CMIUX vs. FSPSX

Last updated Aug 5, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and FSPSX (Fidelity International Index Fund) are both mutual funds - CMIUX is a Europe Equities fund managed by Six Circles, while FSPSX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index. Over the past 5 years, CMIUX returned 10.66%/yr vs 9.39%/yr for FSPSX. Their correlation of 0.94 means they have usually moved in the same direction. CMIUX charges 0.13%/yr vs 0.04%/yr for FSPSX.

Performance

CMIUX vs. FSPSX - 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 Fidelity International Index Fund (FSPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CMIUX having a 12.43% return and FSPSX slightly lower at 12.40%.

CMIUX

• 1D: 0.43%
• 1M: 2.23%
• 6M: 5.61%
• YTD: 12.43%
• 1Y: 25.49%
• 3Y*: 17.53%
• 5Y*: 10.66%
• 10Y*: —
• ALL TIME*: 11.47%

FSPSX

• 1D: 0.54%
• 1M: 1.83%
• 6M: 6.37%
• YTD: 12.40%
• 1Y: 24.49%
• 3Y*: 17.60%
• 5Y*: 9.39%
• 10Y*: 9.66%
• ALL TIME*: 8.26%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	$0.00	$0.00	$0.00
FSPSX Fidelity International Index Fund	$0.00	$0.00	$0.00

CMIUX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	12.43%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%
FSPSX Fidelity International Index Fund	12.40%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	8.08%

Correlation

The correlation between CMIUX and FSPSX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.94

The correlation between CMIUX and FSPSX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

CMIUX vs. FSPSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CMIUX

CMIUX Risk / Return Rank: 62
CMIUX Sharpe Ratio Rank: 66
CMIUX Sortino Ratio Rank: 65
CMIUX Omega Ratio Rank: 60
CMIUX Calmar Ratio Rank: 62
CMIUX Martin Ratio Rank: 59

FSPSX

FSPSX Risk / Return Rank: 64
FSPSX Sharpe Ratio Rank: 67
FSPSX Sortino Ratio Rank: 64
FSPSX Omega Ratio Rank: 62
FSPSX Calmar Ratio Rank: 63
FSPSX Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CMIUX vs. FSPSX - 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 Fidelity International Index Fund (FSPSX). 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	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.69	+0.03
Sortino ratio: Return per unit of downside risk	2.46	2.39	+0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.33	2.30	+0.03
Martin ratio: Return relative to average drawdown	8.60	8.72	-0.12

CMIUX vs. FSPSX - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.73, which is comparable to the FSPSX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of CMIUX and FSPSX, 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. FSPSX - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, which is greater than FSPSX's maximum drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for CMIUX and FSPSX.

Drawdown Indicators

	CMIUX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-33.69%	-3.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-11.39%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-13.58%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-29.41%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.69%	—
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-5.63%	-6.49%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.00%	+0.17%

Volatility

CMIUX vs. FSPSX - Volatility Comparison

Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Fidelity International Index Fund (FSPSX) have volatilities of 4.06% and 4.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMIUX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.27%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	13.21%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	15.50%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	16.12%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	16.30%	+3.35%

CMIUX vs. FSPSX - Expense Ratio Comparison

CMIUX has a 0.13% expense ratio, which is higher than FSPSX's 0.04% 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. FSPSX - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.33%, less than FSPSX's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.33%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%	0.00%	0.00%	0.00%	0.00%
FSPSX Fidelity International Index Fund	2.81%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%

Frequently Asked Questions

Can I hold both CMIUX and FSPSX in my portfolio?

With a correlation of 0.97, CMIUX and FSPSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CMIUX or FSPSX?

FSPSX has higher volatility (4.27%) compared to CMIUX (4.06%). In terms of maximum drawdown, CMIUX dropped -36.83% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.73 vs 1.69), 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.