CUSDX vs. DFIHX

Last updated Jun 5, 2026

CUSDX (Six Circles Ultra Short Duration Fund) and DFIHX (DFA One Year Fixed Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, CUSDX returned 3.01%/yr vs 2.76%/yr for DFIHX. At a 0.18 correlation, their price movements are largely independent. CUSDX charges 0.18%/yr vs 0.13%/yr for DFIHX.

Performance

CUSDX vs. DFIHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Ultra Short Duration Fund (CUSDX) and DFA One Year Fixed Income Portfolio (DFIHX). 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 DFIHX's 1.52% return.

CUSDX

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

DFIHX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.83%
• 1Y: 3.65%
• 3Y*: 4.46%
• 5Y*: 2.76%
• 10Y*: 1.98%

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

CUSDX vs. DFIHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUSDX Six Circles Ultra Short Duration Fund	1.42%	3.64%	5.96%	5.13%	-0.64%	0.04%	2.06%	0.87%	-0.30%
DFIHX DFA One Year Fixed Income Portfolio	1.52%	3.41%	5.41%	4.98%	-1.19%	-0.19%	0.62%	2.44%	1.29%

Correlation

The correlation between CUSDX and DFIHX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 10, 2018	0.18

The correlation between CUSDX and DFIHX shifts across timeframes, from -0.01 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CUSDX vs. DFIHX — 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

DFIHX

DFIHX Risk / Return Rank: 99
DFIHX Sharpe Ratio Rank: 99
DFIHX Sortino Ratio Rank: 99
DFIHX Omega Ratio Rank: 100
DFIHX Calmar Ratio Rank: 98
DFIHX Martin Ratio Rank: 99

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. DFIHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Ultra Short Duration Fund (CUSDX) and DFA One Year Fixed Income Portfolio (DFIHX). 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	DFIHX	Difference
Sharpe ratio: Return per unit of total volatility	4.80	5.17	-0.37
Sortino ratio: Return per unit of downside risk	8.49	8.94	-0.46
Omega ratio: Gain probability vs. loss probability	4.02	7.53	-3.51
Calmar ratio: Return relative to maximum drawdown	10.98	9.49	+1.49
Martin ratio: Return relative to average drawdown	57.60	57.84	-0.24
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. DFIHX - Sharpe Ratio Comparison

The current CUSDX Sharpe Ratio is 4.80, which is comparable to the DFIHX Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of CUSDX and DFIHX, 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	DFIHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.80	5.17	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.98	2.78	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.39	1.52	+0.87

Drawdowns

CUSDX vs. DFIHX - Drawdown Comparison

The maximum CUSDX drawdown since its inception was -1.99%, smaller than the maximum DFIHX drawdown of -2.53%. Use the drawdown chart below to compare losses from any high point for CUSDX and DFIHX.

Drawdown Indicators

	CUSDX	DFIHX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-2.53%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.39%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.80%	-0.49%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-1.99%	-2.26%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-2.26%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.15%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.06%	+0.02%

Volatility

CUSDX vs. DFIHX - Volatility Comparison

Six Circles Ultra Short Duration Fund (CUSDX) has a higher volatility of 0.23% compared to DFA One Year Fixed Income Portfolio (DFIHX) at 0.16%. This indicates that CUSDX's price experiences larger fluctuations and is considered to be riskier than DFIHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSDX	DFIHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.16%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	0.43%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.91%	0.71%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	1.00%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	0.80%	+0.15%

CUSDX vs. DFIHX - Expense Ratio Comparison

CUSDX has a 0.18% expense ratio, which is higher than DFIHX's 0.13% 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. DFIHX - Dividend Comparison

CUSDX's dividend yield for the trailing twelve months is around 4.15%, more than DFIHX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSDX Six Circles Ultra Short Duration Fund	4.15%	3.28%	4.76%	3.25%	1.70%	0.84%	1.63%	0.67%	0.00%	0.00%	0.00%	0.00%
DFIHX DFA One Year Fixed Income Portfolio	3.58%	3.26%	4.99%	3.37%	1.07%	0.00%	0.62%	2.12%	1.85%	1.13%	0.66%	0.51%

Frequently Asked Questions

Can I hold both CUSDX and DFIHX in my portfolio?

CUSDX and DFIHX have a correlation of -0.01, 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 DFIHX?

CUSDX has higher volatility (0.23%) compared to DFIHX (0.16%). In terms of maximum drawdown, CUSDX dropped -1.99% vs DFIHX's -2.53%.

Which has better risk-adjusted returns?

DFIHX currently has the higher Sharpe Ratio (5.17 vs 4.80), 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.