CUSUX vs. SWPPX

Last updated Jun 24, 2026

CUSUX (Six Circles U.S. Unconstrained Equity Fund) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. Over the past 5 years, CUSUX returned 12.54%/yr vs 13.58%/yr for SWPPX. With a 0.95 correlation, they move nearly in lockstep. CUSUX charges 0.05%/yr vs 0.02%/yr for SWPPX.

Performance

CUSUX vs. SWPPX - 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 S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CUSUX achieves a 6.57% return, which is significantly lower than SWPPX's 9.75% return.

CUSUX

• 1D: -0.64%
• 1M: -0.05%
• YTD: 6.57%
• 6M: 5.62%
• 1Y: 23.02%
• 3Y*: 21.07%
• 5Y*: 12.54%
• 10Y*: —

SWPPX

• 1D: -0.36%
• 1M: 0.10%
• YTD: 9.75%
• 6M: 8.76%
• 1Y: 25.48%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

CUSUX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUSUX Six Circles U.S. Unconstrained Equity Fund	6.57%	19.35%	24.86%	30.38%	-21.28%	30.27%	22.69%	24.95%	-11.01%
SWPPX Schwab S&P 500 Index Fund	9.75%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-11.18%

Correlation

The correlation between CUSUX and SWPPX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018	0.95

The correlation between CUSUX and SWPPX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

CUSUX vs. SWPPX — Risk / Return Rank

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

CUSUX

CUSUX Risk / Return Rank: 44
CUSUX Sharpe Ratio Rank: 49
CUSUX Sortino Ratio Rank: 45
CUSUX Omega Ratio Rank: 47
CUSUX Calmar Ratio Rank: 37
CUSUX Martin Ratio Rank: 43

SWPPX

SWPPX Risk / Return Rank: 65
SWPPX Sharpe Ratio Rank: 63
SWPPX Sortino Ratio Rank: 56
SWPPX Omega Ratio Rank: 59
SWPPX Calmar Ratio Rank: 68
SWPPX Martin Ratio Rank: 78

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. SWPPX - 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 S&P 500 Index Fund (SWPPX). 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	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.14	-0.23
Sortino ratio: Return per unit of downside risk	2.60	2.89	-0.29
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.20	3.02	-0.81
Martin ratio: Return relative to average drawdown	8.66	13.59	-4.92

CUSUX vs. SWPPX - Sharpe Ratio Comparison

The current CUSUX Sharpe Ratio is 1.91, which is comparable to the SWPPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CUSUX and SWPPX, 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. SWPPX - Drawdown Comparison

The maximum CUSUX drawdown since its inception was -35.55%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for CUSUX and SWPPX.

Drawdown Indicators

	CUSUX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-55.06%	+19.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-8.89%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-18.74%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-24.51%	-11.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.80%	—
Current Drawdown Current decline from peak	-2.41%	-1.74%	-0.67%
Average Drawdown Average peak-to-trough decline	-8.59%	-9.93%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.97%	+0.82%

Volatility

CUSUX vs. SWPPX - Volatility Comparison

Six Circles U.S. Unconstrained Equity Fund (CUSUX) has a higher volatility of 4.98% compared to Schwab S&P 500 Index Fund (SWPPX) at 4.73%. This indicates that CUSUX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSUX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	4.73%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	9.87%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	12.53%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	17.02%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.52%	18.27%	+3.25%

CUSUX vs. SWPPX - Expense Ratio Comparison

CUSUX has a 0.05% expense ratio, which is higher than SWPPX's 0.02% 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. SWPPX - Dividend Comparison

CUSUX's dividend yield for the trailing twelve months is around 8.61%, more than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSUX Six Circles U.S. Unconstrained Equity Fund	8.61%	9.18%	6.64%	1.19%	2.68%	16.48%	1.55%	1.67%	0.00%	0.00%	0.00%	0.00%
SWPPX Schwab S&P 500 Index Fund	1.01%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both CUSUX and SWPPX in my portfolio?

With a correlation of 0.96, CUSUX and SWPPX 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 SWPPX?

CUSUX has higher volatility (4.98%) compared to SWPPX (4.73%). In terms of maximum drawdown, CUSUX dropped -35.55% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (2.14 vs 1.91), 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.