CMIUX vs. EUGDX

Last updated Jun 4, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and EUGDX (Morgan Stanley Europe Opportunity Fund Inc.) are both Europe Equities funds. A 0.79 correlation means they provide meaningful diversification when combined. CMIUX charges 0.13%/yr vs 1.05%/yr for EUGDX.

Performance

CMIUX vs. EUGDX - 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 Morgan Stanley Europe Opportunity Fund Inc. (EUGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CMIUX

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

EUGDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMIUX vs. EUGDX - 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%	4.62%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	-4.82%	11.93%	12.41%	25.16%	-44.49%	15.80%	55.57%	12.87%

Correlation

The correlation between CMIUX and EUGDX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.79

The correlation between CMIUX and EUGDX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

CMIUX vs. EUGDX — 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

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. EUGDX - 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 Morgan Stanley Europe Opportunity Fund Inc. (EUGDX). 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	EUGDX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	—	—
Sortino ratio: Return per unit of downside risk	2.01	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	1.81	—	—
Martin ratio: Return relative to average drawdown	6.67	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CMIUX	EUGDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	—	—

Drawdowns

Drawdown Indicators

	CMIUX	EUGDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	—	—
Current Drawdown Current decline from peak	-1.36%	—	—
Average Drawdown Average peak-to-trough decline	-5.73%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	—	—

Volatility

Volatility by Period

	CMIUX	EUGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	—	—

CMIUX vs. EUGDX - Expense Ratio Comparison

CMIUX has a 0.13% expense ratio, which is lower than EUGDX's 1.05% expense ratio.

Dividends

CMIUX vs. EUGDX - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.41%, more than EUGDX's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%	0.00%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	0.66%	0.62%	0.00%	0.00%	0.00%	5.45%	7.53%	3.27%	1.02%	0.90%	2.75%	2.30%

Frequently Asked Questions

Can I hold both CMIUX and EUGDX in my portfolio?

CMIUX and EUGDX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.