CUSUX vs. SCHG

Last updated Aug 1, 2026

CUSUX (Six Circles U.S. Unconstrained Equity Fund) and SCHG (Schwab U.S. Large-Cap Growth ETF) are both funds - CUSUX is a Large Cap Blend Equities fund managed by Six Circles, while SCHG is a Large Cap Growth Equities fund tracking the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. Over the past 5 years, CUSUX returned 11.74%/yr vs 13.15%/yr for SCHG. Their correlation of 0.91 means they have usually moved in the same direction. CUSUX charges 0.05%/yr vs 0.04%/yr for SCHG.

Performance

CUSUX vs. SCHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles U.S. Unconstrained Equity Fund (CUSUX) and Schwab U.S. Large-Cap Growth ETF (SCHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CUSUX achieves a 6.36% return, which is significantly higher than SCHG's 4.99% return.

CUSUX

• 1D: 1.86%
• 1M: -0.34%
• 6M: 6.53%
• YTD: 6.36%
• 1Y: 18.37%
• 3Y*: 18.68%
• 5Y*: 11.74%
• 10Y*: —
• ALL TIME*: 14.17%

SCHG

• 1D: 1.12%
• 1M: 0.15%
• 6M: 7.02%
• YTD: 4.99%
• 1Y: 16.16%
• 3Y*: 21.39%
• 5Y*: 13.15%
• 10Y*: 18.27%
• ALL TIME*: 16.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CUSUX Six Circles U.S. Unconstrained Equity Fund	$0.00	$0.00	$0.00
SCHG Schwab U.S. Large-Cap Growth ETF	$247.66M	$249.87M	$339.91M

CUSUX vs. SCHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUSUX Six Circles U.S. Unconstrained Equity Fund	6.36%	19.35%	24.86%	30.38%	-21.28%	30.27%	22.69%	24.95%	-11.01%
SCHG Schwab U.S. Large-Cap Growth ETF	4.99%	17.50%	34.95%	50.10%	-31.80%	28.11%	39.14%	36.02%	-12.89%

Correlation

The correlation between CUSUX and SCHG is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018	0.91

The correlation between CUSUX and SCHG has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

CUSUX vs. SCHG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CUSUX

CUSUX Risk / Return Rank: 42
CUSUX Sharpe Ratio Rank: 46
CUSUX Sortino Ratio Rank: 44
CUSUX Omega Ratio Rank: 43
CUSUX Calmar Ratio Rank: 35
CUSUX Martin Ratio Rank: 39

SCHG

SCHG Risk / Return Rank: 30
SCHG Sharpe Ratio Rank: 33
SCHG Sortino Ratio Rank: 31
SCHG Omega Ratio Rank: 31
SCHG Calmar Ratio Rank: 26
SCHG Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CUSUX vs. SCHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles U.S. Unconstrained Equity Fund (CUSUX) and Schwab U.S. Large-Cap Growth ETF (SCHG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CUSUX	SCHG	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.82	+0.43
Sortino ratio: Return per unit of downside risk	1.76	1.20	+0.57
Omega ratio: Gain probability vs. loss probability	1.23	1.15	+0.08
Calmar ratio: Return relative to maximum drawdown	1.47	0.83	+0.64
Martin ratio: Return relative to average drawdown	5.54	2.62	+2.92

CUSUX vs. SCHG - Sharpe Ratio Comparison

The current CUSUX Sharpe Ratio is 1.25, which is higher than the SCHG Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of CUSUX and SCHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CUSUX vs. SCHG - Drawdown Comparison

The maximum CUSUX drawdown since its inception was -35.55%, roughly equal to the maximum SCHG drawdown of -34.59%. Use the drawdown chart below to compare losses from any high point for CUSUX and SCHG.

Drawdown Indicators

	CUSUX	SCHG	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-34.59%	-0.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-16.41%	+5.40%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-23.39%	+3.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-34.59%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.59%	—
Current Drawdown Current decline from peak	-2.60%	-3.10%	+0.50%
Average Drawdown Average peak-to-trough decline	-8.51%	-5.19%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	5.19%	-2.27%

Volatility

CUSUX vs. SCHG - Volatility Comparison

The current volatility for Six Circles U.S. Unconstrained Equity Fund (CUSUX) is 3.42%, while Schwab U.S. Large-Cap Growth ETF (SCHG) has a volatility of 4.32%. This indicates that CUSUX experiences smaller price fluctuations and is considered to be less risky than SCHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSUX	SCHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.32%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	12.90%	-2.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	16.67%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	22.42%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	21.59%	-0.17%

CUSUX vs. SCHG - Expense Ratio Comparison

CUSUX has a 0.05% expense ratio, which is higher than SCHG's 0.04% 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

CUSUX vs. SCHG - Dividend Comparison

CUSUX's dividend yield for the trailing twelve months is around 8.63%, more than SCHG's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSUX Six Circles U.S. Unconstrained Equity Fund	8.63%	9.18%	6.64%	1.19%	2.68%	16.48%	1.55%	1.67%	0.00%	0.00%	0.00%	0.00%
SCHG Schwab U.S. Large-Cap Growth ETF	0.38%	0.36%	0.39%	0.46%	0.55%	0.42%	0.52%	0.82%	1.27%	1.01%	1.04%	1.22%

Frequently Asked Questions

Can I hold both CUSUX and SCHG in my portfolio?

With a correlation of 0.92, CUSUX and SCHG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CUSUX or SCHG?

SCHG has higher volatility (4.32%) compared to CUSUX (3.42%). In terms of maximum drawdown, CUSUX dropped -35.55% vs SCHG's -34.59%.

Which has better risk-adjusted returns?

CUSUX currently has the higher Sharpe Ratio (1.25 vs 0.82), 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.