CUSDX vs. PAIPX

Last updated Jun 3, 2026

CUSDX (Six Circles Ultra Short Duration Fund) and PAIPX (PIMCO Short Asset Investment Fund) are both Ultrashort Bond funds. Over the past 5 years, CUSDX returned 3.01%/yr vs 3.36%/yr for PAIPX. At a 0.13 correlation, their price movements are largely independent. CUSDX charges 0.18%/yr vs 0.45%/yr for PAIPX.

Performance

CUSDX vs. PAIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Ultra Short Duration Fund (CUSDX) and PIMCO Short Asset Investment Fund (PAIPX). 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 PAIPX's 1.80% return.

CUSDX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.42%
• 6M: 1.78%
• 1Y: 4.44%
• 3Y*: 4.77%
• 5Y*: 3.01%
• 10Y*: —

PAIPX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.80%
• 6M: 2.25%
• 1Y: 4.65%
• 3Y*: 5.16%
• 5Y*: 3.36%
• 10Y*: 2.51%

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

CUSDX vs. PAIPX - 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%
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	0.91%

Correlation

The correlation between CUSDX and PAIPX is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jul 10, 2018	0.13

The correlation between CUSDX and PAIPX shifts across timeframes, from 0.03 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CUSDX vs. PAIPX — 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

PAIPX

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

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. PAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Ultra Short Duration Fund (CUSDX) and PIMCO Short Asset Investment Fund (PAIPX). 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	PAIPX	Difference
Sharpe ratio Return per unit of total volatility	4.90	3.93	+0.96
Sortino ratio Return per unit of downside risk	8.69	26.36	-17.67
Omega ratio Gain probability vs. loss probability	4.09	16.16	-12.07
Calmar ratio Return relative to maximum drawdown	11.33	50.40	-39.07
Martin ratio Return relative to average drawdown	59.70	200.04	-140.34
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. PAIPX - Sharpe Ratio Comparison

The current CUSDX Sharpe Ratio is 4.90, which is comparable to the PAIPX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of CUSDX and PAIPX, 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	PAIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.90	3.93	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.98	2.02	+0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.40	1.75	+0.65

Drawdowns

CUSDX vs. PAIPX - Drawdown Comparison

The maximum CUSDX drawdown since its inception was -1.99%, smaller than the maximum PAIPX drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for CUSDX and PAIPX.

Drawdown Indicators

	CUSDX	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-1.99%	-3.49%	+1.50%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.10%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.80%	-1.20%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-1.99%	-1.64%	-0.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-3.49%	—
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%	0.03%	+0.05%

Volatility

CUSDX vs. PAIPX - Volatility Comparison

The current volatility for Six Circles Ultra Short Duration Fund (CUSDX) is 0.27%, while PIMCO Short Asset Investment Fund (PAIPX) has a volatility of 0.32%. This indicates that CUSDX experiences smaller price fluctuations and is considered to be less risky than PAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSDX	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.32%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.76%	0.85%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	0.92%	1.19%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	1.67%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	1.35%	-0.40%

CUSDX vs. PAIPX - Expense Ratio Comparison

CUSDX has a 0.18% expense ratio, which is lower than PAIPX's 0.45% expense ratio.

Dividends

CUSDX vs. PAIPX - Dividend Comparison

CUSDX's dividend yield for the trailing twelve months is around 4.15%, more than PAIPX's 3.93% 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%
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%

Frequently Asked Questions

Can I hold both CUSDX and PAIPX in my portfolio?

CUSDX and PAIPX have a correlation of 0.03, 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 PAIPX?

PAIPX has higher volatility (0.32%) compared to CUSDX (0.27%). In terms of maximum drawdown, CUSDX dropped -1.99% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

CUSDX currently has the higher Sharpe Ratio (4.90 vs 3.93), 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.