CUTAX vs. FULBX

Last updated Jul 14, 2026

CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) and FULBX (Federated Hermes Ultra Short Bond Fund) are both Ultrashort Bond funds. Over the past 5 years, CUTAX returned 2.40%/yr vs 3.16%/yr for FULBX. At a 0.12 correlation, their price movements are largely independent. CUTAX charges 0.15%/yr vs 0.47%/yr for FULBX.

Performance

CUTAX vs. FULBX - 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 Federated Hermes Ultra Short Bond Fund (FULBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with CUTAX at 1.65% and FULBX at 1.65%.

CUTAX

• 1D: 0.00%
• 1M: 0.21%
• 6M: 1.55%
• YTD: 1.65%
• 1Y: 3.36%
• 3Y*: 3.79%
• 5Y*: 2.40%
• 10Y*: —

FULBX

• 1D: 0.00%
• 1M: 0.25%
• 6M: 1.76%
• YTD: 1.65%
• 1Y: 4.55%
• 3Y*: 5.09%
• 5Y*: 3.16%
• 10Y*: 2.47%

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

CUTAX vs. FULBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	1.65%	3.69%	3.74%	3.86%	-0.79%	0.02%	1.79%	0.49%	-0.20%
FULBX Federated Hermes Ultra Short Bond Fund	1.65%	5.50%	5.35%	5.15%	-1.31%	0.02%	2.29%	3.32%	0.60%

Correlation

The correlation between CUTAX and FULBX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 9, 2018	0.12

Return for Risk

CUTAX vs. FULBX — 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: 98
CUTAX Sortino Ratio Rank: 98
CUTAX Omega Ratio Rank: 98
CUTAX Calmar Ratio Rank: 97
CUTAX Martin Ratio Rank: 98

FULBX

FULBX Risk / Return Rank: 98
FULBX Sharpe Ratio Rank: 96
FULBX Sortino Ratio Rank: 99
FULBX Omega Ratio Rank: 98
FULBX Calmar Ratio Rank: 98
FULBX Martin Ratio Rank: 99

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. FULBX - 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 Federated Hermes Ultra Short Bond Fund (FULBX). 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	FULBX	Difference
Sharpe ratio: Return per unit of total volatility	3.24	2.88	+0.36
Sortino ratio: Return per unit of downside risk	5.82	7.60	-1.78
Omega ratio: Gain probability vs. loss probability	2.34	2.38	-0.05
Calmar ratio: Return relative to maximum drawdown	5.60	8.52	-2.92
Martin ratio: Return relative to average drawdown	33.06	39.09	-6.04

CUTAX vs. FULBX - Sharpe Ratio Comparison

The current CUTAX Sharpe Ratio is 3.24, which is comparable to the FULBX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of CUTAX and FULBX, 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. FULBX - Drawdown Comparison

The maximum CUTAX drawdown since its inception was -1.79%, smaller than the maximum FULBX drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for CUTAX and FULBX.

Drawdown Indicators

	CUTAX	FULBX	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-5.43%	+3.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-0.54%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-1.01%	-0.54%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-1.73%	-2.60%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-4.67%	—
Current Drawdown Current decline from peak	-0.30%	-0.11%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.80%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.12%	-0.02%

Volatility

CUTAX vs. FULBX - Volatility Comparison

The current volatility for Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) is 0.40%, while Federated Hermes Ultra Short Bond Fund (FULBX) has a volatility of 0.46%. This indicates that CUTAX experiences smaller price fluctuations and is considered to be less risky than FULBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUTAX	FULBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.46%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	1.13%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	1.05%	1.59%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	1.39%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	1.27%	-0.32%

CUTAX vs. FULBX - Expense Ratio Comparison

CUTAX has a 0.15% expense ratio, which is lower than FULBX's 0.47% expense ratio.

Dividends

CUTAX vs. FULBX - Dividend Comparison

CUTAX's dividend yield for the trailing twelve months is around 3.00%, less than FULBX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	3.00%	3.22%	3.47%	2.86%	1.14%	0.52%	1.38%	0.48%	0.00%	0.00%	0.00%	0.00%
FULBX Federated Hermes Ultra Short Bond Fund	4.56%	4.79%	3.99%	2.67%	1.00%	0.56%	1.49%	2.16%	1.90%	1.25%	0.84%	0.64%

Frequently Asked Questions

Can I hold both CUTAX and FULBX in my portfolio?

CUTAX and FULBX have a correlation of 0.14, 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 FULBX?

FULBX has higher volatility (0.46%) compared to CUTAX (0.40%). In terms of maximum drawdown, CUTAX dropped -1.79% vs FULBX's -5.43%.

Which has better risk-adjusted returns?

CUTAX currently has the higher Sharpe Ratio (3.24 vs 2.88), 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.