CMIUX vs. CBTAX

Last updated Jun 4, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and CBTAX (Six Circles Tax Aware Bond Fund) are both mutual funds - CMIUX is a Europe Equities fund managed by Six Circles, while CBTAX is a Municipal Bonds fund managed by Six Circles. Over the past 5 years, CMIUX returned 10.17%/yr vs 1.37%/yr for CBTAX. At a 0.14 correlation, their price movements are largely independent. CMIUX charges 0.13%/yr vs 0.14%/yr for CBTAX.

Performance

CMIUX vs. CBTAX - 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 Six Circles Tax Aware Bond Fund (CBTAX). 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 higher than CBTAX's 1.69% return.

CMIUX

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

CBTAX

• 1D: 0.20%
• 1M: 0.71%
• YTD: 1.69%
• 6M: 1.99%
• 1Y: 7.11%
• 3Y*: 4.08%
• 5Y*: 1.37%
• 10Y*: —

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

CMIUX vs. CBTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	8.79%	33.36%	2.63%	20.07%	-12.61%	19.72%	38.84%
CBTAX Six Circles Tax Aware Bond Fund	1.69%	4.13%	2.38%	6.35%	-7.47%	0.89%	5.02%

Correlation

The correlation between CMIUX and CBTAX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 20, 2020	0.14

The correlation between CMIUX and CBTAX shifts across timeframes, from 0.14 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CMIUX vs. CBTAX — 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

CBTAX

CBTAX Risk / Return Rank: 81
CBTAX Sharpe Ratio Rank: 94
CBTAX Sortino Ratio Rank: 94
CBTAX Omega Ratio Rank: 96
CBTAX Calmar Ratio Rank: 65
CBTAX Martin Ratio Rank: 55

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. CBTAX - 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 Six Circles Tax Aware Bond Fund (CBTAX). 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	CBTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	3.27	-1.87
Sortino ratio: Return per unit of downside risk	2.01	4.88	-2.86
Omega ratio: Gain probability vs. loss probability	1.25	1.86	-0.61
Calmar ratio: Return relative to maximum drawdown	1.81	3.10	-1.29
Martin ratio: Return relative to average drawdown	6.67	11.02	-4.36
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. CBTAX - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.40, which is lower than the CBTAX Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of CMIUX and CBTAX, 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	CBTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	3.27	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.40	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.65	-0.08

Drawdowns

CMIUX vs. CBTAX - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, which is greater than CBTAX's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for CMIUX and CBTAX.

Drawdown Indicators

	CMIUX	CBTAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-12.12%	-24.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-2.31%	-9.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-4.99%	-9.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-12.12%	-17.37%
Current Drawdown Current decline from peak	-1.36%	-0.30%	-1.06%
Average Drawdown Average peak-to-trough decline	-5.73%	-2.77%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.65%	+2.53%

Volatility

CMIUX vs. CBTAX - Volatility Comparison

Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) has a higher volatility of 5.32% compared to Six Circles Tax Aware Bond Fund (CBTAX) at 0.87%. This indicates that CMIUX's price experiences larger fluctuations and is considered to be riskier than CBTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMIUX	CBTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	0.87%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	1.66%	+11.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	2.21%	+13.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	3.41%	+14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	3.16%	+16.57%

CMIUX vs. CBTAX - Expense Ratio Comparison

CMIUX has a 0.13% expense ratio, which is lower than CBTAX's 0.14% 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. CBTAX - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.41%, less than CBTAX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBTAX Six Circles Tax Aware Bond Fund	3.53%	3.49%	3.28%	2.68%	1.57%	0.88%	0.49%	0.00%
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 CBTAX in my portfolio?

CMIUX and CBTAX have a correlation of 0.26, 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 CBTAX?

CMIUX has higher volatility (5.32%) compared to CBTAX (0.87%). In terms of maximum drawdown, CMIUX dropped -36.83% vs CBTAX's -12.12%.

Which has better risk-adjusted returns?

CBTAX currently has the higher Sharpe Ratio (3.27 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.