCLPX.

Performance

MCSFX vs. PCLPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Commodity Strategy Fund (MCSFX) and PIMCO CommoditiesPLUS Strategy I2 (PCLPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCSFX achieves a 23.89% return, which is significantly lower than PCLPX's 36.00% return.

MCSFX

• 1D: 0.90%
• 1M: -1.11%
• YTD: 23.89%
• 6M: 24.64%
• 1Y: 38.04%
• 3Y*: 15.99%
• 5Y*: 10.39%
• 10Y*: —

PCLPX

• 1D: 1.68%
• 1M: -2.15%
• YTD: 36.00%
• 6M: 35.60%
• 1Y: 46.32%
• 3Y*: 16.68%
• 5Y*: 15.49%
• 10Y*: 11.62%

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

MCSFX vs. PCLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCSFX MFS Commodity Strategy Fund	23.89%	17.09%	4.32%	-7.25%	12.27%	26.40%	-1.34%	-1.69%
PCLPX PIMCO CommoditiesPLUS Strategy I2	36.00%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	1.68%

Correlation

The correlation between MCSFX and PCLPX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.85

The correlation between MCSFX and PCLPX has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

MCSFX vs. PCLPX — Risk / Return Rank

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

MCSFX

MCSFX Risk / Return Rank: 77
MCSFX Sharpe Ratio Rank: 80
MCSFX Sortino Ratio Rank: 60
MCSFX Omega Ratio Rank: 69
MCSFX Calmar Ratio Rank: 91
MCSFX Martin Ratio Rank: 82

PCLPX

PCLPX Risk / Return Rank: 77
PCLPX Sharpe Ratio Rank: 77
PCLPX Sortino Ratio Rank: 58
PCLPX Omega Ratio Rank: 64
PCLPX Calmar Ratio Rank: 97
PCLPX Martin Ratio Rank: 90

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.

MCSFX vs. PCLPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Commodity Strategy Fund (MCSFX) and PIMCO CommoditiesPLUS Strategy I2 (PCLPX). 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.

	MCSFX	PCLPX	Difference
Sharpe ratio Return per unit of total volatility	2.60	2.56	+0.05
Sortino ratio Return per unit of downside risk	3.26	3.20	+0.06
Omega ratio Gain probability vs. loss probability	1.47	1.45	+0.02
Calmar ratio Return relative to maximum drawdown	4.87	6.88	-2.01
Martin ratio Return relative to average drawdown	15.48	17.87	-2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCSFX vs. PCLPX - Sharpe Ratio Comparison

The current MCSFX Sharpe Ratio is 2.60, which is comparable to the PCLPX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of MCSFX and PCLPX, 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

	MCSFX	PCLPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.56	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.80	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.16	+0.17

Drawdowns

MCSFX vs. PCLPX - Drawdown Comparison

The maximum MCSFX drawdown since its inception was -37.16%, smaller than the maximum PCLPX drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for MCSFX and PCLPX.

Drawdown Indicators

	MCSFX	PCLPX	Difference
Max Drawdown Largest peak-to-trough decline	-37.16%	-66.98%	+29.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.19%	-6.87%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-9.60%	-13.55%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-37.16%	-21.53%	-15.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.87%	—
Current Drawdown Current decline from peak	-3.46%	-5.31%	+1.85%
Average Drawdown Average peak-to-trough decline	-18.29%	-24.66%	+6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.64%	-0.06%

Volatility

MCSFX vs. PCLPX - Volatility Comparison

The current volatility for MFS Commodity Strategy Fund (MCSFX) is 4.71%, while PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a volatility of 6.93%. This indicates that MCSFX experiences smaller price fluctuations and is considered to be less risky than PCLPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCSFX	PCLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	6.93%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	13.75%	16.82%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	19.46%	-3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.15%	19.52%	+14.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	40.63%	-11.05%

MCSFX vs. PCLPX - Expense Ratio Comparison

MCSFX has a 1.89% expense ratio, which is higher than PCLPX's 0.92% expense ratio.

Dividends

MCSFX vs. PCLPX - Dividend Comparison

MCSFX's dividend yield for the trailing twelve months is around 12.14%, more than PCLPX's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSFX MFS Commodity Strategy Fund	12.14%	15.05%	2.25%	1.04%	26.24%	54.80%	0.15%	0.86%	0.00%	0.00%	0.00%	0.00%
PCLPX PIMCO CommoditiesPLUS Strategy I2	1.36%	1.31%	5.22%	4.65%	43.16%	74.10%	0.71%	2.39%	18.62%	12.52%	0.15%	1.92%

Frequently Asked Questions

Can I hold both MCSFX and PCLPX in my portfolio?

MCSFX and PCLPX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCSFX or PCLPX?

PCLPX has higher volatility (6.93%) compared to MCSFX (4.71%). In terms of maximum drawdown, MCSFX dropped -37.16% vs PCLPX's -66.98%.

Which has better risk-adjusted returns?

MCSFX currently has the higher Sharpe Ratio (2.60 vs 2.56), 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.