PCLPX vs. PCLAX

Last updated Jun 24, 2026

PCLPX (PIMCO CommoditiesPLUS Strategy I2) and PCLAX (PIMCO CommoditiesPLUS Strategy Fund) are both Commodities funds from PIMCO. Over the past 10 years, PCLPX returned 10.81%/yr vs 10.46%/yr for PCLAX. With a 0.99 correlation, they move nearly in lockstep. PCLPX charges 0.92%/yr vs 1.19%/yr for PCLAX.

Performance

PCLPX vs. PCLAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PCLPX having a 25.15% return and PCLAX slightly lower at 24.93%. Both investments have delivered pretty close results over the past 10 years, with PCLPX having a 10.81% annualized return and PCLAX not far behind at 10.46%.

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%

PCLAX

• 1D: -0.82%
• 1M: -9.67%
• YTD: 24.93%
• 6M: 22.47%
• 1Y: 27.20%
• 3Y*: 12.72%
• 5Y*: 13.19%
• 10Y*: 10.46%

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

PCLPX vs. PCLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCLPX PIMCO CommoditiesPLUS Strategy I2	25.15%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	19.39%	-12.15%	10.53%
PCLAX PIMCO CommoditiesPLUS Strategy Fund	24.93%	4.13%	5.76%	-0.14%	22.73%	43.18%	-9.67%	19.19%	-12.47%	10.30%

Correlation

The correlation between PCLPX and PCLAX 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 1, 2010	1.00

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

Return for Risk

PCLPX vs. PCLAX — Risk / Return Rank

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

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

PCLAX

PCLAX Risk / Return Rank: 26
PCLAX Sharpe Ratio Rank: 22
PCLAX Sortino Ratio Rank: 20
PCLAX Omega Ratio Rank: 22
PCLAX Calmar Ratio Rank: 29
PCLAX 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.

PCLPX vs. PCLAX - Risk-Adjusted Trends Comparison

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

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.

	PCLPX	PCLAX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.24	+0.02
Sortino ratio: Return per unit of downside risk	1.74	1.71	+0.03
Omega ratio: Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio: Return relative to maximum drawdown	1.90	1.87	+0.03
Martin ratio: Return relative to average drawdown	8.06	7.92	+0.14

PCLPX vs. PCLAX - Sharpe Ratio Comparison

The current PCLPX Sharpe Ratio is 1.26, which is comparable to the PCLAX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PCLPX and PCLAX, 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

PCLPX vs. PCLAX - Drawdown Comparison

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

Drawdown Indicators

	PCLPX	PCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.98%	-68.19%	+1.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.87%	-12.90%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-13.76%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	-21.75%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-51.87%	-52.00%	+0.13%
Current Drawdown Current decline from peak	-12.87%	-12.90%	+0.03%
Average Drawdown Average peak-to-trough decline	-24.60%	-25.60%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.45%	-0.03%

Volatility

PCLPX vs. PCLAX - Volatility Comparison

PIMCO CommoditiesPLUS Strategy I2 (PCLPX) and PIMCO CommoditiesPLUS Strategy Fund (PCLAX) have volatilities of 4.59% and 4.57%, 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

	PCLPX	PCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	4.57%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	17.15%	17.18%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.47%	19.53%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	19.54%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.63%	40.66%	-0.03%

PCLPX vs. PCLAX - Expense Ratio Comparison

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

Dividends

PCLPX vs. PCLAX - Dividend Comparison

PCLPX's dividend yield for the trailing twelve months is around 11.31%, less than PCLAX's 11.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCLAX PIMCO CommoditiesPLUS Strategy Fund	11.62%	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	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 PCLPX and PCLAX in my portfolio?

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

PCLPX has higher volatility (4.59%) compared to PCLAX (4.57%). In terms of maximum drawdown, PCLPX dropped -66.98% vs PCLAX's -68.19%.

Which has better risk-adjusted returns?

PCLPX currently has the higher Sharpe Ratio (1.26 vs 1.24), 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.