PAIIX vs. PCLAX
PAIIX (PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)) and PCLAX (PIMCO CommoditiesPLUS Strategy Fund) are both mutual funds - PAIIX is a Global Bonds fund managed by PIMCO, while PCLAX is a Commodities fund managed by PIMCO. Over the past 10 years, PAIIX returned 2.90%/yr vs 11.33%/yr for PCLAX. At a correlation of -0.06, they often move in opposite directions. PAIIX charges 0.90%/yr vs 1.19%/yr for PCLAX.
Performance
PAIIX vs. PCLAX - Performance Comparison
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Returns By Period
In the year-to-date period, PAIIX achieves a -0.60% return, which is significantly lower than PCLAX's 36.60% return. Over the past 10 years, PAIIX has underperformed PCLAX with an annualized return of 2.90%, while PCLAX has yielded a comparatively higher 11.33% annualized return.
PAIIX
- 1D
- 0.10%
- 1M
- 1.12%
- YTD
- -0.60%
- 6M
- -0.80%
- 1Y
- 4.73%
- 3Y*
- 5.44%
- 5Y*
- 2.14%
- 10Y*
- 2.90%
PCLAX
- 1D
- 0.57%
- 1M
- -3.72%
- YTD
- 36.60%
- 6M
- 35.76%
- 1Y
- 45.73%
- 3Y*
- 16.64%
- 5Y*
- 15.51%
- 10Y*
- 11.33%
PAIIX vs. PCLAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAIIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | -0.60% | 8.23% | 4.02% | 6.63% | -6.00% | -0.84% | 6.95% | 6.40% | -0.80% | 3.97% |
PCLAX PIMCO CommoditiesPLUS Strategy Fund | 36.60% | 4.13% | 5.76% | -0.14% | 22.73% | 43.18% | -9.67% | 19.19% | -12.47% | 10.30% |
Correlation
The correlation between PAIIX and PCLAX is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | -0.06 |
Over the past year, the inverse relationship between PAIIX and PCLAX has strengthened: their correlation has moved from -0.06 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
PAIIX vs. PCLAX — Risk / Return Rank
PAIIX
PCLAX
PAIIX vs. PCLAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) and PIMCO CommoditiesPLUS Strategy Fund (PCLAX). 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.
| PAIIX | PCLAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.43 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 6.83 | -5.71 |
| Martin ratioReturn relative to average drawdown | 3.70 | 17.57 | -13.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAIIX | PCLAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 2.44 | -1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.80 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | 0.28 | +0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.15 | +0.94 |
Drawdowns
PAIIX vs. PCLAX - Drawdown Comparison
The maximum PAIIX drawdown since its inception was -13.59%, smaller than the maximum PCLAX drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for PAIIX and PCLAX.
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Drawdown Indicators
| PAIIX | PCLAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.59% | -68.19% | +54.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.25% | -6.93% | +2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -13.76% | +9.51% |
Max Drawdown (5Y)Largest decline over 5 years | -9.83% | -21.75% | +11.92% |
Max Drawdown (10Y)Largest decline over 10 years | -10.44% | -52.00% | +41.56% |
Current DrawdownCurrent decline from peak | -1.52% | -4.77% | +3.25% |
Average DrawdownAverage peak-to-trough decline | -1.99% | -25.66% | +23.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 2.69% | -1.40% |
Volatility
PAIIX vs. PCLAX - Volatility Comparison
The current volatility for PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) is 1.47%, while PIMCO CommoditiesPLUS Strategy Fund (PCLAX) has a volatility of 6.95%. This indicates that PAIIX experiences smaller price fluctuations and is considered to be less risky than PCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAIIX | PCLAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 6.95% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 16.84% | -13.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 19.49% | -15.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.42% | 19.53% | -16.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.01% | 40.66% | -37.65% |
PAIIX vs. PCLAX - Expense Ratio Comparison
PAIIX has a 0.90% expense ratio, which is lower than PCLAX's 1.19% expense ratio.
Dividends
PAIIX vs. PCLAX - Dividend Comparison
PAIIX's dividend yield for the trailing twelve months is around 4.69%, more than PCLAX's 1.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAIIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 4.69% | 4.44% | 3.72% | 2.05% | 7.25% | 2.59% | 1.90% | 3.75% | 1.78% | 2.73% | 2.23% | 5.44% |
PCLAX PIMCO CommoditiesPLUS Strategy Fund | 1.24% | 1.20% | 5.20% | 4.58% | 44.24% | 75.67% | 0.45% | 2.07% | 18.31% | 12.18% | 0.09% | 1.77% |
Frequently Asked Questions
PAIIX and PCLAX have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCLAX has higher volatility (6.95%) compared to PAIIX (1.47%). In terms of maximum drawdown, PAIIX dropped -13.59% vs PCLAX's -68.19%.
PCLAX currently has the higher Sharpe Ratio (2.44 vs 1.17), 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.
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