PCRAX vs. PCN

Last updated Jun 24, 2026

PCRAX (PIMCO Commodity Real Return Strategy Fund Class A) and PCN (PIMCO Corporate & Income Strategy Fund) are both mutual funds - PCRAX is a Commodities fund actively managed by PIMCO, while PCN is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, PCRAX returned 7.19%/yr vs 7.15%/yr for PCN. At a 0.15 correlation, their price movements are largely independent. PCRAX charges 1.30%/yr vs 0.85%/yr for PCN.

Performance

PCRAX vs. PCN - Performance Comparison

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

Returns By Period

In the year-to-date period, PCRAX achieves a 15.72% return, which is significantly higher than PCN's -2.70% return. Both investments have delivered pretty close results over the past 10 years, with PCRAX having a 7.19% annualized return and PCN not far behind at 7.15%.

PCRAX

• 1D: -0.82%
• 1M: -8.82%
• YTD: 15.72%
• 6M: 12.25%
• 1Y: 23.24%
• 3Y*: 14.08%
• 5Y*: 10.55%
• 10Y*: 7.19%

PCN

• 1D: 0.34%
• 1M: 1.40%
• YTD: -2.70%
• 6M: -1.46%
• 1Y: 4.35%
• 3Y*: 7.12%
• 5Y*: 1.06%
• 10Y*: 7.15%

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

PCRAX vs. PCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	15.72%	16.56%	10.08%	-6.38%	8.54%	32.65%	0.39%	11.77%	-14.24%	2.35%
PCN PIMCO Corporate & Income Strategy Fund	-2.70%	5.55%	19.52%	16.22%	-22.88%	6.93%	-2.19%	39.10%	-5.94%	26.20%

Correlation

The correlation between PCRAX and PCN is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 28, 2002	0.15

The correlation between PCRAX and PCN shifts across timeframes, from -0.09 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCRAX vs. PCN — Risk / Return Rank

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

PCRAX

PCRAX Risk / Return Rank: 27
PCRAX Sharpe Ratio Rank: 25
PCRAX Sortino Ratio Rank: 22
PCRAX Omega Ratio Rank: 24
PCRAX Calmar Ratio Rank: 28
PCRAX Martin Ratio Rank: 37

PCN

PCN Risk / Return Rank: 6
PCN Sharpe Ratio Rank: 6
PCN Sortino Ratio Rank: 6
PCN Omega Ratio Rank: 7
PCN Calmar Ratio Rank: 5
PCN Martin Ratio Rank: 5

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.

PCRAX vs. PCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Real Return Strategy Fund Class A (PCRAX) and PIMCO Corporate & Income Strategy Fund (PCN). 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.

	PCRAX	PCN	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.45	+0.87
Sortino ratio: Return per unit of downside risk	1.78	0.70	+1.08
Omega ratio: Gain probability vs. loss probability	1.24	1.10	+0.14
Calmar ratio: Return relative to maximum drawdown	1.84	0.42	+1.42
Martin ratio: Return relative to average drawdown	7.62	1.15	+6.47

PCRAX vs. PCN - Sharpe Ratio Comparison

The current PCRAX Sharpe Ratio is 1.32, which is higher than the PCN Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of PCRAX and PCN, 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

PCRAX vs. PCN - Drawdown Comparison

The maximum PCRAX drawdown since its inception was -82.98%, which is greater than PCN's maximum drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for PCRAX and PCN.

Drawdown Indicators

	PCRAX	PCN	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	-61.12%	-21.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.83%	-10.40%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-11.83%	-22.53%	+10.70%
Max Drawdown (5Y) Largest decline over 5 years	-34.95%	-33.39%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-39.45%	-50.27%	+10.82%
Current Drawdown Current decline from peak	-48.12%	-5.24%	-42.88%
Average Drawdown Average peak-to-trough decline	-48.86%	-7.20%	-41.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.78%	-0.77%

Volatility

PCRAX vs. PCN - Volatility Comparison

PIMCO Commodity Real Return Strategy Fund Class A (PCRAX) has a higher volatility of 3.72% compared to PIMCO Corporate & Income Strategy Fund (PCN) at 2.67%. This indicates that PCRAX's price experiences larger fluctuations and is considered to be riskier than PCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCRAX	PCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	2.67%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	14.31%	7.22%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.57%	9.78%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	16.16%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	21.95%	-4.74%

PCRAX vs. PCN - Expense Ratio Comparison

PCRAX has a 1.30% expense ratio, which is higher than PCN's 0.85% expense ratio.

Dividends

PCRAX vs. PCN - Dividend Comparison

PCRAX's dividend yield for the trailing twelve months is around 11.05%, less than PCN's 11.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCN PIMCO Corporate & Income Strategy Fund	11.49%	10.58%	10.06%	10.88%	12.66%	7.89%	7.83%	7.37%	9.60%	7.85%	11.98%	10.22%
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	11.05%	5.72%	8.12%	6.65%	48.19%	23.28%	1.23%	3.70%	5.69%	7.90%	0.60%	5.07%

Frequently Asked Questions

Can I hold both PCRAX and PCN in my portfolio?

PCRAX and PCN have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRAX or PCN?

PCRAX has higher volatility (3.72%) compared to PCN (2.67%). In terms of maximum drawdown, PCRAX dropped -82.98% vs PCN's -61.12%.

Which has better risk-adjusted returns?

PCRAX currently has the higher Sharpe Ratio (1.32 vs 0.45), 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.