PCLAX vs. PCLIX

Last updated Jun 4, 2026

PCLAX (PIMCO CommoditiesPLUS Strategy Fund) and PCLIX (PIMCO CommoditiesPLUS Strategy Fund) are both Commodities funds from PIMCO. Over the past 10 years, PCLAX returned 11.33%/yr vs 12.24%/yr for PCLIX. With a 1.00 correlation, they move nearly in lockstep. PCLAX charges 1.19%/yr vs 0.98%/yr for PCLIX.

Performance

PCLAX vs. PCLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO CommoditiesPLUS Strategy Fund (PCLAX) and PIMCO CommoditiesPLUS Strategy Fund (PCLIX). 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 PCLAX having a 36.60% return and PCLIX slightly higher at 36.81%. Over the past 10 years, PCLAX has underperformed PCLIX with an annualized return of 11.33%, while PCLIX has yielded a comparatively higher 12.24% annualized return.

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%

PCLIX

• 1D: 0.54%
• 1M: -3.72%
• YTD: 36.81%
• 6M: 35.82%
• 1Y: 46.35%
• 3Y*: 18.54%
• 5Y*: 16.85%
• 10Y*: 12.24%

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

PCLAX vs. PCLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PCLIX PIMCO CommoditiesPLUS Strategy Fund	36.81%	5.76%	8.53%	0.69%	23.32%	43.83%	-9.18%	19.37%	-12.02%	10.86%

Correlation

The correlation between PCLAX and PCLIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010	1.00

The correlation between PCLAX and PCLIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

PCLAX vs. PCLIX — Risk / Return Rank

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

PCLAX

PCLAX Risk / Return Rank: 74
PCLAX Sharpe Ratio Rank: 70
PCLAX Sortino Ratio Rank: 53
PCLAX Omega Ratio Rank: 59
PCLAX Calmar Ratio Rank: 97
PCLAX Martin Ratio Rank: 89

PCLIX

PCLIX Risk / Return Rank: 75
PCLIX Sharpe Ratio Rank: 72
PCLIX Sortino Ratio Rank: 54
PCLIX Omega Ratio Rank: 61
PCLIX Calmar Ratio Rank: 97
PCLIX Martin Ratio Rank: 89

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.

PCLAX vs. PCLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO CommoditiesPLUS Strategy Fund (PCLAX) and PIMCO CommoditiesPLUS Strategy Fund (PCLIX). 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.

	PCLAX	PCLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.47	-0.03
Sortino ratio: Return per unit of downside risk	3.07	3.11	-0.04
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	6.83	7.01	-0.17
Martin ratio: Return relative to average drawdown	17.57	17.91	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCLAX vs. PCLIX - Sharpe Ratio Comparison

The current PCLAX Sharpe Ratio is 2.44, which is comparable to the PCLIX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PCLAX and PCLIX, 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

	PCLAX	PCLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.47	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.87	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.30	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.18	-0.02

Drawdowns

PCLAX vs. PCLIX - Drawdown Comparison

The maximum PCLAX drawdown since its inception was -68.19%, roughly equal to the maximum PCLIX drawdown of -66.60%. Use the drawdown chart below to compare losses from any high point for PCLAX and PCLIX.

Drawdown Indicators

	PCLAX	PCLIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.19%	-66.60%	-1.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.84%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-12.30%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-21.75%	-21.59%	-0.16%
Max Drawdown (10Y) Largest decline over 10 years	-52.00%	-51.78%	-0.22%
Current Drawdown Current decline from peak	-4.77%	-4.70%	-0.07%
Average Drawdown Average peak-to-trough decline	-25.66%	-24.15%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.67%	+0.02%

Volatility

PCLAX vs. PCLIX - Volatility Comparison

PIMCO CommoditiesPLUS Strategy Fund (PCLAX) and PIMCO CommoditiesPLUS Strategy Fund (PCLIX) have volatilities of 6.95% and 6.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCLAX	PCLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	6.97%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	16.84%	16.87%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	19.49%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	19.41%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.66%	40.55%	+0.11%

PCLAX vs. PCLIX - Expense Ratio Comparison

PCLAX has a 1.19% expense ratio, which is higher than PCLIX's 0.98% expense ratio.

Dividends

PCLAX vs. PCLIX - Dividend Comparison

PCLAX's dividend yield for the trailing twelve months is around 1.24%, less than PCLIX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PCLIX PIMCO CommoditiesPLUS Strategy Fund	1.37%	2.45%	7.50%	5.06%	42.60%	73.41%	0.77%	2.46%	18.58%	12.63%	0.16%	2.22%

Frequently Asked Questions

Can I hold both PCLAX and PCLIX in my portfolio?

With a correlation of 1.00, PCLAX and PCLIX 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, PCLAX or PCLIX?

PCLIX has higher volatility (6.97%) compared to PCLAX (6.95%). In terms of maximum drawdown, PCLAX dropped -68.19% vs PCLIX's -66.60%.

Which has better risk-adjusted returns?

PCLIX currently has the higher Sharpe Ratio (2.47 vs 2.44), 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.