CMEUX vs. IVV
CMEUX (Six Circles Managed Equity Portfolio U.S. Unconstrained Fund) and IVV (iShares Core S&P 500 ETF) are both funds - CMEUX is a Large Cap Blend Equities fund managed by BlackRock, while IVV is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, CMEUX returned 13.95%/yr vs 13.99%/yr for IVV. With a 0.96 correlation, they move nearly in lockstep. CMEUX charges 0.07%/yr vs 0.03%/yr for IVV.
Performance
CMEUX vs. IVV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CMEUX having a 11.21% return and IVV slightly higher at 11.38%.
CMEUX
- 1D
- -0.77%
- 1M
- 4.77%
- YTD
- 11.21%
- 6M
- 10.79%
- 1Y
- 30.02%
- 3Y*
- 22.89%
- 5Y*
- 13.95%
- 10Y*
- —
IVV
- 1D
- 0.47%
- 1M
- 4.66%
- YTD
- 11.38%
- 6M
- 11.30%
- 1Y
- 28.64%
- 3Y*
- 22.69%
- 5Y*
- 13.99%
- 10Y*
- 15.53%
CMEUX vs. IVV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CMEUX Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | 11.21% | 18.38% | 24.94% | 29.09% | -20.29% | 26.65% | 29.12% | 12.13% |
IVV iShares Core S&P 500 ETF | 11.38% | 17.85% | 24.93% | 26.31% | -18.16% | 28.76% | 18.40% | 12.44% |
Correlation
The correlation between CMEUX and IVV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019 | 0.96 |
The correlation between CMEUX and IVV has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
CMEUX vs. IVV — Risk / Return Rank
CMEUX
IVV
CMEUX vs. IVV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX) and iShares Core S&P 500 ETF (IVV). 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.
| CMEUX | IVV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.44 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 3.24 | -0.03 |
| Martin ratioReturn relative to average drawdown | 14.16 | 15.05 | -0.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMEUX | IVV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.44 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.83 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.45 | +0.41 |
Drawdowns
CMEUX vs. IVV - Drawdown Comparison
The maximum CMEUX drawdown since its inception was -28.39%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for CMEUX and IVV.
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Drawdown Indicators
| CMEUX | IVV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.39% | -55.25% | +26.86% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -8.89% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -19.91% | -18.75% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -25.61% | -24.53% | -1.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.90% | — |
Current DrawdownCurrent decline from peak | -0.77% | -0.29% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -10.78% | +5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.91% | +0.24% |
Volatility
CMEUX vs. IVV - Volatility Comparison
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX) and iShares Core S&P 500 ETF (IVV) have volatilities of 2.92% and 2.83%, 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.
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Volatility by Period
| CMEUX | IVV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 2.83% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 8.90% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.22% | 11.80% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.94% | 16.88% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.96% | 18.05% | +1.91% |
CMEUX vs. IVV - Expense Ratio Comparison
CMEUX has a 0.07% expense ratio, which is higher than IVV's 0.03% 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
CMEUX vs. IVV - Dividend Comparison
CMEUX's dividend yield for the trailing twelve months is around 0.91%, less than IVV's 1.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMEUX Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | 0.91% | 1.01% | 1.02% | 1.16% | 1.52% | 4.12% | 3.33% | 1.72% | 0.00% | 0.00% | 0.00% | 0.00% |
IVV iShares Core S&P 500 ETF | 1.06% | 1.17% | 1.30% | 1.44% | 1.66% | 1.20% | 1.57% | 1.85% | 2.21% | 1.75% | 2.01% | 2.27% |
Frequently Asked Questions
With a correlation of 0.98, CMEUX and IVV 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.
CMEUX has higher volatility (2.92%) compared to IVV (2.83%). In terms of maximum drawdown, CMEUX dropped -28.39% vs IVV's -55.25%.
CMEUX currently has the higher Sharpe Ratio (2.50 vs 2.44), 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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