- Issuer
- Six Circles
- Inception Date
- May 18, 2020
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
CBTAX Performance Chart
Six Circles Tax Aware Bond Fund (CBTAX) is up 0.7% since the beginning of the year. CBTAX is currently trading at $10 per share. Investors who bought $1,000 worth of CBTAX shares 5 years ago would now be looking at an investment worth $1,052.
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Returns By Period
Six Circles Tax Aware Bond Fund (CBTAX) has returned 0.74% so far this year and 5.03% over the past 12 months.
Six Circles Tax Aware Bond Fund
- 1D
- -0.21%
- 1M
- -1.52%
- 6M
- -0.07%
- YTD
- 0.74%
- 1Y
- 5.03%
- 3Y*
- 3.50%
- 5Y*
- 1.01%
- 10Y*
- —
- ALL TIME*
- 1.84%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
CBTAX Monthly Returns History
Based on dividend-adjusted daily data since May 19, 2020, CBTAX's average daily return is +0.01%, while the average monthly return is +0.16%. At this rate, an investment would double in approximately 36.1 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2023 with a return of +5.7%, while the worst month was Sep 2022 at -3.6%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.
On a daily basis, CBTAX closed higher 37% of trading days. The best single day was Apr 10, 2025 with a return of +1.9%, while the worst single day was Apr 7, 2025 at -1.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.81% | 1.18% | -1.90% | 1.02% | 0.40% | 0.70% | -1.42% | 0.74% | |||||
| 2025 | 0.28% | 1.09% | -1.52% | -0.53% | -0.23% | 0.71% | -0.22% | 0.83% | 2.29% | 1.01% | 0.30% | 0.10% | 4.13% |
| 2024 | -0.06% | 0.15% | 0.07% | -0.86% | -0.14% | 1.53% | 0.78% | 0.69% | 1.09% | -1.23% | 1.40% | -1.03% | 2.38% |
| 2023 | 2.71% | -1.96% | 1.81% | 0.12% | -0.70% | 0.74% | 0.33% | -1.00% | -2.39% | -1.26% | 5.72% | 2.34% | 6.35% |
| 2022 | -2.30% | -0.50% | -2.65% | -2.33% | 1.27% | -1.49% | 2.43% | -1.99% | -3.55% | -0.79% | 4.34% | 0.10% | -7.47% |
| 2021 | 0.38% | -1.46% | 0.49% | 0.76% | 0.29% | 0.18% | 0.75% | -0.29% | -0.77% | -0.19% | 0.76% | 0.01% | 0.89% |
Benchmark Metrics
Six Circles Tax Aware Bond Fund has an annualized alpha of 1.72%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 19, 2020.
- This fund participated in 29.25% of S&P 500 Index downside but only 15.58% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.01 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.72%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 15.58%
- Downside Capture
- 29.25%
Expense Ratio
CBTAX has an expense ratio of 0.14%, which is considered low.
Return for Risk
Risk / Return Rank
CBTAX ranks 83 for risk / return — above 83% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Six Circles Tax Aware Bond Fund (CBTAX) and compare them to S&P 500 Index.
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.
| CBTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.25 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.00 | +0.43 |
| Martin ratioReturn relative to average drawdown | 8.27 | 8.49 | -0.23 |
Dividends
Dividend History
Six Circles Tax Aware Bond Fund provided a 3.60% dividend yield over the last twelve months, with an annual payout of $0.35 per share. The fund has been increasing its distributions for 5 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.35 | $0.34 | $0.32 | $0.26 | $0.15 | $0.09 | $0.05 |
Dividend yield | 3.60% | 3.49% | 3.28% | 2.68% | 1.57% | 0.88% | 0.49% |
Monthly Dividends
The table displays the monthly dividend distributions for Six Circles Tax Aware Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.20 | |||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 2024 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.32 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.26 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.15 |
| 2021 | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.09 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Six Circles Tax Aware Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Six Circles Tax Aware Bond Fund was 12.12%, occurring on Oct 25, 2022. Recovery took 444 trading sessions.
The current Six Circles Tax Aware Bond Fund drawdown is 1.52%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-12.12%Oct 2022 | 1y 2mo | 1y 9mo | 3y 5dJul 2021 - Aug 2024 | Bear market2022 |
-4.75%Apr 2025 | 4mo | 5mo 2d | 9mo 2dDec 2024 - Sep 2025 | 2025 selloff2025 |
-2.31%Mar 2026 | 22d | 3mo 2d | 3mo 24dMar 2026 - Jun 2026 | — |
-2.13%Nov 2024 | 1mo 3d | 26d | 1mo 29dOct 2024 - Dec 2024 | — |
-1.74%Feb 2021 | 9d | 3mo 13d | 3mo 22dFeb 2021 - Jun 2021 | — |
Drawdown Indicators
| CBTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.12% | -56.78% | +44.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.31% | -9.10% | +6.79% |
Max Drawdown (3Y)Largest decline over 3 years | -4.75% | -18.90% | +14.15% |
Max Drawdown (5Y)Largest decline over 5 years | -12.11% | -25.43% | +13.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.52% | -1.58% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -10.70% | +7.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 2.14% | -1.46% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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