CUSUX vs. SPY
Compare and contrast key facts about Six Circles U.S. Unconstrained Equity Fund (CUSUX) and State Street SPDR S&P 500 ETF (SPY).
CUSUX is managed by Six Circles. It was launched on Jul 9, 2018. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
CUSUX vs. SPY - Performance Comparison
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CUSUX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CUSUX Six Circles U.S. Unconstrained Equity Fund | -9.56% | 19.35% | 24.86% | 30.38% | -21.28% | 30.27% | 22.69% | 24.95% | -11.01% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -10.88% |
Returns By Period
In the year-to-date period, CUSUX achieves a -9.56% return, which is significantly lower than SPY's -4.37% return.
CUSUX
- 1D
- -0.29%
- 1M
- -7.02%
- YTD
- -9.56%
- 6M
- -6.09%
- 1Y
- 13.27%
- 3Y*
- 17.56%
- 5Y*
- 10.79%
- 10Y*
- —
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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CUSUX vs. SPY - Expense Ratio Comparison
CUSUX has a 0.05% expense ratio, which is lower than SPY's 0.09% 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%.
Return for Risk
CUSUX vs. SPY — Risk / Return Rank
CUSUX
SPY
CUSUX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Six Circles U.S. Unconstrained Equity Fund (CUSUX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.74 | 0.93 | -0.19 |
Sortino ratioReturn per unit of downside risk | 1.19 | 1.45 | -0.26 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.53 | -0.67 |
Martin ratioReturn relative to average drawdown | 3.43 | 7.30 | -3.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CUSUX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | 0.93 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.69 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.56 | +0.02 |
Correlation
The correlation between CUSUX and SPY is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CUSUX vs. SPY - Dividend Comparison
CUSUX's dividend yield for the trailing twelve months is around 10.15%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CUSUX Six Circles U.S. Unconstrained Equity Fund | 10.15% | 9.18% | 6.64% | 1.19% | 2.68% | 16.48% | 1.55% | 1.67% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
CUSUX vs. SPY - Drawdown Comparison
The maximum CUSUX drawdown since its inception was -35.55%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CUSUX and SPY.
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Drawdown Indicators
| CUSUX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.55% | -55.19% | +19.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.98% | -12.05% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -35.55% | -24.50% | -11.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -11.01% | -6.24% | -4.77% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -9.09% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 2.52% | +0.61% |
Volatility
CUSUX vs. SPY - Volatility Comparison
The current volatility for Six Circles U.S. Unconstrained Equity Fund (CUSUX) is 4.10%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that CUSUX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CUSUX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 5.31% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 9.47% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 19.05% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.73% | 17.06% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.69% | 17.92% | +3.77% |