CUSDX vs. BUBSX

Last updated Aug 1, 2026

CUSDX (Six Circles Ultra Short Duration Fund) and BUBSX (Baird Ultra Short Bond Fund) are both Ultrashort Bond funds. Over the past 5 years, CUSDX returned 3.13%/yr vs 3.59%/yr for BUBSX. Their 0.29 correlation means their historical movements had little consistent relationship. CUSDX charges 0.18%/yr vs 0.40%/yr for BUBSX.

Performance

CUSDX vs. BUBSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Ultra Short Duration Fund (CUSDX) and Baird Ultra Short Bond Fund (BUBSX). 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 CUSDX having a 1.99% return and BUBSX slightly higher at 2.04%.

CUSDX

• 1D: 0.03%
• 1M: 0.23%
• 6M: 1.65%
• YTD: 1.99%
• 1Y: 4.04%
• 3Y*: 4.64%
• 5Y*: 3.13%
• 10Y*: —
• ALL TIME*: 2.30%

BUBSX

• 1D: 0.00%
• 1M: 0.32%
• 6M: 1.75%
• YTD: 2.04%
• 1Y: 3.92%
• 3Y*: 4.85%
• 5Y*: 3.59%
• 10Y*: 2.55%
• ALL TIME*: 2.17%

*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)
BUBSX Baird Ultra Short Bond Fund	$0.00	$0.00	$0.00
CUSDX Six Circles Ultra Short Duration Fund	$0.00	$0.00	$0.00

CUSDX vs. BUBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUSDX Six Circles Ultra Short Duration Fund	1.99%	3.64%	5.96%	5.13%	-0.64%	0.04%	2.06%	0.87%	-0.30%
BUBSX Baird Ultra Short Bond Fund	2.04%	4.53%	5.47%	5.43%	0.70%	-0.05%	1.66%	2.87%	0.84%

Correlation

The correlation between CUSDX and BUBSX is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.30
Correlation (All Time) Calculated using the full available price history since Jul 9, 2018	0.29

The correlation between CUSDX and BUBSX shifts across timeframes, from 0.14 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CUSDX vs. BUBSX — Risk / Return Rank

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

CUSDX

CUSDX Risk / Return Rank: 99
CUSDX Sharpe Ratio Rank: 99
CUSDX Sortino Ratio Rank: 99
CUSDX Omega Ratio Rank: 99
CUSDX Calmar Ratio Rank: 99
CUSDX Martin Ratio Rank: 99

BUBSX

BUBSX Risk / Return Rank: 100
BUBSX Sharpe Ratio Rank: 100
BUBSX Sortino Ratio Rank: 100
BUBSX Omega Ratio Rank: 100
BUBSX Calmar Ratio Rank: 100
BUBSX Martin Ratio Rank: 100

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.

CUSDX vs. BUBSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Ultra Short Duration Fund (CUSDX) and Baird Ultra Short Bond Fund (BUBSX). 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.

	CUSDX	BUBSX	Difference
Sharpe ratio: Return per unit of total volatility	4.55	6.25	-1.70
Sortino ratio: Return per unit of downside risk	7.92	17.88	-9.96
Omega ratio: Gain probability vs. loss probability	3.64	8.54	-4.90
Calmar ratio: Return relative to maximum drawdown	10.50	40.96	-30.46
Martin ratio: Return relative to average drawdown	54.32	261.66	-207.35

CUSDX vs. BUBSX - Sharpe Ratio Comparison

The current CUSDX Sharpe Ratio is 4.55, which is comparable to the BUBSX Sharpe Ratio of 6.25. The chart below compares the historical Sharpe Ratios of CUSDX and BUBSX, 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

CUSDX vs. BUBSX - Drawdown Comparison

The maximum CUSDX drawdown since its inception was -1.99%, which is greater than BUBSX's maximum drawdown of -1.88%. Use the drawdown chart below to compare losses from any high point for CUSDX and BUBSX.

Drawdown Indicators

	CUSDX	BUBSX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-1.88%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.10%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.80%	-0.29%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-1.99%	-0.79%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-1.88%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.07%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.02%	+0.06%

Volatility

CUSDX vs. BUBSX - Volatility Comparison

Six Circles Ultra Short Duration Fund (CUSDX) and Baird Ultra Short Bond Fund (BUBSX) have volatilities of 0.16% and 0.16%, 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

	CUSDX	BUBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.16%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	0.47%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.92%	0.65%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	0.77%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	0.70%	+0.25%

CUSDX vs. BUBSX - Expense Ratio Comparison

CUSDX has a 0.18% expense ratio, which is lower than BUBSX's 0.40% expense ratio.

Dividends

CUSDX vs. BUBSX - Dividend Comparison

CUSDX's dividend yield for the trailing twelve months is around 4.07%, more than BUBSX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUBSX Baird Ultra Short Bond Fund	3.95%	4.24%	5.04%	4.39%	1.29%	0.25%	1.14%	2.33%	1.90%	1.04%	0.81%	0.56%
CUSDX Six Circles Ultra Short Duration Fund	4.07%	3.28%	4.76%	3.25%	1.70%	0.84%	1.63%	0.67%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CUSDX and BUBSX in my portfolio?

CUSDX and BUBSX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CUSDX or BUBSX?

BUBSX has higher volatility (0.16%) compared to CUSDX (0.16%). In terms of maximum drawdown, CUSDX dropped -1.99% vs BUBSX's -1.88%.

Which has better risk-adjusted returns?

BUBSX currently has the higher Sharpe Ratio (6.25 vs 4.55), 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.