CUTAX vs. FZOLX

Last updated Apr 1, 2026

Compare and contrast key facts about Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) and Fidelity SAI Low Duration Income Fund (FZOLX).

CUTAX is managed by Six Circles. It was launched on Jul 8, 2018. FZOLX is managed by Fidelity. It was launched on Oct 13, 2020.

Performance

CUTAX vs. FZOLX - 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 Fidelity SAI Low Duration Income Fund (FZOLX). The values are adjusted to include any dividend payments, if applicable.

CUTAX vs. FZOLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	0.18%	3.69%	3.74%	3.86%	-0.79%	0.02%	0.30%
FZOLX Fidelity SAI Low Duration Income Fund	0.40%	4.85%	5.59%	5.72%	0.34%	-0.04%	0.11%

Returns By Period

In the year-to-date period, CUTAX achieves a 0.18% return, which is significantly lower than FZOLX's 0.40% return.

CUTAX

• 1D: -0.20%
• 1M: -0.40%
• YTD: 0.18%
• 6M: 0.93%
• 1Y: 2.94%
• 3Y*: 3.50%
• 5Y*: 2.10%
• 10Y*: —

FZOLX

• 1D: 0.00%
• 1M: -0.20%
• YTD: 0.40%
• 6M: 1.58%
• 1Y: 3.97%
• 3Y*: 5.09%
• 5Y*: 3.36%
• 10Y*: —

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

CUTAX vs. FZOLX - Expense Ratio Comparison

CUTAX has a 0.15% expense ratio, which is lower than FZOLX's 0.22% 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%.

FZOLX

Fidelity SAI Low Duration Income Fund

CUTAX

Six Circles Tax Aware Ultra Short Duration Fund

Return for Risk

CUTAX vs. FZOLX — Risk / Return Rank

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

CUTAX

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

FZOLX

FZOLX Risk / Return Rank: 99
FZOLX Sharpe Ratio Rank: 99
FZOLX Sortino Ratio Rank: 100
FZOLX Omega Ratio Rank: 99
FZOLX Calmar Ratio Rank: 100
FZOLX Martin Ratio Rank: 100

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. FZOLX - 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 Fidelity SAI Low Duration Income Fund (FZOLX). 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.

	CUTAX	FZOLX	Difference
Sharpe ratio Return per unit of total volatility	3.33	3.35	-0.02
Sortino ratio Return per unit of downside risk	5.65	10.47	-4.82
Omega ratio Gain probability vs. loss probability	2.40	3.53	-1.13
Calmar ratio Return relative to maximum drawdown	7.51	14.91	-7.40
Martin ratio Return relative to average drawdown	39.18	69.67	-30.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUTAX vs. FZOLX - Sharpe Ratio Comparison

The current CUTAX Sharpe Ratio is 3.33, which is comparable to the FZOLX Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of CUTAX and FZOLX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CUTAX	FZOLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.33	3.35	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.06	2.84	-0.78
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	2.67	-0.90

Correlation

The correlation between CUTAX and FZOLX is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CUTAX vs. FZOLX - Dividend Comparison

CUTAX's dividend yield for the trailing twelve months is around 2.91%, less than FZOLX's 4.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	2.91%	3.22%	3.47%	2.86%	1.14%	0.52%	1.38%	0.48%
FZOLX Fidelity SAI Low Duration Income Fund	4.82%	5.26%	5.15%	4.03%	1.14%	0.16%	0.01%	0.00%

Drawdowns

CUTAX vs. FZOLX - Drawdown Comparison

The maximum CUTAX drawdown since its inception was -1.79%, which is greater than FZOLX's maximum drawdown of -1.10%. Use the drawdown chart below to compare losses from any high point for CUTAX and FZOLX.

Drawdown Indicators

	CUTAX	FZOLX	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-1.10%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.30%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-1.79%	-1.10%	-0.69%
Current Drawdown Current decline from peak	-0.40%	-0.20%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.14%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.06%	+0.02%

Volatility

CUTAX vs. FZOLX - Volatility Comparison

Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has a higher volatility of 0.38% compared to Fidelity SAI Low Duration Income Fund (FZOLX) at 0.25%. This indicates that CUTAX's price experiences larger fluctuations and is considered to be riskier than FZOLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUTAX	FZOLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.25%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	0.88%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	0.89%	1.31%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.03%	1.19%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	1.14%	-0.21%