CMIUX vs. BRK-B

Last updated Jun 5, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) is Europe Equities fund managed by Six Circles, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 5 years, CMIUX returned 9.72%/yr vs 10.35%/yr for BRK-B. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

CMIUX vs. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMIUX achieves a 7.41% return, which is significantly higher than BRK-B's -4.78% return.

CMIUX

• 1D: -1.26%
• 1M: 1.35%
• YTD: 7.41%
• 6M: 10.61%
• 1Y: 19.73%
• 3Y*: 16.15%
• 5Y*: 9.72%
• 10Y*: —

BRK-B

• 1D: 0.69%
• 1M: 2.82%
• YTD: -4.78%
• 6M: -4.89%
• 1Y: -2.52%
• 3Y*: 13.36%
• 5Y*: 10.35%
• 10Y*: 12.93%

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

CMIUX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	7.41%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%
BRK-B Berkshire Hathaway Inc.	-4.78%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	6.94%

Correlation

The correlation between CMIUX and BRK-B is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.51

Over the past year, the correlation between CMIUX and BRK-B has dropped to 0.19 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Return for Risk

CMIUX vs. BRK-B — 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: 22
CMIUX Sortino Ratio Rank: 22
CMIUX Omega Ratio Rank: 22
CMIUX Calmar Ratio Rank: 23
CMIUX Martin Ratio Rank: 28

BRK-B

BRK-B Risk / Return Rank: 31
BRK-B Sharpe Ratio Rank: 34
BRK-B Sortino Ratio Rank: 28
BRK-B Omega Ratio Rank: 27
BRK-B Calmar Ratio Rank: 33
BRK-B Martin Ratio Rank: 32

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. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). 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	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.35	-0.18	+1.53
Sortino ratio: Return per unit of downside risk	1.95	-0.15	+2.10
Omega ratio: Gain probability vs. loss probability	1.25	0.98	+0.26
Calmar ratio: Return relative to maximum drawdown	1.75	-0.27	+2.02
Martin ratio: Return relative to average drawdown	6.45	-0.57	+7.01
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. BRK-B - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.35, which is higher than the BRK-B Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of CMIUX and BRK-B, 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	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	-0.18	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.61	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.48	+0.08

Drawdowns

CMIUX vs. BRK-B - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for CMIUX and BRK-B.

Drawdown Indicators

	CMIUX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-53.86%	+17.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-9.42%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-14.95%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-26.58%	-2.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.57%	—
Current Drawdown Current decline from peak	-2.60%	-11.33%	+8.73%
Average Drawdown Average peak-to-trough decline	-5.73%	-11.07%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	4.46%	-1.28%

Volatility

CMIUX vs. BRK-B - Volatility Comparison

Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) has a higher volatility of 5.28% compared to Berkshire Hathaway Inc. (BRK-B) at 3.72%. This indicates that CMIUX's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMIUX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	3.72%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	10.70%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	14.32%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.85%	17.11%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	19.43%	+0.30%

Dividends

CMIUX vs. BRK-B - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.44%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.44%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%

Frequently Asked Questions

Can I hold both CMIUX and BRK-B in my portfolio?

CMIUX and BRK-B have a correlation of 0.19, 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 BRK-B?

CMIUX has higher volatility (5.28%) compared to BRK-B (3.72%). In terms of maximum drawdown, CMIUX dropped -36.83% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.35 vs -0.18), 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.