MCSTX vs. FCSSX

Last updated Aug 1, 2026

MCSTX (MFS Commodity Strategy Fund Class R4) and FCSSX (Fidelity Series Commodity Strategy Fund) are both Commodities funds - MCSTX tracks the Bloomberg Commodity Index Total Return while FCSSX tracks the Bloomberg Commodity 3 Month Forward Total Return Index. Both are passively managed. Over the past 5 years, MCSTX returned 10.27%/yr vs 9.82%/yr for FCSSX. Their correlation of 0.93 means they have usually moved in the same direction. MCSTX charges 0.91%/yr vs 0.00%/yr for FCSSX.

Performance

MCSTX vs. FCSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Commodity Strategy Fund Class R4 (MCSTX) and Fidelity Series Commodity Strategy Fund (FCSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCSTX achieves a 19.67% return, which is significantly higher than FCSSX's 16.93% return.

MCSTX

• 1D: -0.23%
• 1M: 6.14%
• 6M: 9.09%
• YTD: 19.67%
• 1Y: 33.88%
• 3Y*: 12.84%
• 5Y*: 10.27%
• 10Y*: —
• ALL TIME*: 9.86%

FCSSX

• 1D: -0.24%
• 1M: 5.42%
• 6M: 7.51%
• YTD: 16.93%
• 1Y: 29.19%
• 3Y*: 10.12%
• 5Y*: 9.82%
• 10Y*: 6.71%
• ALL TIME*: 1.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCSSX Fidelity Series Commodity Strategy Fund	$0.00	$0.00	$0.00
MCSTX MFS Commodity Strategy Fund Class R4	$0.00	$0.00	$0.00

MCSTX vs. FCSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCSTX MFS Commodity Strategy Fund Class R4	19.67%	18.51%	5.09%	-6.15%	13.37%	27.60%	-0.21%	-1.04%
FCSSX Fidelity Series Commodity Strategy Fund	16.93%	15.43%	5.36%	-8.25%	18.11%	27.59%	-3.11%	0.07%

Correlation

The correlation between MCSTX and FCSSX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Mar 20, 2019	0.93

The correlation between MCSTX and FCSSX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

MCSTX vs. FCSSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MCSTX

MCSTX Risk / Return Rank: 71
MCSTX Sharpe Ratio Rank: 80
MCSTX Sortino Ratio Rank: 72
MCSTX Omega Ratio Rank: 75
MCSTX Calmar Ratio Rank: 73
MCSTX Martin Ratio Rank: 55

FCSSX

FCSSX Risk / Return Rank: 73
FCSSX Sharpe Ratio Rank: 82
FCSSX Sortino Ratio Rank: 77
FCSSX Omega Ratio Rank: 78
FCSSX Calmar Ratio Rank: 71
FCSSX Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MCSTX vs. FCSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Commodity Strategy Fund Class R4 (MCSTX) and Fidelity Series Commodity Strategy Fund (FCSSX). 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.

	MCSTX	FCSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.96	-0.03
Sortino ratio: Return per unit of downside risk	2.50	2.57	-0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.46	2.26	+0.19
Martin ratio: Return relative to average drawdown	7.79	7.33	+0.45

MCSTX vs. FCSSX - Sharpe Ratio Comparison

The current MCSTX Sharpe Ratio is 1.92, which is comparable to the FCSSX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of MCSTX and FCSSX, 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

MCSTX vs. FCSSX - Drawdown Comparison

The maximum MCSTX drawdown since its inception was -37.67%, smaller than the maximum FCSSX drawdown of -66.04%. Use the drawdown chart below to compare losses from any high point for MCSTX and FCSSX.

Drawdown Indicators

	MCSTX	FCSSX	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-66.04%	+28.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.72%	-12.43%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-12.43%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-37.67%	-24.07%	-13.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-6.90%	-12.51%	+5.61%
Average Drawdown Average peak-to-trough decline	-17.29%	-35.98%	+18.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	3.83%	+0.20%

Volatility

MCSTX vs. FCSSX - Volatility Comparison

MFS Commodity Strategy Fund Class R4 (MCSTX) has a higher volatility of 4.26% compared to Fidelity Series Commodity Strategy Fund (FCSSX) at 4.00%. This indicates that MCSTX's price experiences larger fluctuations and is considered to be riskier than FCSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCSTX	FCSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.00%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	11.81%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.24%	14.56%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.67%	15.92%	+18.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.75%	14.30%	+15.45%

MCSTX vs. FCSSX - Expense Ratio Comparison

MCSTX has a 0.91% expense ratio, which is higher than FCSSX's 0.00% expense ratio.

Dividends

MCSTX vs. FCSSX - Dividend Comparison

MCSTX's dividend yield for the trailing twelve months is around 13.44%, more than FCSSX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCSSX Fidelity Series Commodity Strategy Fund	2.30%	2.69%	12.74%	4.53%	128.24%	41.74%	0.44%	1.49%	6.76%	0.53%
MCSTX MFS Commodity Strategy Fund Class R4	13.44%	16.08%	3.30%	2.21%	27.44%	56.14%	0.87%	1.87%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCSTX and FCSSX in my portfolio?

With a correlation of 0.90, MCSTX and FCSSX 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, MCSTX or FCSSX?

MCSTX has higher volatility (4.26%) compared to FCSSX (4.00%). In terms of maximum drawdown, MCSTX dropped -37.67% vs FCSSX's -66.04%.

Which has better risk-adjusted returns?

FCSSX currently has the higher Sharpe Ratio (1.96 vs 1.92), 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.