CMIUX vs. VESIX

Last updated Jun 4, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and VESIX (Vanguard European Stock Index Fund Institutional Shares) are both Europe Equities funds. Over the past 5 years, CMIUX returned 10.17%/yr vs 8.71%/yr for VESIX. With a 0.96 correlation, they move nearly in lockstep. CMIUX charges 0.13%/yr vs 0.08%/yr for VESIX.

Performance

CMIUX vs. VESIX - 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 Vanguard European Stock Index Fund Institutional Shares (VESIX). 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 VESIX's 7.10% return.

CMIUX

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

VESIX

• 1D: 0.42%
• 1M: 3.96%
• YTD: 7.10%
• 6M: 10.14%
• 1Y: 19.63%
• 3Y*: 16.89%
• 5Y*: 8.71%
• 10Y*: 9.40%

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

CMIUX vs. VESIX - 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%
VESIX Vanguard European Stock Index Fund Institutional Shares	7.10%	35.43%	2.02%	20.03%	-16.07%	16.31%	6.46%	8.44%

Correlation

The correlation between CMIUX and VESIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.96

The correlation between CMIUX and VESIX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

CMIUX vs. VESIX — 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

VESIX

VESIX Risk / Return Rank: 19
VESIX Sharpe Ratio Rank: 19
VESIX Sortino Ratio Rank: 19
VESIX Omega Ratio Rank: 18
VESIX Calmar Ratio Rank: 19
VESIX Martin Ratio Rank: 23

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. VESIX - 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 Vanguard European Stock Index Fund Institutional Shares (VESIX). 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	VESIX	Difference
Sharpe ratio Return per unit of total volatility	1.40	1.24	+0.16
Sortino ratio Return per unit of downside risk	2.01	1.80	+0.21
Omega ratio Gain probability vs. loss probability	1.25	1.22	+0.03
Calmar ratio Return relative to maximum drawdown	1.81	1.57	+0.24
Martin ratio Return relative to average drawdown	6.67	5.80	+0.87
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. VESIX - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.40, which is comparable to the VESIX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of CMIUX and VESIX, 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	VESIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.24	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.50	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.26	+0.31

Drawdowns

CMIUX vs. VESIX - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, smaller than the maximum VESIX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for CMIUX and VESIX.

Drawdown Indicators

	CMIUX	VESIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-63.25%	+26.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-11.96%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-13.94%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-32.68%	+3.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.85%	—
Current Drawdown Current decline from peak	-1.36%	-1.14%	-0.22%
Average Drawdown Average peak-to-trough decline	-5.73%	-15.22%	+9.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.23%	-0.05%

Volatility

CMIUX vs. VESIX - Volatility Comparison

Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Vanguard European Stock Index Fund Institutional Shares (VESIX) have volatilities of 5.32% and 5.48%, 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	VESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.48%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	12.52%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	15.20%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	17.38%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	18.24%	+1.49%

CMIUX vs. VESIX - Expense Ratio Comparison

CMIUX has a 0.13% expense ratio, which is higher than VESIX's 0.08% 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. VESIX - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.41%, less than VESIX's 2.78% 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%
VESIX Vanguard European Stock Index Fund Institutional Shares	2.78%	2.86%	3.60%	3.15%	3.25%	3.04%	2.10%	3.28%	3.95%	2.72%	3.54%	3.27%

Frequently Asked Questions

Can I hold both CMIUX and VESIX in my portfolio?

With a correlation of 0.98, CMIUX and VESIX 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 VESIX?

VESIX has higher volatility (5.48%) compared to CMIUX (5.32%). In terms of maximum drawdown, CMIUX dropped -36.83% vs VESIX's -63.25%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.40 vs 1.24), 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.