CUTAX vs. CGJIX

Last updated Jun 23, 2026

CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) and CGJIX (Calvert US Large-Cap Growth Responsible Index Fund) are both mutual funds - CUTAX is a Ultrashort Bond fund managed by Six Circles, while CGJIX is a Large Cap Growth Equities fund managed by Calvert Research and Management. Over the past 5 years, CUTAX returned 2.41%/yr vs 13.38%/yr for CGJIX. At a 0.05 correlation, their price movements are largely independent. CUTAX charges 0.15%/yr vs 0.24%/yr for CGJIX.

Performance

CUTAX vs. CGJIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) and Calvert US Large-Cap Growth Responsible Index Fund (CGJIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CUTAX achieves a 1.74% return, which is significantly lower than CGJIX's 10.07% return.

CUTAX

• 1D: 0.10%
• 1M: 1.35%
• YTD: 1.74%
• 6M: 1.86%
• 1Y: 3.75%
• 3Y*: 3.91%
• 5Y*: 2.41%
• 10Y*: —

CGJIX

• 1D: 1.42%
• 1M: 0.85%
• YTD: 10.07%
• 6M: 9.54%
• 1Y: 26.67%
• 3Y*: 21.02%
• 5Y*: 13.38%
• 10Y*: 17.76%

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

CUTAX vs. CGJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	1.74%	3.69%	3.74%	3.86%	-0.79%	0.02%	1.79%	0.49%	-0.20%
CGJIX Calvert US Large-Cap Growth Responsible Index Fund	10.07%	14.56%	27.74%	36.66%	-26.84%	26.13%	38.69%	35.29%	-7.44%

Correlation

The correlation between CUTAX and CGJIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 9, 2018	0.05

The correlation between CUTAX and CGJIX shifts across timeframes, from 0.05 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CUTAX vs. CGJIX — Risk / Return Rank

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

CUTAX

CUTAX Risk / Return Rank: 98
CUTAX Sharpe Ratio Rank: 99
CUTAX Sortino Ratio Rank: 98
CUTAX Omega Ratio Rank: 99
CUTAX Calmar Ratio Rank: 97
CUTAX Martin Ratio Rank: 99

CGJIX

CGJIX Risk / Return Rank: 45
CGJIX Sharpe Ratio Rank: 47
CGJIX Sortino Ratio Rank: 43
CGJIX Omega Ratio Rank: 42
CGJIX Calmar Ratio Rank: 42
CGJIX Martin Ratio Rank: 51

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.

CUTAX vs. CGJIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) and Calvert US Large-Cap Growth Responsible Index Fund (CGJIX). 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.

	CUTAX	CGJIX	Difference
Sharpe ratio: Return per unit of total volatility	3.78	1.86	+1.92
Sortino ratio: Return per unit of downside risk	7.31	2.53	+4.77
Omega ratio: Gain probability vs. loss probability	2.86	1.33	+1.53
Calmar ratio: Return relative to maximum drawdown	6.24	2.36	+3.88
Martin ratio: Return relative to average drawdown	39.23	9.78	+29.45

CUTAX vs. CGJIX - Sharpe Ratio Comparison

The current CUTAX Sharpe Ratio is 3.78, which is higher than the CGJIX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of CUTAX and CGJIX, 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

CUTAX vs. CGJIX - Drawdown Comparison

The maximum CUTAX drawdown since its inception was -1.79%, smaller than the maximum CGJIX drawdown of -31.18%. Use the drawdown chart below to compare losses from any high point for CUTAX and CGJIX.

Drawdown Indicators

	CUTAX	CGJIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-31.18%	+29.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-11.15%	+10.54%
Max Drawdown (3Y) Largest decline over 3 years	-1.01%	-21.90%	+20.89%
Max Drawdown (5Y) Largest decline over 5 years	-1.73%	-31.18%	+29.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.18%	—
Current Drawdown Current decline from peak	0.00%	-2.03%	+2.03%
Average Drawdown Average peak-to-trough decline	-0.21%	-5.45%	+5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	2.68%	-2.58%

Volatility

CUTAX vs. CGJIX - Volatility Comparison

The current volatility for Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) is 0.55%, while Calvert US Large-Cap Growth Responsible Index Fund (CGJIX) has a volatility of 5.46%. This indicates that CUTAX experiences smaller price fluctuations and is considered to be less risky than CGJIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUTAX	CGJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	5.46%	-4.91%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	11.40%	-10.56%
Volatility (1Y) Calculated over the trailing 1-year period	1.00%	14.16%	-13.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	19.89%	-18.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	20.08%	-19.13%

CUTAX vs. CGJIX - Expense Ratio Comparison

CUTAX has a 0.15% expense ratio, which is lower than CGJIX's 0.24% 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

CUTAX vs. CGJIX - Dividend Comparison

CUTAX's dividend yield for the trailing twelve months is around 3.06%, more than CGJIX's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CGJIX Calvert US Large-Cap Growth Responsible Index Fund	2.77%	3.05%	2.04%	0.53%	0.51%	1.85%	1.76%	1.64%	5.72%	2.19%	1.13%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	3.06%	3.22%	3.47%	2.86%	1.14%	0.52%	1.38%	0.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CUTAX and CGJIX in my portfolio?

CUTAX and CGJIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CUTAX or CGJIX?

CGJIX has higher volatility (5.46%) compared to CUTAX (0.55%). In terms of maximum drawdown, CUTAX dropped -1.79% vs CGJIX's -31.18%.

Which has better risk-adjusted returns?

CUTAX currently has the higher Sharpe Ratio (3.78 vs 1.86), 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.