CIUEX vs. CMEUX

Last updated Jun 24, 2026

CIUEX (Six Circles International Unconstrained Equity Fund) and CMEUX (Six Circles Managed Equity Portfolio U.S. Unconstrained Fund) are both mutual funds - CIUEX is a Foreign Large Cap Equities fund managed by Six Circles, while CMEUX is a Large Cap Blend Equities fund managed by BlackRock. Over the past 5 years, CIUEX returned 9.70%/yr vs 13.11%/yr for CMEUX. A 0.72 correlation means they provide meaningful diversification when combined. CIUEX charges 0.10%/yr vs 0.07%/yr for CMEUX.

Performance

CIUEX vs. CMEUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles International Unconstrained Equity Fund (CIUEX) and Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CIUEX having a 9.31% return and CMEUX slightly higher at 9.35%.

CIUEX

• 1D: 0.07%
• 1M: 1.34%
• YTD: 9.31%
• 6M: 9.23%
• 1Y: 23.05%
• 3Y*: 16.99%
• 5Y*: 9.70%
• 10Y*: —

CMEUX

• 1D: -0.56%
• 1M: -0.26%
• YTD: 9.35%
• 6M: 8.37%
• 1Y: 26.40%
• 3Y*: 21.67%
• 5Y*: 13.11%
• 10Y*: —

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

CIUEX vs. CMEUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CIUEX Six Circles International Unconstrained Equity Fund	9.31%	34.22%	2.29%	18.98%	-13.67%	14.00%	5.75%	4.00%
CMEUX Six Circles Managed Equity Portfolio U.S. Unconstrained Fund	9.35%	18.38%	24.94%	29.09%	-20.29%	26.65%	29.12%	12.13%

Correlation

The correlation between CIUEX and CMEUX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.72

The correlation between CIUEX and CMEUX has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

Return for Risk

CIUEX vs. CMEUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CIUEX

CIUEX Risk / Return Rank: 32
CIUEX Sharpe Ratio Rank: 31
CIUEX Sortino Ratio Rank: 31
CIUEX Omega Ratio Rank: 30
CIUEX Calmar Ratio Rank: 32
CIUEX Martin Ratio Rank: 35

CMEUX

CMEUX Risk / Return Rank: 62
CMEUX Sharpe Ratio Rank: 63
CMEUX Sortino Ratio Rank: 56
CMEUX Omega Ratio Rank: 59
CMEUX Calmar Ratio Rank: 63
CMEUX Martin Ratio Rank: 68

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.

CIUEX vs. CMEUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles International Unconstrained Equity Fund (CIUEX) and Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX). 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.

	CIUEX	CMEUX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.14	-0.65
Sortino ratio: Return per unit of downside risk	2.15	2.88	-0.73
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.02	2.91	-0.89
Martin ratio: Return relative to average drawdown	7.46	12.34	-4.88

CIUEX vs. CMEUX - Sharpe Ratio Comparison

The current CIUEX Sharpe Ratio is 1.49, which is lower than the CMEUX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CIUEX and CMEUX, 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

CIUEX vs. CMEUX - Drawdown Comparison

The maximum CIUEX drawdown since its inception was -37.39%, which is greater than CMEUX's maximum drawdown of -28.39%. Use the drawdown chart below to compare losses from any high point for CIUEX and CMEUX.

Drawdown Indicators

	CIUEX	CMEUX	Difference
Max Drawdown Largest peak-to-trough decline	-37.39%	-28.39%	-9.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.89%	-9.51%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-13.99%	-19.91%	+5.92%
Max Drawdown (5Y) Largest decline over 5 years	-30.15%	-25.61%	-4.54%
Current Drawdown Current decline from peak	-0.46%	-2.43%	+1.97%
Average Drawdown Average peak-to-trough decline	-6.68%	-5.31%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	2.23%	+0.98%

Volatility

CIUEX vs. CMEUX - Volatility Comparison

Six Circles International Unconstrained Equity Fund (CIUEX) and Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX) have volatilities of 4.87% and 5.09%, 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

	CIUEX	CMEUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	5.09%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	13.75%	10.30%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	12.97%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	18.05%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	19.96%	-0.94%

CIUEX vs. CMEUX - Expense Ratio Comparison

CIUEX has a 0.10% expense ratio, which is higher than CMEUX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CIUEX vs. CMEUX - Dividend Comparison

CIUEX's dividend yield for the trailing twelve months is around 2.89%, more than CMEUX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CIUEX Six Circles International Unconstrained Equity Fund	2.89%	3.16%	3.25%	2.87%	3.14%	2.44%	1.59%	2.87%
CMEUX Six Circles Managed Equity Portfolio U.S. Unconstrained Fund	0.93%	1.01%	1.02%	1.16%	1.52%	4.12%	3.33%	1.72%

Frequently Asked Questions

Can I hold both CIUEX and CMEUX in my portfolio?

CIUEX and CMEUX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIUEX or CMEUX?

CMEUX has higher volatility (5.09%) compared to CIUEX (4.87%). In terms of maximum drawdown, CIUEX dropped -37.39% vs CMEUX's -28.39%.

Which has better risk-adjusted returns?

CMEUX currently has the higher Sharpe Ratio (2.14 vs 1.49), 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.