PSDIX vs. PCRIX

Last updated Aug 1, 2026

PSDIX (PIMCO Short Duration Municipal Income Fund) and PCRIX (PIMCO Commodity Real Return Strategy Fund) are both mutual funds - PSDIX is a Municipal Bonds fund managed by PIMCO, while PCRIX is a Commodities fund managed by PIMCO. Over the past 10 years, PSDIX returned 2.06%/yr vs 8.65%/yr for PCRIX. Their 0.00 correlation means their historical movements had little consistent relationship. PSDIX charges 0.33%/yr vs 0.80%/yr for PCRIX.

Performance

PSDIX vs. PCRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Short Duration Municipal Income Fund (PSDIX) 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, PSDIX achieves a 0.88% return, which is significantly lower than PCRIX's 21.76% return. Over the past 10 years, PSDIX has underperformed PCRIX with an annualized return of 2.06%, while PCRIX has yielded a comparatively higher 8.65% annualized return.

PSDIX

• 1D: 0.00%
• 1M: -0.48%
• 6M: 0.25%
• YTD: 0.88%
• 1Y: 2.79%
• 3Y*: 4.10%
• 5Y*: 2.20%
• 10Y*: 2.06%
• ALL TIME*: 1.69%

PCRIX

• 1D: 0.00%
• 1M: 6.98%
• 6M: 11.90%
• YTD: 21.76%
• 1Y: 33.17%
• 3Y*: 14.27%
• 5Y*: 10.88%
• 10Y*: 8.65%
• ALL TIME*: 1.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PCRIX PIMCO Commodity Real Return Strategy Fund	$0.00	$0.00	$0.00
PSDIX PIMCO Short Duration Municipal Income Fund	$0.00	$0.00	$0.00

PSDIX vs. PCRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSDIX PIMCO Short Duration Municipal Income Fund	0.88%	5.63%	3.46%	4.26%	-2.67%	0.35%	2.89%	3.72%	1.43%	2.31%
PCRIX PIMCO Commodity Real Return Strategy Fund	21.76%	17.05%	10.59%	-5.91%	8.94%	33.35%	0.79%	12.29%	-13.77%	2.71%

Correlation

The correlation between PSDIX and PCRIX is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (3Y) Balances recent behavior with more history.	-0.01
Correlation (5Y) Shows whether the relationship held over a longer period.	0.03
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Jul 1, 2002	0.00

The correlation between PSDIX and PCRIX shifts across timeframes, from -0.14 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PSDIX vs. PCRIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSDIX

PSDIX Risk / Return Rank: 91
PSDIX Sharpe Ratio Rank: 91
PSDIX Sortino Ratio Rank: 97
PSDIX Omega Ratio Rank: 98
PSDIX Calmar Ratio Rank: 85
PSDIX Martin Ratio Rank: 85

PCRIX

PCRIX Risk / Return Rank: 69
PCRIX Sharpe Ratio Rank: 78
PCRIX Sortino Ratio Rank: 71
PCRIX Omega Ratio Rank: 74
PCRIX Calmar Ratio Rank: 66
PCRIX Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSDIX vs. PCRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Duration Municipal Income Fund (PSDIX) 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.

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.

	PSDIX	PCRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.83	+0.50
Sortino ratio: Return per unit of downside risk	4.43	2.38	+2.05
Omega ratio: Gain probability vs. loss probability	1.88	1.32	+0.56
Calmar ratio: Return relative to maximum drawdown	3.02	2.14	+0.89
Martin ratio: Return relative to average drawdown	10.92	7.15	+3.77

PSDIX vs. PCRIX - Sharpe Ratio Comparison

The current PSDIX Sharpe Ratio is 2.33, which is comparable to the PCRIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PSDIX 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.

Drawdowns

PSDIX vs. PCRIX - Drawdown Comparison

The maximum PSDIX drawdown since its inception was -19.27%, smaller than the maximum PCRIX drawdown of -82.24%. Use the drawdown chart below to compare losses from any high point for PSDIX and PCRIX.

Drawdown Indicators

	PSDIX	PCRIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-82.24%	+62.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-14.44%	+13.37%
Max Drawdown (3Y) Largest decline over 3 years	-1.80%	-14.44%	+12.64%
Max Drawdown (5Y) Largest decline over 5 years	-5.00%	-34.44%	+29.44%
Max Drawdown (10Y) Largest decline over 10 years	-5.00%	-39.07%	+34.07%
Current Drawdown Current decline from peak	-0.48%	-41.50%	+41.02%
Average Drawdown Average peak-to-trough decline	-2.00%	-47.93%	+45.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	4.34%	-4.05%

Volatility

PSDIX vs. PCRIX - Volatility Comparison

The current volatility for PIMCO Short Duration Municipal Income Fund (PSDIX) is 0.33%, while PIMCO Commodity Real Return Strategy Fund (PCRIX) has a volatility of 4.56%. This indicates that PSDIX experiences smaller price fluctuations and is considered to be less risky than PCRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSDIX	PCRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	4.56%	-4.23%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	14.01%	-12.95%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	16.92%	-15.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.87%	19.61%	-17.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.77%	17.09%	-15.32%

PSDIX vs. PCRIX - Expense Ratio Comparison

PSDIX has a 0.33% expense ratio, which is lower than PCRIX's 0.80% expense ratio.

Dividends

PSDIX vs. PCRIX - Dividend Comparison

PSDIX's dividend yield for the trailing twelve months is around 3.01%, less than PCRIX's 9.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRIX PIMCO Commodity Real Return Strategy Fund	9.95%	5.61%	8.34%	6.57%	46.23%	22.74%	1.56%	4.00%	5.94%	8.14%	0.91%	5.29%
PSDIX PIMCO Short Duration Municipal Income Fund	3.01%	4.35%	3.88%	2.69%	1.24%	1.06%	1.43%	2.10%	1.90%	1.57%	1.23%	1.28%

Frequently Asked Questions

Can I hold both PSDIX and PCRIX in my portfolio?

PSDIX and PCRIX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSDIX or PCRIX?

PCRIX has higher volatility (4.56%) compared to PSDIX (0.33%). In terms of maximum drawdown, PSDIX dropped -19.27% vs PCRIX's -82.24%.

Which has better risk-adjusted returns?

PSDIX currently has the higher Sharpe Ratio (2.33 vs 1.83), 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.