CMIUX vs. CMEUX

Last updated Jun 24, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and CMEUX (Six Circles Managed Equity Portfolio U.S. Unconstrained Fund) are both mutual funds - CMIUX is a Europe Equities fund managed by Six Circles, while CMEUX is a Large Cap Blend Equities fund managed by BlackRock. Over the past 5 years, CMIUX returned 10.61%/yr vs 13.11%/yr for CMEUX. A 0.72 correlation means they provide meaningful diversification when combined. CMIUX charges 0.13%/yr vs 0.07%/yr for CMEUX.

Performance

CMIUX vs. CMEUX - 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 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 CMIUX having a 9.32% return and CMEUX slightly higher at 9.35%.

CMIUX

• 1D: 0.00%
• 1M: 1.22%
• YTD: 9.32%
• 6M: 9.19%
• 1Y: 23.70%
• 3Y*: 16.87%
• 5Y*: 10.61%
• 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)

CMIUX vs. CMEUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	9.32%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%
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 CMIUX 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 CMIUX and CMEUX has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

Return for Risk

CMIUX vs. CMEUX — Risk / Return Rank

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

CMIUX

CMIUX Risk / Return Rank: 35
CMIUX Sharpe Ratio Rank: 34
CMIUX Sortino Ratio Rank: 34
CMIUX Omega Ratio Rank: 33
CMIUX Calmar Ratio Rank: 35
CMIUX Martin Ratio Rank: 37

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.

CMIUX vs. CMEUX - 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 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.

	CMIUX	CMEUX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.14	-0.56
Sortino ratio: Return per unit of downside risk	2.26	2.88	-0.62
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.10	2.91	-0.81
Martin ratio: Return relative to average drawdown	7.70	12.34	-4.65

CMIUX vs. CMEUX - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.58, which is comparable to the CMEUX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CMIUX 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

CMIUX vs. CMEUX - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, which is greater than CMEUX's maximum drawdown of -28.39%. Use the drawdown chart below to compare losses from any high point for CMIUX and CMEUX.

Drawdown Indicators

	CMIUX	CMEUX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-28.39%	-8.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-9.51%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-19.91%	+5.61%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-25.61%	-3.88%
Current Drawdown Current decline from peak	-0.87%	-2.43%	+1.56%
Average Drawdown Average peak-to-trough decline	-5.70%	-5.31%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.23%	+0.97%

Volatility

CMIUX vs. CMEUX - Volatility Comparison

The current volatility for Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) is 4.78%, while Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX) has a volatility of 5.09%. This indicates that CMIUX experiences smaller price fluctuations and is considered to be less risky than CMEUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMIUX	CMEUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	5.09%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	10.30%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	12.97%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	18.05%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	19.96%	-0.23%

CMIUX vs. CMEUX - Expense Ratio Comparison

CMIUX has a 0.13% 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

CMIUX vs. CMEUX - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.39%, more than CMEUX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.39%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%

Frequently Asked Questions

Can I hold both CMIUX and CMEUX in my portfolio?

CMIUX 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, CMIUX or CMEUX?

CMEUX has higher volatility (5.09%) compared to CMIUX (4.78%). In terms of maximum drawdown, CMIUX dropped -36.83% vs CMEUX's -28.39%.

Which has better risk-adjusted returns?

CMEUX currently has the higher Sharpe Ratio (2.14 vs 1.58), 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.