PCN vs. PCLPX

Last updated Jun 4, 2026

PCN (PIMCO Corporate & Income Strategy Fund) and PCLPX (PIMCO CommoditiesPLUS Strategy I2) are both mutual funds - PCN is a Multisector Bonds fund managed by PIMCO, while PCLPX is a Commodities fund actively managed by PIMCO. Over the past 10 years, PCN returned 7.14%/yr vs 11.69%/yr for PCLPX. At a 0.14 correlation, their price movements are largely independent. PCN charges 0.85%/yr vs 0.92%/yr for PCLPX.

Performance

PCN vs. PCLPX - Performance Comparison

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

Returns By Period

In the year-to-date period, PCN achieves a -4.37% return, which is significantly lower than PCLPX's 36.90% return. Over the past 10 years, PCN has underperformed PCLPX with an annualized return of 7.14%, while PCLPX has yielded a comparatively higher 11.69% annualized return.

PCN

• 1D: -0.93%
• 1M: -2.08%
• YTD: -4.37%
• 6M: -2.52%
• 1Y: 1.37%
• 3Y*: 7.28%
• 5Y*: 0.63%
• 10Y*: 7.14%

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%

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

PCN vs. PCLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCN PIMCO Corporate & Income Strategy Fund	-4.37%	5.55%	19.52%	16.22%	-22.88%	6.93%	-2.19%	39.10%	-5.94%	26.20%
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%

Correlation

The correlation between PCN and PCLPX is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 1, 2010	0.14

The correlation between PCN and PCLPX shifts across timeframes, from -0.15 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCN vs. PCLPX — Risk / Return Rank

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

PCN

PCN Risk / Return Rank: 3
PCN Sharpe Ratio Rank: 3
PCN Sortino Ratio Rank: 3
PCN Omega Ratio Rank: 3
PCN Calmar Ratio Rank: 3
PCN Martin Ratio Rank: 3

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

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.

PCN vs. PCLPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Corporate & Income Strategy Fund (PCN) 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.

	PCN	PCLPX	Difference
Sharpe ratio: Return per unit of total volatility	0.14	2.47	-2.32
Sortino ratio: Return per unit of downside risk	0.27	3.11	-2.84
Omega ratio: Gain probability vs. loss probability	1.04	1.44	-0.40
Calmar ratio: Return relative to maximum drawdown	0.13	6.95	-6.82
Martin ratio: Return relative to average drawdown	0.39	17.88	-17.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCN vs. PCLPX - Sharpe Ratio Comparison

The current PCN Sharpe Ratio is 0.14, which is lower than the PCLPX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PCN 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

	PCN	PCLPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.14	2.47	-2.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.82	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.29	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.16	+0.23

Drawdowns

PCN vs. PCLPX - Drawdown Comparison

The maximum PCN drawdown since its inception was -61.12%, smaller than the maximum PCLPX drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for PCN and PCLPX.

Drawdown Indicators

	PCN	PCLPX	Difference
Max Drawdown Largest peak-to-trough decline	-61.12%	-66.98%	+5.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-6.87%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-13.55%	-8.98%
Max Drawdown (5Y) Largest decline over 5 years	-33.39%	-21.53%	-11.86%
Max Drawdown (10Y) Largest decline over 10 years	-50.27%	-51.87%	+1.60%
Current Drawdown Current decline from peak	-6.87%	-4.68%	-2.19%
Average Drawdown Average peak-to-trough decline	-7.20%	-24.65%	+17.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.66%	+0.90%

Volatility

PCN vs. PCLPX - Volatility Comparison

The current volatility for PIMCO Corporate & Income Strategy Fund (PCN) is 2.35%, while PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a volatility of 6.97%. This indicates that PCN experiences smaller price fluctuations and is considered to be less risky than PCLPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCN	PCLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	6.97%	-4.62%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	16.80%	-9.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.61%	19.43%	-9.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	19.52%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	40.63%	-18.69%

PCN vs. PCLPX - Expense Ratio Comparison

PCN has a 0.85% expense ratio, which is lower than PCLPX's 0.92% expense ratio.

Dividends

PCN vs. PCLPX - Dividend Comparison

PCN's dividend yield for the trailing twelve months is around 11.58%, more than PCLPX's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PCN PIMCO Corporate & Income Strategy Fund	11.58%	10.58%	10.06%	10.88%	12.66%	7.89%	7.83%	7.37%	9.60%	7.85%	11.98%	10.22%

Frequently Asked Questions

Can I hold both PCN and PCLPX in my portfolio?

PCN and PCLPX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCN or PCLPX?

PCLPX has higher volatility (6.97%) compared to PCN (2.35%). In terms of maximum drawdown, PCN dropped -61.12% vs PCLPX's -66.98%.

Which has better risk-adjusted returns?

PCLPX currently has the higher Sharpe Ratio (2.47 vs 0.14), 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.