CUSUX vs. VFAIX

Last updated Jun 24, 2026

CUSUX (Six Circles U.S. Unconstrained Equity Fund) and VFAIX (Vanguard Financials Index Fund Admiral Shares) are both mutual funds - CUSUX is a Large Cap Blend Equities fund managed by Six Circles, while VFAIX is a Financials Equities fund tracking the MSCI US Investable Market Financials 25/50 Index. Over the past 5 years, CUSUX returned 12.54%/yr vs 10.43%/yr for VFAIX. A 0.71 correlation means they provide meaningful diversification when combined. CUSUX charges 0.05%/yr vs 0.09%/yr for VFAIX.

Performance

CUSUX vs. VFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles U.S. Unconstrained Equity Fund (CUSUX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). 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 higher than VFAIX's -0.70% return.

CUSUX

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

VFAIX

• 1D: 0.52%
• 1M: 3.73%
• YTD: -0.70%
• 6M: -2.07%
• 1Y: 8.46%
• 3Y*: 20.82%
• 5Y*: 10.43%
• 10Y*: 13.53%

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

CUSUX vs. VFAIX - 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%
VFAIX Vanguard Financials Index Fund Admiral Shares	-0.70%	14.90%	30.46%	14.07%	-12.26%	36.27%	-2.15%	31.63%	-15.40%

Correlation

The correlation between CUSUX and VFAIX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018	0.71

The correlation between CUSUX and VFAIX shifts across timeframes, from 0.60 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CUSUX vs. VFAIX — 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

VFAIX

VFAIX Risk / Return Rank: 8
VFAIX Sharpe Ratio Rank: 8
VFAIX Sortino Ratio Rank: 8
VFAIX Omega Ratio Rank: 8
VFAIX Calmar Ratio Rank: 7
VFAIX Martin Ratio Rank: 7

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. VFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles U.S. Unconstrained Equity Fund (CUSUX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). 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	VFAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	0.66	+1.25
Sortino ratio: Return per unit of downside risk	2.60	0.98	+1.62
Omega ratio: Gain probability vs. loss probability	1.35	1.12	+0.22
Calmar ratio: Return relative to maximum drawdown	2.20	0.67	+1.53
Martin ratio: Return relative to average drawdown	8.66	1.74	+6.93

CUSUX vs. VFAIX - Sharpe Ratio Comparison

The current CUSUX Sharpe Ratio is 1.91, which is higher than the VFAIX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of CUSUX and VFAIX, 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. VFAIX - Drawdown Comparison

The maximum CUSUX drawdown since its inception was -35.55%, smaller than the maximum VFAIX drawdown of -78.64%. Use the drawdown chart below to compare losses from any high point for CUSUX and VFAIX.

Drawdown Indicators

	CUSUX	VFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-78.64%	+43.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-14.72%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-17.31%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-25.71%	-9.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.37%	—
Current Drawdown Current decline from peak	-2.41%	-3.73%	+1.32%
Average Drawdown Average peak-to-trough decline	-8.59%	-18.57%	+9.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	5.66%	-2.87%

Volatility

CUSUX vs. VFAIX - Volatility Comparison

Six Circles U.S. Unconstrained Equity Fund (CUSUX) has a higher volatility of 4.98% compared to Vanguard Financials Index Fund Admiral Shares (VFAIX) at 4.21%. This indicates that CUSUX's price experiences larger fluctuations and is considered to be riskier than VFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSUX	VFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	4.21%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	11.38%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	14.96%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	19.29%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.52%	22.62%	-1.10%

CUSUX vs. VFAIX - Expense Ratio Comparison

CUSUX has a 0.05% expense ratio, which is lower than VFAIX'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%.

Dividends

CUSUX vs. VFAIX - Dividend Comparison

CUSUX's dividend yield for the trailing twelve months is around 8.61%, more than VFAIX's 1.47% 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%
VFAIX Vanguard Financials Index Fund Admiral Shares	1.47%	1.56%	1.75%	2.08%	2.31%	2.62%	2.21%	2.17%	2.30%	1.54%	1.64%	2.00%

Frequently Asked Questions

Can I hold both CUSUX and VFAIX in my portfolio?

CUSUX and VFAIX have a correlation of 0.60, 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 VFAIX?

CUSUX has higher volatility (4.98%) compared to VFAIX (4.21%). In terms of maximum drawdown, CUSUX dropped -35.55% vs VFAIX's -78.64%.

Which has better risk-adjusted returns?

CUSUX currently has the higher Sharpe Ratio (1.91 vs 0.66), 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.