CUSUX vs. CBTAX

Last updated Jun 4, 2026

CUSUX (Six Circles U.S. Unconstrained Equity Fund) and CBTAX (Six Circles Tax Aware Bond Fund) are both mutual funds - CUSUX is a Large Cap Blend Equities fund managed by Six Circles, while CBTAX is a Municipal Bonds fund managed by Six Circles. Over the past 5 years, CUSUX returned 13.42%/yr vs 1.37%/yr for CBTAX. At a 0.12 correlation, their price movements are largely independent. CUSUX charges 0.05%/yr vs 0.14%/yr for CBTAX.

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.

Returns By Period

In the year-to-date period, CUSUX achieves a 9.20% return, which is significantly higher than CBTAX's 1.69% return.

CUSUX

• 1D: 0.29%
• 1M: 6.45%
• YTD: 9.20%
• 6M: 9.19%
• 1Y: 27.90%
• 3Y*: 22.36%
• 5Y*: 13.42%
• 10Y*: —

CBTAX

• 1D: 0.20%
• 1M: 0.71%
• YTD: 1.69%
• 6M: 1.99%
• 1Y: 7.11%
• 3Y*: 4.08%
• 5Y*: 1.37%
• 10Y*: —

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

CUSUX vs. CBTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CUSUX Six Circles U.S. Unconstrained Equity Fund	9.20%	19.35%	24.86%	30.38%	-21.28%	30.27%	27.75%
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 CUSUX and CBTAX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since May 20, 2020	0.12

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: 58
CUSUX Sharpe Ratio Rank: 68
CUSUX Sortino Ratio Rank: 61
CUSUX Omega Ratio Rank: 61
CUSUX Calmar Ratio Rank: 47
CUSUX Martin Ratio Rank: 51

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: 65
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.

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	2.40	3.27	-0.86
Sortino ratio: Return per unit of downside risk	3.28	4.88	-1.60
Omega ratio: Gain probability vs. loss probability	1.44	1.86	-0.42
Calmar ratio: Return relative to maximum drawdown	2.62	3.10	-0.48
Martin ratio: Return relative to average drawdown	10.51	11.02	-0.51
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 2.40, which is comparable to the CBTAX Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of CUSUX 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

	CUSUX	CBTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	3.27	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.40	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.65	+0.04

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	-11.01%	-2.31%	-8.70%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-4.99%	-14.65%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-12.12%	-23.43%
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-8.64%	-2.77%	-5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	0.65%	+2.08%

Volatility

CUSUX vs. CBTAX - Volatility Comparison

Six Circles U.S. Unconstrained Equity Fund (CUSUX) has a higher volatility of 2.62% compared to Six Circles Tax Aware Bond Fund (CBTAX) at 0.87%. 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	2.62%	0.87%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	9.10%	1.66%	+7.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	2.21%	+9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	3.41%	+17.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.53%	3.16%	+18.37%

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%.

Dividends

CUSUX vs. CBTAX - Dividend Comparison

CUSUX's dividend yield for the trailing twelve months is around 8.41%, 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%
CUSUX Six Circles U.S. Unconstrained Equity Fund	8.41%	9.18%	6.64%	1.19%	2.68%	16.48%	1.55%	1.67%

Frequently Asked Questions

Can I hold both CUSUX and CBTAX in my portfolio?

CUSUX and CBTAX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CUSUX or CBTAX?

CUSUX has higher volatility (2.62%) compared to CBTAX (0.87%). In terms of maximum drawdown, CUSUX dropped -35.55% vs CBTAX's -12.12%.

Which has better risk-adjusted returns?

CBTAX currently has the higher Sharpe Ratio (3.27 vs 2.40), 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.