PCLPX vs. DCMSX

Last updated Jun 4, 2026

PCLPX (PIMCO CommoditiesPLUS Strategy I2) and DCMSX (DFA Commodity Strategy Portfolio) are both Commodities funds. Over the past 10 years, PCLPX returned 11.69%/yr vs 7.72%/yr for DCMSX. Their correlation of 0.85 suggests significant overlap in exposure. PCLPX charges 0.92%/yr vs 0.31%/yr for DCMSX.

Performance

PCLPX vs. DCMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO CommoditiesPLUS Strategy I2 (PCLPX) and DFA Commodity Strategy Portfolio (DCMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCLPX achieves a 36.90% return, which is significantly higher than DCMSX's 30.71% return. Over the past 10 years, PCLPX has outperformed DCMSX with an annualized return of 11.69%, while DCMSX has yielded a comparatively lower 7.72% annualized return.

PCLPX

• 1D: 0.66%
• 1M: -3.68%
• YTD: 36.90%
• 6M: 35.89%
• 1Y: 46.36%
• 3Y*: 16.93%
• 5Y*: 15.85%
• 10Y*: 11.69%

DCMSX

• 1D: 0.33%
• 1M: -2.57%
• YTD: 30.71%
• 6M: 29.48%
• 1Y: 42.92%
• 3Y*: 17.27%
• 5Y*: 12.32%
• 10Y*: 7.72%

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

PCLPX vs. DCMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCLPX PIMCO CommoditiesPLUS Strategy I2	36.90%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	19.39%	-12.15%	10.53%
DCMSX DFA Commodity Strategy Portfolio	30.71%	15.15%	5.90%	-9.14%	11.36%	33.54%	-1.78%	7.96%	-11.22%	2.73%

Correlation

The correlation between PCLPX and DCMSX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Nov 10, 2010	0.85

The correlation between PCLPX and DCMSX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

PCLPX vs. DCMSX — Risk / Return Rank

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

PCLPX

PCLPX Risk / Return Rank: 75
PCLPX Sharpe Ratio Rank: 71
PCLPX Sortino Ratio Rank: 55
PCLPX Omega Ratio Rank: 61
PCLPX Calmar Ratio Rank: 97
PCLPX Martin Ratio Rank: 90

DCMSX

DCMSX Risk / Return Rank: 81
DCMSX Sharpe Ratio Rank: 84
DCMSX Sortino Ratio Rank: 67
DCMSX Omega Ratio Rank: 73
DCMSX Calmar Ratio Rank: 96
DCMSX Martin Ratio Rank: 86

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.

PCLPX vs. DCMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO CommoditiesPLUS Strategy I2 (PCLPX) and DFA Commodity Strategy Portfolio (DCMSX). 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.

	PCLPX	DCMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.71	-0.24
Sortino ratio: Return per unit of downside risk	3.11	3.42	-0.31
Omega ratio: Gain probability vs. loss probability	1.44	1.48	-0.04
Calmar ratio: Return relative to maximum drawdown	6.95	6.10	+0.85
Martin ratio: Return relative to average drawdown	17.88	16.43	+1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCLPX vs. DCMSX - Sharpe Ratio Comparison

The current PCLPX Sharpe Ratio is 2.47, which is comparable to the DCMSX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of PCLPX and DCMSX, 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

	PCLPX	DCMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.71	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.76	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.54	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.11	+0.05

Drawdowns

PCLPX vs. DCMSX - Drawdown Comparison

The maximum PCLPX drawdown since its inception was -66.98%, which is greater than DCMSX's maximum drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for PCLPX and DCMSX.

Drawdown Indicators

	PCLPX	DCMSX	Difference
Max Drawdown Largest peak-to-trough decline	-66.98%	-60.94%	-6.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.87%	-7.21%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-11.10%	-2.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	-27.93%	+6.40%
Max Drawdown (10Y) Largest decline over 10 years	-51.87%	-32.52%	-19.35%
Current Drawdown Current decline from peak	-4.68%	-3.81%	-0.87%
Average Drawdown Average peak-to-trough decline	-24.65%	-31.79%	+7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.66%	0.00%

Volatility

PCLPX vs. DCMSX - Volatility Comparison

PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a higher volatility of 6.97% compared to DFA Commodity Strategy Portfolio (DCMSX) at 5.53%. This indicates that PCLPX's price experiences larger fluctuations and is considered to be riskier than DCMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCLPX	DCMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	5.53%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	14.09%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	19.43%	16.32%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	16.31%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.63%	14.48%	+26.15%

PCLPX vs. DCMSX - Expense Ratio Comparison

PCLPX has a 0.92% expense ratio, which is higher than DCMSX's 0.31% expense ratio.

Dividends

PCLPX vs. DCMSX - Dividend Comparison

PCLPX's dividend yield for the trailing twelve months is around 1.35%, less than DCMSX's 8.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCMSX DFA Commodity Strategy Portfolio	8.06%	10.75%	2.83%	2.52%	7.46%	49.44%	0.37%	1.51%	1.63%	3.09%	0.47%	0.15%
PCLPX PIMCO CommoditiesPLUS Strategy I2	1.35%	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 PCLPX and DCMSX in my portfolio?

PCLPX and DCMSX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCLPX or DCMSX?

PCLPX has higher volatility (6.97%) compared to DCMSX (5.53%). In terms of maximum drawdown, PCLPX dropped -66.98% vs DCMSX's -60.94%.

Which has better risk-adjusted returns?

DCMSX currently has the higher Sharpe Ratio (2.71 vs 2.47), 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.