PFORX vs. PCLPX

Last updated Jun 4, 2026

PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) and PCLPX (PIMCO CommoditiesPLUS Strategy I2) are both mutual funds - PFORX is a Global Bonds fund managed by PIMCO, while PCLPX is a Commodities fund actively managed by PIMCO. Over the past 10 years, PFORX returned 2.90%/yr vs 11.69%/yr for PCLPX. At a correlation of -0.08, they often move in opposite directions. PFORX charges 0.50%/yr vs 0.92%/yr for PCLPX.

Performance

PFORX vs. PCLPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) 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, PFORX achieves a 0.12% return, which is significantly lower than PCLPX's 36.90% return. Over the past 10 years, PFORX has underperformed PCLPX with an annualized return of 2.90%, while PCLPX has yielded a comparatively higher 11.69% annualized return.

PFORX

• 1D: 0.31%
• 1M: 1.28%
• YTD: 0.12%
• 6M: 0.26%
• 1Y: 2.89%
• 3Y*: 5.38%
• 5Y*: 1.57%
• 10Y*: 2.90%

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)

PFORX vs. PCLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.12%	4.33%	5.70%	9.52%	-10.33%	-1.67%	6.17%	7.64%	2.64%	3.52%
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 PFORX and PCLPX is -0.42, 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	-0.42
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	-0.12
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 1, 2010	-0.08

Over the past year, the inverse relationship between PFORX and PCLPX has strengthened: their correlation has moved from -0.08 to -0.42, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

PFORX vs. PCLPX — Risk / Return Rank

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

PFORX

PFORX Risk / Return Rank: 9
PFORX Sharpe Ratio Rank: 10
PFORX Sortino Ratio Rank: 10
PFORX Omega Ratio Rank: 11
PFORX Calmar Ratio Rank: 8
PFORX Martin Ratio Rank: 8

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.

PFORX vs. PCLPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) 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.

	PFORX	PCLPX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	2.47	-1.67
Sortino ratio: Return per unit of downside risk	1.20	3.11	-1.91
Omega ratio: Gain probability vs. loss probability	1.16	1.44	-0.28
Calmar ratio: Return relative to maximum drawdown	0.76	6.95	-6.20
Martin ratio: Return relative to average drawdown	2.32	17.88	-15.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFORX vs. PCLPX - Sharpe Ratio Comparison

The current PFORX Sharpe Ratio is 0.80, which is lower than the PCLPX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PFORX 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

	PFORX	PCLPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	2.47	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.82	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.29	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.16	+1.10

Drawdowns

PFORX vs. PCLPX - Drawdown Comparison

The maximum PFORX drawdown since its inception was -13.87%, smaller than the maximum PCLPX drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for PFORX and PCLPX.

Drawdown Indicators

	PFORX	PCLPX	Difference
Max Drawdown Largest peak-to-trough decline	-13.87%	-66.98%	+53.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-6.87%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-3.99%	-13.55%	+9.56%
Max Drawdown (5Y) Largest decline over 5 years	-13.71%	-21.53%	+7.82%
Max Drawdown (10Y) Largest decline over 10 years	-13.87%	-51.87%	+38.00%
Current Drawdown Current decline from peak	-1.37%	-4.68%	+3.31%
Average Drawdown Average peak-to-trough decline	-1.95%	-24.65%	+22.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	2.66%	-1.36%

Volatility

PFORX vs. PCLPX - Volatility Comparison

The current volatility for PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) is 1.47%, while PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a volatility of 6.97%. This indicates that PFORX 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

	PFORX	PCLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	6.97%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	3.38%	16.80%	-13.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	19.43%	-15.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	19.52%	-15.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	40.63%	-37.47%

PFORX vs. PCLPX - Expense Ratio Comparison

PFORX has a 0.50% expense ratio, which is lower than PCLPX's 0.92% expense ratio.

Dividends

PFORX vs. PCLPX - Dividend Comparison

PFORX's dividend yield for the trailing twelve months is around 4.10%, 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%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.10%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%

Frequently Asked Questions

Can I hold both PFORX and PCLPX in my portfolio?

PFORX and PCLPX have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFORX or PCLPX?

PCLPX has higher volatility (6.97%) compared to PFORX (1.47%). In terms of maximum drawdown, PFORX dropped -13.87% vs PCLPX's -66.98%.

Which has better risk-adjusted returns?

PCLPX currently has the higher Sharpe Ratio (2.47 vs 0.80), 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.