CUSDX vs. CBTAX

Last updated Jun 5, 2026

CUSDX (Six Circles Ultra Short Duration Fund) and CBTAX (Six Circles Tax Aware Bond Fund) are both mutual funds - CUSDX is a Ultrashort Bond fund managed by Six Circles, while CBTAX is a Municipal Bonds fund managed by Six Circles. Over the past 5 years, CUSDX returned 3.01%/yr vs 1.35%/yr for CBTAX. At a 0.23 correlation, their price movements are largely independent. CUSDX charges 0.18%/yr vs 0.14%/yr for CBTAX.

Performance

CUSDX vs. CBTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Ultra Short Duration Fund (CUSDX) and Six Circles Tax Aware Bond Fund (CBTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CUSDX achieves a 1.42% return, which is significantly lower than CBTAX's 1.69% return.

CUSDX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.42%
• 6M: 1.78%
• 1Y: 4.33%
• 3Y*: 4.77%
• 5Y*: 3.01%
• 10Y*: —

CBTAX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.69%
• 6M: 1.99%
• 1Y: 6.88%
• 3Y*: 4.08%
• 5Y*: 1.35%
• 10Y*: —

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

CUSDX vs. CBTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CUSDX Six Circles Ultra Short Duration Fund	1.42%	3.64%	5.96%	5.13%	-0.64%	0.04%	1.66%
CBTAX Six Circles Tax Aware Bond Fund	1.69%	4.13%	2.38%	6.35%	-7.47%	0.89%	5.02%

Correlation

The correlation between CUSDX and CBTAX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since May 20, 2020	0.23

Return for Risk

CUSDX vs. CBTAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

CBTAX

CBTAX Risk / Return Rank: 81
CBTAX Sharpe Ratio Rank: 94
CBTAX Sortino Ratio Rank: 94
CBTAX Omega Ratio Rank: 96
CBTAX Calmar Ratio Rank: 67
CBTAX Martin Ratio Rank: 55

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.

CUSDX vs. CBTAX - Risk-Adjusted Trends Comparison

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

	CUSDX	CBTAX	Difference
Sharpe ratio: Return per unit of total volatility	4.80	3.27	+1.53
Sortino ratio: Return per unit of downside risk	8.49	4.88	+3.61
Omega ratio: Gain probability vs. loss probability	4.02	1.86	+2.16
Calmar ratio: Return relative to maximum drawdown	10.98	3.10	+7.88
Martin ratio: Return relative to average drawdown	57.60	11.02	+46.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUSDX vs. CBTAX - Sharpe Ratio Comparison

The current CUSDX Sharpe Ratio is 4.80, which is higher than the CBTAX Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of CUSDX and CBTAX, 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

	CUSDX	CBTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.80	3.27	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.98	0.40	+2.58
Sharpe Ratio (All Time) Calculated using the full available price history	2.39	0.65	+1.74

Drawdowns

CUSDX vs. CBTAX - Drawdown Comparison

The maximum CUSDX drawdown since its inception was -1.99%, smaller than the maximum CBTAX drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for CUSDX and CBTAX.

Drawdown Indicators

	CUSDX	CBTAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-12.12%	+10.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-2.31%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.80%	-4.99%	+4.19%
Max Drawdown (5Y) Largest decline over 5 years	-1.99%	-12.12%	+10.13%
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-0.25%	-2.77%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.65%	-0.57%

Volatility

CUSDX vs. CBTAX - Volatility Comparison

The current volatility for Six Circles Ultra Short Duration Fund (CUSDX) is 0.23%, while Six Circles Tax Aware Bond Fund (CBTAX) has a volatility of 0.86%. This indicates that CUSDX experiences smaller price fluctuations and is considered to be less risky than CBTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSDX	CBTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.86%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	1.65%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.91%	2.19%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	3.41%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	3.16%	-2.21%

CUSDX vs. CBTAX - Expense Ratio Comparison

CUSDX has a 0.18% expense ratio, which is higher than CBTAX's 0.14% 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

CUSDX vs. CBTAX - Dividend Comparison

CUSDX's dividend yield for the trailing twelve months is around 4.15%, more than CBTAX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBTAX Six Circles Tax Aware Bond Fund	3.53%	3.49%	3.28%	2.68%	1.57%	0.88%	0.49%	0.00%
CUSDX Six Circles Ultra Short Duration Fund	4.15%	3.28%	4.76%	3.25%	1.70%	0.84%	1.63%	0.67%

Frequently Asked Questions

Can I hold both CUSDX and CBTAX in my portfolio?

CUSDX and CBTAX have a correlation of 0.19, 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 CBTAX?

CBTAX has higher volatility (0.86%) compared to CUSDX (0.23%). In terms of maximum drawdown, CUSDX dropped -1.99% vs CBTAX's -12.12%.

Which has better risk-adjusted returns?

CUSDX currently has the higher Sharpe Ratio (4.80 vs 3.27), 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.