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CBTAX vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CBTAX vs. QQQ

Last updated Jun 23, 2026

CBTAX (Six Circles Tax Aware Bond Fund) and QQQ (Invesco QQQ ETF) are both funds - CBTAX is a Municipal Bonds fund managed by Six Circles, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, CBTAX returned 1.37%/yr vs 16.94%/yr for QQQ. At a 0.10 correlation, their price movements are largely independent. CBTAX charges 0.14%/yr vs 0.18%/yr for QQQ.

Performance

CBTAX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Tax Aware Bond Fund (CBTAX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CBTAX achieves a 1.89% return, which is significantly lower than QQQ's 20.41% return.

CBTAX

1D
0.10%
1M
1.32%
YTD
1.89%
6M
2.10%
1Y
6.65%
3Y*
4.05%
5Y*
1.37%
10Y*
—

QQQ

1D
-0.25%
1M
2.96%
YTD
20.41%
6M
19.46%
1Y
40.91%
3Y*
27.47%
5Y*
16.94%
10Y*
22.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CBTAX vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
CBTAX
Six Circles Tax Aware Bond Fund		1.89%4.13%2.38%6.35%-7.47%0.89%5.02%
QQQ
Invesco QQQ ETF		20.41%20.77%25.58%54.86%-32.58%27.42%38.64%

Correlation

The correlation between CBTAX and QQQ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (All Time)
Calculated using the full available price history since May 19, 2020

0.10

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Six Circles Tax Aware Bond Fund

Invesco QQQ ETF

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Often compared with QQQ:
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Return for Risk

CBTAX vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBTAX
CBTAX Risk / Return Rank: 8080
Overall Rank
CBTAX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CBTAX Sortino Ratio Rank: 9595
Sortino Ratio Rank
CBTAX Omega Ratio Rank: 9696
Omega Ratio Rank
CBTAX Calmar Ratio Rank: 6262
Calmar Ratio Rank
CBTAX Martin Ratio Rank: 5454
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 7272
Overall Rank
QQQ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7272
Omega Ratio Rank
QQQ Calmar Ratio Rank: 7070
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7171
Martin Ratio Rank
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.

CBTAX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Tax Aware Bond Fund (CBTAX) and Invesco QQQ ETF (QQQ). 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.

CBTAXQQQDifference
Sharpe ratioReturn per unit of total volatility
3.11
2.33

+0.78

Sortino ratioReturn per unit of downside risk
4.63
3.03

+1.60

Omega ratioGain probability vs. loss probability

1.83

1.41

+0.42

Calmar ratioReturn relative to maximum drawdown

2.90

3.44

-0.53

Martin ratioReturn relative to average drawdown

10.27

12.79

-2.51

CBTAX vs. QQQ - Sharpe Ratio Comparison

The current CBTAX Sharpe Ratio is 3.11, which is higher than the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of CBTAX and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CBTAX vs. QQQ - Drawdown Comparison

The maximum CBTAX drawdown since its inception was -12.12%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for CBTAX and QQQ.

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Drawdown Indicators

CBTAXQQQDifference

Max Drawdown

Largest peak-to-trough decline

-12.12%

-82.97%

+70.85%

Max Drawdown (1Y)

Largest decline over 1 year

-2.31%

-11.96%

+9.65%

Max Drawdown (3Y)

Largest decline over 3 years

-4.99%

-22.77%

+17.78%

Max Drawdown (5Y)

Largest decline over 5 years

-12.12%

-35.12%

+23.00%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.12%

—

Current Drawdown

Current decline from peak

-0.09%

-0.99%

+0.90%

Average Drawdown

Average peak-to-trough decline

-2.75%

-32.73%

+29.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.65%

3.21%

-2.56%

Volatility

CBTAX vs. QQQ - Volatility Comparison

The current volatility for Six Circles Tax Aware Bond Fund (CBTAX) is 0.51%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that CBTAX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBTAXQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.51%

8.47%

-7.96%

Volatility (6M)

Calculated over the trailing 6-month period

1.63%

14.20%

-12.57%

Volatility (1Y)

Calculated over the trailing 1-year period

2.15%

17.67%

-15.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.41%

22.64%

-19.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.15%

22.43%

-19.28%

CBTAX vs. QQQ - Expense Ratio Comparison

CBTAX has a 0.14% expense ratio, which is lower than QQQ's 0.18% 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

CBTAX vs. QQQ - Dividend Comparison

CBTAX's dividend yield for the trailing twelve months is around 3.52%, more than QQQ's 0.49% yield.

PositionTTM20252024202320222021202020192018201720162015
CBTAX
Six Circles Tax Aware Bond Fund		3.52%3.49%3.28%2.68%1.57%0.88%0.49%0.00%0.00%0.00%0.00%0.00%
QQQ
Invesco QQQ ETF		0.49%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

CBTAX and QQQ 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.

QQQ has higher volatility (8.47%) compared to CBTAX (0.51%). In terms of maximum drawdown, CBTAX dropped -12.12% vs QQQ's -82.97%.

CBTAX currently has the higher Sharpe Ratio (3.11 vs 2.33), 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.

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