CUSUX vs. CBTAX

Last updated Apr 1, 2026

Compare and contrast key facts about Six Circles U.S. Unconstrained Equity Fund (CUSUX) and Six Circles Tax Aware Bond Fund (CBTAX).

CUSUX is managed by Six Circles. It was launched on Jul 9, 2018. CBTAX is managed by Six Circles. It was launched on May 18, 2020.

Performance

CUSUX vs. CBTAX - Performance Comparison

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

CUSUX vs. CBTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CUSUX Six Circles U.S. Unconstrained Equity Fund	-9.56%	19.35%	24.86%	30.38%	-21.28%	30.27%	27.75%
CBTAX Six Circles Tax Aware Bond Fund	-0.57%	4.13%	2.38%	6.35%	-7.47%	0.89%	5.02%

Returns By Period

In the year-to-date period, CUSUX achieves a -9.56% return, which is significantly lower than CBTAX's -0.57% return.

CUSUX

• 1D: -0.29%
• 1M: -7.02%
• YTD: -9.56%
• 6M: -6.09%
• 1Y: 13.27%
• 3Y*: 17.56%
• 5Y*: 10.79%
• 10Y*: —

CBTAX

• 1D: -0.21%
• 1M: -2.51%
• YTD: -0.57%
• 6M: 0.83%
• 1Y: 3.71%
• 3Y*: 3.21%
• 5Y*: 1.15%
• 10Y*: —

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

CUSUX vs. CBTAX - Expense Ratio Comparison

CUSUX has a 0.05% expense ratio, which is lower than CBTAX's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

CBTAX

Six Circles Tax Aware Bond Fund

CUSUX

Six Circles U.S. Unconstrained Equity Fund

Return for Risk

CUSUX vs. CBTAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CUSUX

CUSUX Risk / Return Rank: 35
CUSUX Sharpe Ratio Rank: 34
CUSUX Sortino Ratio Rank: 38
CUSUX Omega Ratio Rank: 41
CUSUX Calmar Ratio Rank: 31
CUSUX Martin Ratio Rank: 32

CBTAX

CBTAX Risk / Return Rank: 44
CBTAX Sharpe Ratio Rank: 47
CBTAX Sortino Ratio Rank: 39
CBTAX Omega Ratio Rank: 72
CBTAX Calmar Ratio Rank: 33
CBTAX Martin Ratio Rank: 30

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.

CUSUX vs. CBTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles U.S. Unconstrained Equity Fund (CUSUX) 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.

	CUSUX	CBTAX	Difference
Sharpe ratio Return per unit of total volatility	0.74	0.94	-0.20
Sortino ratio Return per unit of downside risk	1.19	1.24	-0.05
Omega ratio Gain probability vs. loss probability	1.18	1.27	-0.09
Calmar ratio Return relative to maximum drawdown	0.86	0.91	-0.06
Martin ratio Return relative to average drawdown	3.43	3.31	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUSUX vs. CBTAX - Sharpe Ratio Comparison

The current CUSUX Sharpe Ratio is 0.74, which is comparable to the CBTAX Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of CUSUX and CBTAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CUSUX	CBTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	0.94	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.34	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.54	+0.03

Correlation

The correlation between CUSUX and CBTAX is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CUSUX vs. CBTAX - Dividend Comparison

CUSUX's dividend yield for the trailing twelve months is around 10.15%, more than CBTAX's 3.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
CUSUX Six Circles U.S. Unconstrained Equity Fund	10.15%	9.18%	6.64%	1.19%	2.68%	16.48%	1.55%	1.67%
CBTAX Six Circles Tax Aware Bond Fund	3.24%	3.49%	3.28%	2.68%	1.57%	0.88%	0.49%	0.00%

Drawdowns

CUSUX vs. CBTAX - Drawdown Comparison

The maximum CUSUX drawdown since its inception was -35.55%, which is greater than CBTAX's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for CUSUX and CBTAX.

Drawdown Indicators

	CUSUX	CBTAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-12.12%	-23.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-4.30%	-7.68%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-12.12%	-23.43%
Current Drawdown Current decline from peak	-11.01%	-2.51%	-8.50%
Average Drawdown Average peak-to-trough decline	-8.80%	-2.82%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	1.19%	+1.94%

Volatility

CUSUX vs. CBTAX - Volatility Comparison

Six Circles U.S. Unconstrained Equity Fund (CUSUX) has a higher volatility of 4.10% compared to Six Circles Tax Aware Bond Fund (CBTAX) at 0.89%. This indicates that CUSUX's price experiences larger fluctuations and is considered to be riskier than CBTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSUX	CBTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	0.89%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	1.37%	+7.86%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	4.23%	+14.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	3.38%	+17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	3.18%	+18.51%