PCRPX vs. VTIP

Last updated Jun 24, 2026

PCRPX (PIMCO Commodity Real Return Strategy Fund) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both funds - PCRPX is a Commodities fund managed by PIMCO, while VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Over the past 10 years, PCRPX returned 7.52%/yr vs 3.03%/yr for VTIP. At a 0.36 correlation, their price movements are largely independent. PCRPX charges 0.92%/yr vs 0.03%/yr for VTIP.

Performance

PCRPX vs. VTIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Commodity Real Return Strategy Fund (PCRPX) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCRPX achieves a 15.90% return, which is significantly higher than VTIP's 1.36% return. Over the past 10 years, PCRPX has outperformed VTIP with an annualized return of 7.52%, while VTIP has yielded a comparatively lower 3.03% annualized return.

PCRPX

• 1D: -0.83%
• 1M: -8.78%
• YTD: 15.90%
• 6M: 12.46%
• 1Y: 23.64%
• 3Y*: 14.35%
• 5Y*: 10.84%
• 10Y*: 7.52%

VTIP

• 1D: 0.02%
• 1M: -0.22%
• YTD: 1.36%
• 6M: 1.50%
• 1Y: 3.58%
• 3Y*: 5.00%
• 5Y*: 3.28%
• 10Y*: 3.03%

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

PCRPX vs. VTIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCRPX PIMCO Commodity Real Return Strategy Fund	15.90%	16.26%	10.79%	-6.20%	9.12%	33.01%	0.73%	12.24%	-13.90%	2.62%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	1.36%	6.07%	4.74%	4.62%	-2.94%	5.36%	4.95%	4.86%	0.56%	0.82%

Correlation

The correlation between PCRPX and VTIP is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 16, 2012	0.36

Return for Risk

PCRPX vs. VTIP — Risk / Return Rank

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

PCRPX

PCRPX Risk / Return Rank: 28
PCRPX Sharpe Ratio Rank: 26
PCRPX Sortino Ratio Rank: 22
PCRPX Omega Ratio Rank: 25
PCRPX Calmar Ratio Rank: 29
PCRPX Martin Ratio Rank: 38

VTIP

VTIP Risk / Return Rank: 83
VTIP Sharpe Ratio Rank: 74
VTIP Sortino Ratio Rank: 84
VTIP Omega Ratio Rank: 82
VTIP Calmar Ratio Rank: 88
VTIP Martin Ratio Rank: 87

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.

PCRPX vs. VTIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Real Return Strategy Fund (PCRPX) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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.

	PCRPX	VTIP	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.28	-0.94
Sortino ratio: Return per unit of downside risk	1.81	3.58	-1.76
Omega ratio: Gain probability vs. loss probability	1.24	1.47	-0.22
Calmar ratio: Return relative to maximum drawdown	1.87	5.03	-3.16
Martin ratio: Return relative to average drawdown	7.78	17.90	-10.12

PCRPX vs. VTIP - Sharpe Ratio Comparison

The current PCRPX Sharpe Ratio is 1.35, which is lower than the VTIP Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PCRPX and VTIP, 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

PCRPX vs. VTIP - Drawdown Comparison

The maximum PCRPX drawdown since its inception was -72.22%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for PCRPX and VTIP.

Drawdown Indicators

	PCRPX	VTIP	Difference
Max Drawdown Largest peak-to-trough decline	-72.22%	-6.27%	-65.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-0.71%	-11.11%
Max Drawdown (3Y) Largest decline over 3 years	-11.82%	-0.98%	-10.84%
Max Drawdown (5Y) Largest decline over 5 years	-34.54%	-5.50%	-29.04%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-6.27%	-32.88%
Current Drawdown Current decline from peak	-12.44%	-0.69%	-11.75%
Average Drawdown Average peak-to-trough decline	-39.33%	-1.04%	-38.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	0.20%	+2.79%

Volatility

PCRPX vs. VTIP - Volatility Comparison

PIMCO Commodity Real Return Strategy Fund (PCRPX) has a higher volatility of 3.74% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.65%. This indicates that PCRPX's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCRPX	VTIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	0.65%	+3.09%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	1.17%	+13.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	1.57%	+14.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	2.77%	+16.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	2.74%	+14.40%

PCRPX vs. VTIP - Expense Ratio Comparison

PCRPX has a 0.92% expense ratio, which is higher than VTIP's 0.03% expense ratio.

Dividends

PCRPX vs. VTIP - Dividend Comparison

PCRPX's dividend yield for the trailing twelve months is around 10.52%, more than VTIP's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRPX PIMCO Commodity Real Return Strategy Fund	10.52%	5.09%	8.47%	6.50%	46.40%	22.80%	1.51%	3.93%	5.85%	8.06%	0.83%	5.23%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	3.61%	3.81%	2.70%	2.86%	6.84%	4.68%	1.20%	1.95%	2.45%	1.52%	0.76%	0.00%

Frequently Asked Questions

Can I hold both PCRPX and VTIP in my portfolio?

PCRPX and VTIP have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRPX or VTIP?

PCRPX has higher volatility (3.74%) compared to VTIP (0.65%). In terms of maximum drawdown, PCRPX dropped -72.22% vs VTIP's -6.27%.

Which has better risk-adjusted returns?

VTIP currently has the higher Sharpe Ratio (2.28 vs 1.35), 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.