CUSUX vs. VPMAX

Last updated Jun 4, 2026

CUSUX (Six Circles U.S. Unconstrained Equity Fund) and VPMAX (Vanguard PRIMECAP Fund Admiral Shares) are both Large Cap Blend Equities funds. Over the past 5 years, CUSUX returned 13.42%/yr vs 16.52%/yr for VPMAX. Their correlation of 0.90 suggests significant overlap in exposure. CUSUX charges 0.05%/yr vs 0.31%/yr for VPMAX.

Performance

CUSUX vs. VPMAX - 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 PRIMECAP Fund Admiral Shares (VPMAX). 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 lower than VPMAX's 25.44% return.

CUSUX

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

VPMAX

• 1D: 0.35%
• 1M: 12.86%
• YTD: 25.44%
• 6M: 26.85%
• 1Y: 58.91%
• 3Y*: 28.09%
• 5Y*: 16.52%
• 10Y*: 17.65%

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

CUSUX vs. VPMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUSUX Six Circles U.S. Unconstrained Equity Fund	9.20%	19.35%	24.86%	30.38%	-21.28%	30.27%	22.69%	24.95%	-11.01%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	25.44%	29.70%	13.30%	28.25%	-15.16%	21.72%	17.23%	27.88%	-12.34%

Correlation

The correlation between CUSUX and VPMAX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.90

The correlation between CUSUX and VPMAX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

CUSUX vs. VPMAX — 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

VPMAX

VPMAX Risk / Return Rank: 94
VPMAX Sharpe Ratio Rank: 97
VPMAX Sortino Ratio Rank: 95
VPMAX Omega Ratio Rank: 91
VPMAX Calmar Ratio Rank: 93
VPMAX Martin Ratio Rank: 96

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. VPMAX - 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 PRIMECAP Fund Admiral Shares (VPMAX). 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	VPMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	3.76	-1.35
Sortino ratio: Return per unit of downside risk	3.28	5.05	-1.78
Omega ratio: Gain probability vs. loss probability	1.44	1.66	-0.22
Calmar ratio: Return relative to maximum drawdown	2.62	5.14	-2.52
Martin ratio: Return relative to average drawdown	10.51	23.68	-13.17
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. VPMAX - Sharpe Ratio Comparison

The current CUSUX Sharpe Ratio is 2.40, which is lower than the VPMAX Sharpe Ratio of 3.76. The chart below compares the historical Sharpe Ratios of CUSUX and VPMAX, 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	VPMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	3.76	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.91	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.65	+0.05

Drawdowns

CUSUX vs. VPMAX - Drawdown Comparison

The maximum CUSUX drawdown since its inception was -35.55%, smaller than the maximum VPMAX drawdown of -48.32%. Use the drawdown chart below to compare losses from any high point for CUSUX and VPMAX.

Drawdown Indicators

	CUSUX	VPMAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-48.32%	+12.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-11.72%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-20.55%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-25.21%	-10.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.65%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.64%	-6.58%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.54%	+0.19%

Volatility

CUSUX vs. VPMAX - Volatility Comparison

The current volatility for Six Circles U.S. Unconstrained Equity Fund (CUSUX) is 2.62%, while Vanguard PRIMECAP Fund Admiral Shares (VPMAX) has a volatility of 6.18%. This indicates that CUSUX experiences smaller price fluctuations and is considered to be less risky than VPMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSUX	VPMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	6.18%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	9.10%	12.85%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	16.02%	-4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	18.26%	+2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.53%	19.19%	+2.34%

CUSUX vs. VPMAX - Expense Ratio Comparison

CUSUX has a 0.05% expense ratio, which is lower than VPMAX's 0.31% expense ratio.

Dividends

CUSUX vs. VPMAX - Dividend Comparison

CUSUX's dividend yield for the trailing twelve months is around 8.41%, less than VPMAX's 13.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSUX Six Circles U.S. Unconstrained Equity Fund	8.41%	9.18%	6.64%	1.19%	2.68%	16.48%	1.55%	1.67%	0.00%	0.00%	0.00%	0.00%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	13.12%	16.46%	6.71%	7.24%	9.94%	10.18%	9.82%	7.23%	8.43%	4.52%	5.13%	5.99%

Frequently Asked Questions

Can I hold both CUSUX and VPMAX in my portfolio?

CUSUX and VPMAX have a correlation of 0.84, 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 VPMAX?

VPMAX has higher volatility (6.18%) compared to CUSUX (2.62%). In terms of maximum drawdown, CUSUX dropped -35.55% vs VPMAX's -48.32%.

Which has better risk-adjusted returns?

VPMAX currently has the higher Sharpe Ratio (3.76 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.