CMIUX vs. AVUV

Last updated Jun 4, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and AVUV (Avantis US Small Cap Value ETF) are both funds - CMIUX is a Europe Equities fund managed by Six Circles, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. Over the past 5 years, CMIUX returned 10.17%/yr vs 10.71%/yr for AVUV. A 0.66 correlation means they provide meaningful diversification when combined. CMIUX charges 0.13%/yr vs 0.25%/yr for AVUV.

Performance

CMIUX vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMIUX achieves a 8.79% return, which is significantly lower than AVUV's 17.96% return.

CMIUX

• 1D: 0.33%
• 1M: 3.94%
• YTD: 8.79%
• 6M: 12.09%
• 1Y: 21.97%
• 3Y*: 16.65%
• 5Y*: 10.17%
• 10Y*: —

AVUV

• 1D: -0.97%
• 1M: 1.21%
• YTD: 17.96%
• 6M: 17.23%
• 1Y: 36.48%
• 3Y*: 19.24%
• 5Y*: 10.71%
• 10Y*: —

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

CMIUX vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	8.79%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	6.44%
AVUV Avantis US Small Cap Value ETF	17.96%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.50%

Correlation

The correlation between CMIUX and AVUV is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.66

The correlation between CMIUX and AVUV has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Return for Risk

CMIUX vs. AVUV — Risk / Return Rank

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

CMIUX

CMIUX Risk / Return Rank: 24
CMIUX Sharpe Ratio Rank: 24
CMIUX Sortino Ratio Rank: 23
CMIUX Omega Ratio Rank: 23
CMIUX Calmar Ratio Rank: 24
CMIUX Martin Ratio Rank: 28

AVUV

AVUV Risk / Return Rank: 67
AVUV Sharpe Ratio Rank: 61
AVUV Sortino Ratio Rank: 63
AVUV Omega Ratio Rank: 58
AVUV Calmar Ratio Rank: 84
AVUV Martin Ratio Rank: 72

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.

CMIUX vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Avantis US Small Cap Value ETF (AVUV). 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.

	CMIUX	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.10	-0.70
Sortino ratio: Return per unit of downside risk	2.01	3.02	-1.00
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	1.81	4.61	-2.80
Martin ratio: Return relative to average drawdown	6.67	13.69	-7.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMIUX vs. AVUV - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.40, which is lower than the AVUV Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of CMIUX and AVUV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMIUX	AVUV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.10	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.47	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.56	+0.02

Drawdowns

CMIUX vs. AVUV - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for CMIUX and AVUV.

Drawdown Indicators

	CMIUX	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-49.42%	+12.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-7.95%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-28.79%	+14.49%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-28.79%	-0.70%
Current Drawdown Current decline from peak	-1.36%	-1.12%	-0.24%
Average Drawdown Average peak-to-trough decline	-5.73%	-7.95%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.67%	+0.51%

Volatility

CMIUX vs. AVUV - Volatility Comparison

Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) has a higher volatility of 5.32% compared to Avantis US Small Cap Value ETF (AVUV) at 4.08%. This indicates that CMIUX's price experiences larger fluctuations and is considered to be riskier than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMIUX	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	4.08%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	11.34%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	17.54%	-2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	22.74%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	28.30%	-8.57%

CMIUX vs. AVUV - Expense Ratio Comparison

CMIUX has a 0.13% expense ratio, which is lower than AVUV's 0.25% 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

CMIUX vs. AVUV - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.41%, more than AVUV's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVUV Avantis US Small Cap Value ETF	1.29%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.41%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%

Frequently Asked Questions

Can I hold both CMIUX and AVUV in my portfolio?

CMIUX and AVUV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMIUX or AVUV?

CMIUX has higher volatility (5.32%) compared to AVUV (4.08%). In terms of maximum drawdown, CMIUX dropped -36.83% vs AVUV's -49.42%.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.10 vs 1.40), 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.