PCLAX vs. PCLPX

Last updated Jun 6, 2026

PCLAX (PIMCO CommoditiesPLUS Strategy Fund) and PCLPX (PIMCO CommoditiesPLUS Strategy I2) are both Commodities funds from PIMCO. Over the past 10 years, PCLAX returned 11.04%/yr vs 11.39%/yr for PCLPX. With a 1.00 correlation, they move nearly in lockstep. PCLAX charges 1.19%/yr vs 0.92%/yr for PCLPX.

Performance

PCLAX vs. PCLPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO CommoditiesPLUS Strategy Fund (PCLAX) and PIMCO CommoditiesPLUS Strategy I2 (PCLPX). 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 35.05% return and PCLPX slightly higher at 35.25%. Both investments have delivered pretty close results over the past 10 years, with PCLAX having a 11.04% annualized return and PCLPX not far ahead at 11.39%.

PCLAX

• 1D: -1.47%
• 1M: -0.69%
• YTD: 35.05%
• 6M: 32.79%
• 1Y: 42.21%
• 3Y*: 16.00%
• 5Y*: 14.97%
• 10Y*: 11.04%

PCLPX

• 1D: -1.42%
• 1M: -0.66%
• YTD: 35.25%
• 6M: 32.88%
• 1Y: 42.59%
• 3Y*: 16.28%
• 5Y*: 15.28%
• 10Y*: 11.39%

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

PCLAX vs. PCLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCLAX PIMCO CommoditiesPLUS Strategy Fund	35.05%	4.13%	5.76%	-0.14%	22.73%	43.18%	-9.67%	19.19%	-12.47%	10.30%
PCLPX PIMCO CommoditiesPLUS Strategy I2	35.25%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	19.39%	-12.15%	10.53%

Correlation

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

Return for Risk

PCLAX vs. PCLPX — Risk / Return Rank

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

PCLAX

PCLAX Risk / Return Rank: 72
PCLAX Sharpe Ratio Rank: 66
PCLAX Sortino Ratio Rank: 52
PCLAX Omega Ratio Rank: 58
PCLAX Calmar Ratio Rank: 96
PCLAX Martin Ratio Rank: 88

PCLPX

PCLPX Risk / Return Rank: 73
PCLPX Sharpe Ratio Rank: 67
PCLPX Sortino Ratio Rank: 52
PCLPX Omega Ratio Rank: 59
PCLPX Calmar Ratio Rank: 97
PCLPX 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. PCLPX - Risk-Adjusted Trends Comparison

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

	PCLAX	PCLPX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.33	-0.02
Sortino ratio: Return per unit of downside risk	2.93	2.96	-0.03
Omega ratio: Gain probability vs. loss probability	1.41	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	6.49	6.59	-0.10
Martin ratio: Return relative to average drawdown	16.44	16.70	-0.26
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. PCLPX - Sharpe Ratio Comparison

The current PCLAX Sharpe Ratio is 2.31, which is comparable to the PCLPX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PCLAX 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.

Sharpe Ratios by Period

	PCLAX	PCLPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.33	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.79	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.28	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.16	-0.01

Drawdowns

PCLAX vs. PCLPX - Drawdown Comparison

The maximum PCLAX drawdown since its inception was -68.19%, roughly equal to the maximum PCLPX drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for PCLAX and PCLPX.

Drawdown Indicators

	PCLAX	PCLPX	Difference
Max Drawdown Largest peak-to-trough decline	-68.19%	-66.98%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.87%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-13.55%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.75%	-21.53%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	-52.00%	-51.87%	-0.13%
Current Drawdown Current decline from peak	-5.85%	-5.83%	-0.02%
Average Drawdown Average peak-to-trough decline	-25.64%	-24.64%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.70%	+0.03%

Volatility

PCLAX vs. PCLPX - Volatility Comparison

PIMCO CommoditiesPLUS Strategy Fund (PCLAX) and PIMCO CommoditiesPLUS Strategy I2 (PCLPX) have volatilities of 6.64% and 6.63%, 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	PCLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	6.63%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	16.92%	16.88%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	19.40%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	19.52%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.65%	40.62%	+0.03%

PCLAX vs. PCLPX - Expense Ratio Comparison

PCLAX has a 1.19% expense ratio, which is higher than PCLPX's 0.92% expense ratio.

Dividends

PCLAX vs. PCLPX - Dividend Comparison

PCLAX's dividend yield for the trailing twelve months is around 1.25%, less than PCLPX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCLAX PIMCO CommoditiesPLUS Strategy Fund	1.25%	1.20%	5.20%	4.58%	44.24%	75.67%	0.45%	2.07%	18.31%	12.18%	0.09%	1.77%
PCLPX PIMCO CommoditiesPLUS Strategy I2	1.37%	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 PCLAX and PCLPX in my portfolio?

With a correlation of 0.99, PCLAX and PCLPX 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 PCLPX?

PCLAX has higher volatility (6.64%) compared to PCLPX (6.63%). In terms of maximum drawdown, PCLAX dropped -68.19% vs PCLPX's -66.98%.

Which has better risk-adjusted returns?

PCLPX currently has the higher Sharpe Ratio (2.33 vs 2.31), 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.