PCLPX vs. SKIRX

Last updated Jun 23, 2026

PCLPX (PIMCO CommoditiesPLUS Strategy I2) and SKIRX (DWS Enhanced Commodity Strategy Fund) are both Commodities funds. Over the past 10 years, PCLPX returned 10.53%/yr vs 4.45%/yr for SKIRX. Their correlation of 0.84 suggests significant overlap in exposure. PCLPX charges 0.92%/yr vs 0.89%/yr for SKIRX.

Performance

PCLPX vs. SKIRX - Performance Comparison

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

Returns By Period

In the year-to-date period, PCLPX achieves a 26.13% return, which is significantly higher than SKIRX's 12.85% return. Over the past 10 years, PCLPX has outperformed SKIRX with an annualized return of 10.53%, while SKIRX has yielded a comparatively lower 4.45% annualized return.

PCLPX

• 1D: -0.77%
• 1M: -8.96%
• YTD: 26.13%
• 6M: 24.83%
• 1Y: 25.23%
• 3Y*: 12.30%
• 5Y*: 14.13%
• 10Y*: 10.53%

SKIRX

• 1D: -1.20%
• 1M: -6.64%
• YTD: 12.85%
• 6M: 12.66%
• 1Y: 15.80%
• 3Y*: 8.21%
• 5Y*: 7.87%
• 10Y*: 4.45%

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

PCLPX vs. SKIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCLPX PIMCO CommoditiesPLUS Strategy I2	26.13%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	19.39%	-12.15%	10.53%
SKIRX DWS Enhanced Commodity Strategy Fund	12.85%	11.95%	2.64%	-5.17%	8.33%	30.40%	-1.68%	2.72%	-11.57%	1.54%

Correlation

The correlation between PCLPX and SKIRX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 28, 2010	0.84

The correlation between PCLPX and SKIRX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

PCLPX vs. SKIRX — Risk / Return Rank

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

PCLPX

PCLPX Risk / Return Rank: 28
PCLPX Sharpe Ratio Rank: 24
PCLPX Sortino Ratio Rank: 21
PCLPX Omega Ratio Rank: 24
PCLPX Calmar Ratio Rank: 34
PCLPX Martin Ratio Rank: 37

SKIRX

SKIRX Risk / Return Rank: 16
SKIRX Sharpe Ratio Rank: 12
SKIRX Sortino Ratio Rank: 11
SKIRX Omega Ratio Rank: 15
SKIRX Calmar Ratio Rank: 21
SKIRX Martin Ratio Rank: 21

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. SKIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO CommoditiesPLUS Strategy I2 (PCLPX) and DWS Enhanced Commodity Strategy Fund (SKIRX). 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	SKIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.90	+0.41
Sortino ratio: Return per unit of downside risk	1.79	1.23	+0.56
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	2.07	1.56	+0.51
Martin ratio: Return relative to average drawdown	7.65	4.95	+2.70

PCLPX vs. SKIRX - Sharpe Ratio Comparison

The current PCLPX Sharpe Ratio is 1.30, which is higher than the SKIRX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of PCLPX and SKIRX, 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. SKIRX - Drawdown Comparison

The maximum PCLPX drawdown since its inception was -66.98%, smaller than the maximum SKIRX drawdown of -88.19%. Use the drawdown chart below to compare losses from any high point for PCLPX and SKIRX.

Drawdown Indicators

	PCLPX	SKIRX	Difference
Max Drawdown Largest peak-to-trough decline	-66.98%	-88.19%	+21.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.18%	-9.95%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-10.83%	-2.72%
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	-24.34%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	-51.87%	-32.33%	-19.54%
Current Drawdown Current decline from peak	-12.18%	-74.15%	+61.97%
Average Drawdown Average peak-to-trough decline	-24.60%	-67.88%	+43.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.22%	+0.11%

Volatility

PCLPX vs. SKIRX - Volatility Comparison

PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a higher volatility of 4.93% compared to DWS Enhanced Commodity Strategy Fund (SKIRX) at 3.37%. This indicates that PCLPX's price experiences larger fluctuations and is considered to be riskier than SKIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCLPX	SKIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	3.37%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	17.18%	15.69%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	17.38%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	15.35%	+4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.61%	13.32%	+27.29%

PCLPX vs. SKIRX - Expense Ratio Comparison

PCLPX has a 0.92% expense ratio, which is higher than SKIRX's 0.89% expense ratio.

Dividends

PCLPX vs. SKIRX - Dividend Comparison

PCLPX's dividend yield for the trailing twelve months is around 11.22%, more than SKIRX's 5.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCLPX PIMCO CommoditiesPLUS Strategy I2	11.22%	1.31%	5.22%	4.65%	43.16%	74.10%	0.71%	2.39%	18.62%	12.52%	0.15%	1.92%
SKIRX DWS Enhanced Commodity Strategy Fund	5.88%	5.39%	3.03%	1.93%	50.74%	43.89%	1.53%	1.74%	12.16%	0.41%	7.04%	0.40%

Frequently Asked Questions

Can I hold both PCLPX and SKIRX in my portfolio?

PCLPX and SKIRX have a correlation of 0.84, 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 SKIRX?

PCLPX has higher volatility (4.93%) compared to SKIRX (3.37%). In terms of maximum drawdown, PCLPX dropped -66.98% vs SKIRX's -88.19%.

Which has better risk-adjusted returns?

PCLPX currently has the higher Sharpe Ratio (1.30 vs 0.90), 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.