- ISIN
- US83002G2075
- Issuer
- Six Circles
- Inception Date
- Jul 8, 2018
- Category
- Ultrashort Bond
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
CUTAX Performance Chart
Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) is up 0.6% since the beginning of the year. CUTAX is currently trading at $10 per share. Investors who bought $1,000 worth of CUTAX shares 5 years ago would now be looking at an investment worth $1,114.
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Returns By Period
Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has returned 0.60% so far this year and 1.92% over the past 12 months.
Six Circles Tax Aware Ultra Short Duration Fund
- 1D
- -0.13%
- 1M
- -1.33%
- 6M
- 0.26%
- YTD
- 0.60%
- 1Y
- 1.92%
- 3Y*
- 3.38%
- 5Y*
- 2.18%
- 10Y*
- —
- ALL TIME*
- 1.62%
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%
CUTAX Monthly Returns History
Based on dividend-adjusted daily data since Jul 9, 2018, CUTAX's average daily return is +0.01%, while the average monthly return is +0.13%. At this rate, an investment would double in approximately 44.5 years.
Historically, 68% of months were positive and 32% were negative. The best month was Nov 2023 with a return of +0.8%, while the worst month was Jul 2026 at -1.3%. The longest winning streak lasted 19 consecutive months, and the longest losing streak was 4 months.
On a daily basis, CUTAX closed higher 15% of trading days. The best single day was Dec 23, 2024 with a return of +0.9%, while the worst single day was Dec 20, 2024 at -0.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.34% | 0.24% | -0.15% | 0.27% | 0.64% | 0.61% | -1.33% | 0.60% | |||||
| 2025 | 0.36% | 0.35% | 0.19% | 0.20% | 0.28% | 0.48% | 0.37% | 0.37% | 0.28% | 0.16% | 0.27% | 0.32% | 3.69% |
| 2024 | 0.28% | 0.18% | 0.30% | 0.11% | 0.40% | 0.41% | 0.50% | 0.58% | 0.31% | 0.00% | 0.40% | 0.21% | 3.74% |
| 2023 | 0.38% | -0.10% | 0.66% | 0.03% | 0.14% | 0.37% | 0.26% | 0.29% | 0.08% | 0.35% | 0.81% | 0.55% | 3.86% |
| 2022 | -0.27% | -0.17% | -0.45% | -0.06% | 0.26% | -0.20% | 0.00% | -0.18% | -0.41% | -0.00% | 0.35% | 0.35% | -0.79% |
| 2021 | 0.06% | 0.05% | -0.02% | 0.05% | -0.00% | -0.05% | 0.05% | 0.04% | -0.06% | -0.06% | -0.07% | 0.03% | 0.02% |
Benchmark Metrics
Six Circles Tax Aware Ultra Short Duration Fund has an annualized alpha of 1.58%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since July 09, 2018.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (4.29%) than losses (0.10%) - typical of diversified or defensive assets.
- Beta of 0.00 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
- 1.58%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 4.29%
- Downside Capture
- 0.10%
Expense Ratio
CUTAX has an expense ratio of 0.15%, which is considered low.
Return for Risk
Risk / Return Rank
CUTAX ranks 59 for risk / return — above 59% of mutual funds peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) 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.
| CUTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.25 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 2.00 | -0.73 |
| Martin ratioReturn relative to average drawdown | 7.82 | 8.49 | -0.68 |
Dividends
Dividend History
Six Circles Tax Aware Ultra Short Duration Fund provided a 3.05% dividend yield over the last twelve months, with an annual payout of $0.30 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.30 | $0.32 | $0.34 | $0.28 | $0.11 | $0.05 | $0.14 | $0.05 |
Dividend yield | 3.05% | 3.22% | 3.47% | 2.86% | 1.14% | 0.52% | 1.38% | 0.48% |
Monthly Dividends
The table displays the monthly dividend distributions for Six Circles Tax Aware Ultra Short Duration 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 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.17 | |||||
| 2025 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.32 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.34 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.01 | $0.28 |
| 2022 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.06 | $0.11 |
| 2021 | $0.01 | $0.00 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 |
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 Ultra Short Duration 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 Ultra Short Duration Fund was 1.79%, occurring on Nov 3, 2022. Recovery took 104 trading sessions.
The current Six Circles Tax Aware Ultra Short Duration Fund drawdown is 1.33%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-1.79%Nov 2022 | 1y 5mo | 5mo 3d | 1y 10moMay 2021 - Apr 2023 | Bear market2022 |
-1.60%Jul 2026 | 22d | — | 1mo 2dJul 2026 - now | — |
-1.40%Mar 2020 | 10d | 2mo | 2mo 10dMar 2020 - May 2020 | COVID crash2020 |
-1.01%Dec 2024 | 8d | 7d | 15dDec 2024 - Dec 2024 | — |
-0.61%May 2026 | 7d | 7d | 14dMay 2026 - May 2026 | — |
Drawdown Indicators
| CUTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.79% | -56.78% | +54.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -9.10% | +7.50% |
Max Drawdown (3Y)Largest decline over 3 years | -1.60% | -18.90% | +17.30% |
Max Drawdown (5Y)Largest decline over 5 years | -1.73% | -25.43% | +23.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.33% | -1.58% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -10.70% | +10.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 2.14% | -1.88% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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