MCSIX vs. JCRAX

Last updated Jun 4, 2026

MCSIX (MFS Commodity Strategy Fund) and JCRAX (ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund) are both Commodities funds. Over the past 10 years, MCSIX returned 7.39%/yr vs 8.53%/yr for JCRAX. Their correlation of 0.87 suggests significant overlap in exposure. MCSIX charges 0.90%/yr vs 1.36%/yr for JCRAX.

Performance

MCSIX vs. JCRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Commodity Strategy Fund (MCSIX) and ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX). 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 MCSIX having a 24.59% return and JCRAX slightly higher at 24.94%. Over the past 10 years, MCSIX has underperformed JCRAX with an annualized return of 7.39%, while JCRAX has yielded a comparatively higher 8.53% annualized return.

MCSIX

• 1D: 0.22%
• 1M: -2.17%
• YTD: 24.59%
• 6M: 25.05%
• 1Y: 39.35%
• 3Y*: 17.27%
• 5Y*: 11.82%
• 10Y*: 7.39%

JCRAX

• 1D: 0.90%
• 1M: -0.78%
• YTD: 24.94%
• 6M: 26.10%
• 1Y: 45.59%
• 3Y*: 17.82%
• 5Y*: 11.92%
• 10Y*: 8.53%

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

MCSIX vs. JCRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCSIX MFS Commodity Strategy Fund	24.59%	18.47%	5.08%	-6.13%	13.40%	27.55%	-0.02%	7.79%	-12.79%	3.65%
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	24.94%	25.30%	1.32%	-7.37%	12.82%	29.21%	2.15%	11.00%	-14.54%	4.58%

Correlation

The correlation between MCSIX and JCRAX is 0.90, 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	0.90
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 2, 2010	0.87

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

Return for Risk

MCSIX vs. JCRAX — Risk / Return Rank

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

MCSIX

MCSIX Risk / Return Rank: 75
MCSIX Sharpe Ratio Rank: 76
MCSIX Sortino Ratio Rank: 57
MCSIX Omega Ratio Rank: 68
MCSIX Calmar Ratio Rank: 91
MCSIX Martin Ratio Rank: 84

JCRAX

JCRAX Risk / Return Rank: 92
JCRAX Sharpe Ratio Rank: 94
JCRAX Sortino Ratio Rank: 87
JCRAX Omega Ratio Rank: 84
JCRAX Calmar Ratio Rank: 98
JCRAX Martin Ratio Rank: 97

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.

MCSIX vs. JCRAX - Risk-Adjusted Trends Comparison

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

	MCSIX	JCRAX	Difference
Sharpe ratio Return per unit of total volatility	2.53	3.33	-0.81
Sortino ratio Return per unit of downside risk	3.17	4.15	-0.98
Omega ratio Gain probability vs. loss probability	1.46	1.56	-0.10
Calmar ratio Return relative to maximum drawdown	4.89	7.71	-2.82
Martin ratio Return relative to average drawdown	15.90	27.87	-11.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCSIX vs. JCRAX - Sharpe Ratio Comparison

The current MCSIX Sharpe Ratio is 2.53, which is comparable to the JCRAX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of MCSIX and JCRAX, 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

	MCSIX	JCRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	3.33	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.58	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.47	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.23	-0.11

Drawdowns

MCSIX vs. JCRAX - Drawdown Comparison

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

Drawdown Indicators

	MCSIX	JCRAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.20%	-62.03%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-6.04%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-9.74%	-11.86%	+2.12%
Max Drawdown (5Y) Largest decline over 5 years	-37.61%	-26.60%	-11.01%
Max Drawdown (10Y) Largest decline over 10 years	-37.61%	-43.14%	+5.53%
Current Drawdown Current decline from peak	-3.01%	-2.50%	-0.51%
Average Drawdown Average peak-to-trough decline	-33.28%	-26.39%	-6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.67%	+0.83%

Volatility

MCSIX vs. JCRAX - Volatility Comparison

MFS Commodity Strategy Fund (MCSIX) has a higher volatility of 4.85% compared to ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX) at 4.26%. This indicates that MCSIX's price experiences larger fluctuations and is considered to be riskier than JCRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCSIX	JCRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	4.26%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	11.36%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	14.08%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.65%	20.66%	+13.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.03%	18.11%	+7.92%

MCSIX vs. JCRAX - Expense Ratio Comparison

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

Dividends

MCSIX vs. JCRAX - Dividend Comparison

MCSIX's dividend yield for the trailing twelve months is around 12.87%, more than JCRAX's 7.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	7.05%	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	12.87%	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 MCSIX and JCRAX in my portfolio?

MCSIX and JCRAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCSIX or JCRAX?

MCSIX has higher volatility (4.85%) compared to JCRAX (4.26%). In terms of maximum drawdown, MCSIX dropped -64.20% vs JCRAX's -62.03%.

Which has better risk-adjusted returns?

JCRAX currently has the higher Sharpe Ratio (3.33 vs 2.53), 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.