PMJAX vs. PCRIX

Last updated Jun 4, 2026

PMJAX (PIMCO RAE US Small Fund Class A) and PCRIX (PIMCO Commodity Real Return Strategy Fund) are both mutual funds - PMJAX is a Small Cap Value Equities fund actively managed by PIMCO, while PCRIX is a Commodities fund managed by PIMCO. Over the past 10 years, PMJAX returned 13.33%/yr vs -2.66%/yr for PCRIX. At a 0.28 correlation, their price movements are largely independent. PMJAX charges 0.90%/yr vs 0.80%/yr for PCRIX.

Performance

PMJAX vs. PCRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE US Small Fund Class A (PMJAX) and PIMCO Commodity Real Return Strategy Fund (PCRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJAX achieves a 19.03% return, which is significantly lower than PCRIX's 26.86% return. Over the past 10 years, PMJAX has outperformed PCRIX with an annualized return of 13.33%, while PCRIX has yielded a comparatively lower -2.66% annualized return.

PMJAX

• 1D: 1.46%
• 1M: 7.49%
• YTD: 19.03%
• 6M: 16.82%
• 1Y: 35.94%
• 3Y*: 21.80%
• 5Y*: 10.65%
• 10Y*: 13.33%

PCRIX

• 1D: 0.38%
• 1M: -2.54%
• YTD: 26.86%
• 6M: 23.71%
• 1Y: 39.70%
• 3Y*: 19.03%
• 5Y*: -9.52%
• 10Y*: -2.66%

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

PMJAX vs. PCRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMJAX PIMCO RAE US Small Fund Class A	19.03%	4.89%	20.53%	19.76%	-5.07%	38.48%	6.52%	19.76%	-12.02%	8.76%
PCRIX PIMCO Commodity Real Return Strategy Fund	26.86%	17.05%	10.59%	-68.64%	8.94%	33.35%	0.79%	12.29%	-13.77%	2.71%

Correlation

The correlation between PMJAX and PCRIX is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.28

Over the past year, the correlation between PMJAX and PCRIX has dropped to 0.00 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

Return for Risk

PMJAX vs. PCRIX — Risk / Return Rank

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

PMJAX

PMJAX Risk / Return Rank: 65
PMJAX Sharpe Ratio Rank: 56
PMJAX Sortino Ratio Rank: 54
PMJAX Omega Ratio Rank: 47
PMJAX Calmar Ratio Rank: 92
PMJAX Martin Ratio Rank: 78

PCRIX

PCRIX Risk / Return Rank: 75
PCRIX Sharpe Ratio Rank: 73
PCRIX Sortino Ratio Rank: 54
PCRIX Omega Ratio Rank: 62
PCRIX Calmar Ratio Rank: 95
PCRIX Martin Ratio Rank: 89

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.

PMJAX vs. PCRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE US Small Fund Class A (PMJAX) and PIMCO Commodity Real Return Strategy Fund (PCRIX). 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.

	PMJAX	PCRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.48	-0.26
Sortino ratio: Return per unit of downside risk	3.13	3.10	+0.02
Omega ratio: Gain probability vs. loss probability	1.37	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	4.97	5.66	-0.69
Martin ratio: Return relative to average drawdown	14.77	17.68	-2.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMJAX vs. PCRIX - Sharpe Ratio Comparison

The current PMJAX Sharpe Ratio is 2.22, which is comparable to the PCRIX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of PMJAX and PCRIX, 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

	PMJAX	PCRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.48	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	-0.27	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	-0.10	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	-0.11	+0.51

Drawdowns

PMJAX vs. PCRIX - Drawdown Comparison

The maximum PMJAX drawdown since its inception was -50.53%, smaller than the maximum PCRIX drawdown of -88.17%. Use the drawdown chart below to compare losses from any high point for PMJAX and PCRIX.

Drawdown Indicators

	PMJAX	PCRIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.53%	-88.17%	+37.64%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-7.12%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-26.72%	-10.28%	-16.44%
Max Drawdown (5Y) Largest decline over 5 years	-50.53%	-78.15%	+27.62%
Max Drawdown (10Y) Largest decline over 10 years	-50.53%	-78.15%	+27.62%
Current Drawdown Current decline from peak	0.00%	-79.68%	+79.68%
Average Drawdown Average peak-to-trough decline	-17.03%	-51.80%	+34.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.27%	+0.30%

Volatility

PMJAX vs. PCRIX - Volatility Comparison

PIMCO RAE US Small Fund Class A (PMJAX) and PIMCO Commodity Real Return Strategy Fund (PCRIX) have volatilities of 5.13% and 5.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJAX	PCRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	5.27%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	14.12%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	16.32%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.26%	35.79%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.57%	27.19%	+6.38%

PMJAX vs. PCRIX - Expense Ratio Comparison

PMJAX has a 0.90% expense ratio, which is higher than PCRIX's 0.80% expense ratio.

Dividends

PMJAX vs. PCRIX - Dividend Comparison

PMJAX's dividend yield for the trailing twelve months is around 2.78%, less than PCRIX's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRIX PIMCO Commodity Real Return Strategy Fund	4.00%	5.61%	8.34%	16.19%	46.23%	22.74%	1.56%	4.00%	5.94%	8.14%	0.91%	5.29%
PMJAX PIMCO RAE US Small Fund Class A	2.78%	3.31%	2.48%	1.40%	10.08%	67.74%	9.44%	1.37%	7.72%	4.51%	1.16%	0.00%

Frequently Asked Questions

Can I hold both PMJAX and PCRIX in my portfolio?

PMJAX and PCRIX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMJAX or PCRIX?

PCRIX has higher volatility (5.27%) compared to PMJAX (5.13%). In terms of maximum drawdown, PMJAX dropped -50.53% vs PCRIX's -88.17%.

Which has better risk-adjusted returns?

PCRIX currently has the higher Sharpe Ratio (2.48 vs 2.22), 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.