BBEU vs. CMIUX

Last updated Aug 2, 2026

BBEU (JPMorgan BetaBuilders Europe ETF) and CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) are both Europe Equities funds. Over the past 5 years, BBEU returned 9.83%/yr vs 10.94%/yr for CMIUX. Their correlation of 0.95 means they have usually moved in the same direction. BBEU charges 0.09%/yr vs 0.13%/yr for CMIUX.

Performance

BBEU vs. CMIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders Europe ETF (BBEU) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBEU achieves a 10.17% return, which is significantly lower than CMIUX's 12.43% return.

BBEU

• 1D: -0.43%
• 1M: 0.89%
• 6M: 5.48%
• YTD: 10.17%
• 1Y: 24.74%
• 3Y*: 16.80%
• 5Y*: 9.83%
• 10Y*: —
• ALL TIME*: 9.46%

CMIUX

• 1D: 2.56%
• 1M: 2.23%
• 6M: 6.45%
• YTD: 12.43%
• 1Y: 27.14%
• 3Y*: 16.33%
• 5Y*: 10.94%
• 10Y*: —
• ALL TIME*: 11.49%

*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)
BBEU JPMorgan BetaBuilders Europe ETF	$16.13M	$18.88M	$27.96M
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	$0.00	$0.00	$0.00

BBEU vs. CMIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BBEU JPMorgan BetaBuilders Europe ETF	10.17%	36.37%	1.85%	20.31%	-14.72%	17.50%	5.00%	8.22%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	12.43%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%

Correlation

The correlation between BBEU and CMIUX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.95

The correlation between BBEU and CMIUX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

BBEU vs. CMIUX — Risk / Return Rank

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

BBEU

BBEU Risk / Return Rank: 63
BBEU Sharpe Ratio Rank: 67
BBEU Sortino Ratio Rank: 67
BBEU Omega Ratio Rank: 63
BBEU Calmar Ratio Rank: 56
BBEU Martin Ratio Rank: 63

CMIUX

CMIUX Risk / Return Rank: 67
CMIUX Sharpe Ratio Rank: 70
CMIUX Sortino Ratio Rank: 69
CMIUX Omega Ratio Rank: 67
CMIUX Calmar Ratio Rank: 67
CMIUX Martin Ratio Rank: 65

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.

BBEU vs. CMIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders Europe ETF (BBEU) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). 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.

	BBEU	CMIUX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.63	-0.11
Sortino ratio: Return per unit of downside risk	2.21	2.34	-0.13
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	1.98	2.20	-0.22
Martin ratio: Return relative to average drawdown	7.53	8.13	-0.60

BBEU vs. CMIUX - Sharpe Ratio Comparison

The current BBEU Sharpe Ratio is 1.52, which is comparable to the CMIUX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of BBEU and CMIUX, 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

BBEU vs. CMIUX - Drawdown Comparison

The maximum BBEU drawdown since its inception was -36.27%, roughly equal to the maximum CMIUX drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for BBEU and CMIUX.

Drawdown Indicators

	BBEU	CMIUX	Difference
Max Drawdown Largest peak-to-trough decline	-36.27%	-36.83%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-11.76%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.23%	-14.30%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.08%	-29.49%	-1.59%
Current Drawdown Current decline from peak	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-6.04%	-5.64%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.18%	+0.04%

Volatility

BBEU vs. CMIUX - Volatility Comparison

JPMorgan BetaBuilders Europe ETF (BBEU) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) have volatilities of 4.39% and 4.45%, 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

	BBEU	CMIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.45%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	13.69%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	15.89%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	17.89%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	19.66%	-0.40%

BBEU vs. CMIUX - Expense Ratio Comparison

BBEU has a 0.09% expense ratio, which is lower than CMIUX's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BBEU vs. CMIUX - Dividend Comparison

BBEU's dividend yield for the trailing twelve months is around 2.88%, more than CMIUX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BBEU JPMorgan BetaBuilders Europe ETF	2.88%	2.83%	4.16%	2.94%	4.72%	2.63%	2.29%	3.24%	0.49%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.33%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%	0.00%

Frequently Asked Questions

Can I hold both BBEU and CMIUX in my portfolio?

With a correlation of 0.96, BBEU and CMIUX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BBEU or CMIUX?

CMIUX has higher volatility (4.45%) compared to BBEU (4.39%). In terms of maximum drawdown, BBEU dropped -36.27% vs CMIUX's -36.83%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.63 vs 1.52), 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.