MCSTX vs. PCLPX

Last updated Jun 24, 2026

MCSTX (MFS Commodity Strategy Fund Class R4) and PCLPX (PIMCO CommoditiesPLUS Strategy I2) are both Commodities funds. MCSTX is passively managed, while PCLPX is actively managed. Over the past 5 years, MCSTX returned 10.34%/yr vs 13.50%/yr for PCLPX. Their correlation of 0.85 suggests significant overlap in exposure. MCSTX charges 0.91%/yr vs 0.92%/yr for PCLPX.

Performance

MCSTX vs. PCLPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Commodity Strategy Fund Class R4 (MCSTX) 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, MCSTX achieves a 15.24% return, which is significantly lower than PCLPX's 25.15% return.

MCSTX

• 1D: -0.95%
• 1M: -7.56%
• YTD: 15.24%
• 6M: 13.97%
• 1Y: 24.92%
• 3Y*: 13.30%
• 5Y*: 10.34%
• 10Y*: —

PCLPX

• 1D: -0.78%
• 1M: -9.67%
• YTD: 25.15%
• 6M: 22.59%
• 1Y: 27.44%
• 3Y*: 13.00%
• 5Y*: 13.50%
• 10Y*: 10.81%

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

MCSTX vs. PCLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCSTX MFS Commodity Strategy Fund Class R4	15.24%	18.51%	5.09%	-6.15%	13.37%	27.60%	-0.21%	-1.04%
PCLPX PIMCO CommoditiesPLUS Strategy I2	25.15%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	2.62%

Correlation

The correlation between MCSTX 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 20, 2019	0.85

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

Return for Risk

MCSTX vs. PCLPX — Risk / Return Rank

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

MCSTX

MCSTX Risk / Return Rank: 34
MCSTX Sharpe Ratio Rank: 31
MCSTX Sortino Ratio Rank: 26
MCSTX Omega Ratio Rank: 30
MCSTX Calmar Ratio Rank: 39
MCSTX Martin Ratio Rank: 42

PCLPX

PCLPX Risk / Return Rank: 27
PCLPX Sharpe Ratio Rank: 23
PCLPX Sortino Ratio Rank: 20
PCLPX Omega Ratio Rank: 22
PCLPX Calmar Ratio Rank: 29
PCLPX Martin Ratio Rank: 39

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.

MCSTX vs. PCLPX - Risk-Adjusted Trends Comparison

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

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	PCLPX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.26	+0.22
Sortino ratio: Return per unit of downside risk	1.97	1.74	+0.23
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	2.27	1.90	+0.36
Martin ratio: Return relative to average drawdown	8.56	8.06	+0.50

MCSTX vs. PCLPX - Sharpe Ratio Comparison

The current MCSTX Sharpe Ratio is 1.47, which is comparable to the PCLPX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MCSTX 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.

Drawdowns

MCSTX vs. PCLPX - Drawdown Comparison

The maximum MCSTX drawdown since its inception was -37.67%, smaller than the maximum PCLPX drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for MCSTX and PCLPX.

Drawdown Indicators

	MCSTX	PCLPX	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-66.98%	+29.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-12.87%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-10.34%	-13.55%	+3.21%
Max Drawdown (5Y) Largest decline over 5 years	-37.67%	-21.53%	-16.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.87%	—
Current Drawdown Current decline from peak	-10.34%	-12.87%	+2.53%
Average Drawdown Average peak-to-trough decline	-17.41%	-24.60%	+7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.42%	-0.51%

Volatility

MCSTX vs. PCLPX - Volatility Comparison

The current volatility for MFS Commodity Strategy Fund Class R4 (MCSTX) is 3.30%, while PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a volatility of 4.59%. This indicates that MCSTX 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

	MCSTX	PCLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	4.59%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	13.63%	17.15%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	19.47%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.67%	19.53%	+15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.91%	40.63%	-10.72%

MCSTX vs. PCLPX - Expense Ratio Comparison

MCSTX has a 0.91% expense ratio, which is lower than PCLPX's 0.92% expense ratio.

Dividends

MCSTX vs. PCLPX - Dividend Comparison

MCSTX's dividend yield for the trailing twelve months is around 13.95%, more than PCLPX's 11.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSTX MFS Commodity Strategy Fund Class R4	13.95%	16.08%	3.30%	2.21%	27.44%	56.14%	0.87%	1.87%	0.00%	0.00%	0.00%	0.00%
PCLPX PIMCO CommoditiesPLUS Strategy I2	11.31%	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 MCSTX and PCLPX in my portfolio?

MCSTX 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, MCSTX or PCLPX?

PCLPX has higher volatility (4.59%) compared to MCSTX (3.30%). In terms of maximum drawdown, MCSTX dropped -37.67% vs PCLPX's -66.98%.

Which has better risk-adjusted returns?

MCSTX currently has the higher Sharpe Ratio (1.47 vs 1.26), 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.