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CUTAX vs. MWUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CUTAX vs. MWUSX

Last updated Jun 23, 2026

CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) and MWUSX (Metropolitan West Ultra Short Bond Fund) are both Ultrashort Bond funds. Over the past 5 years, CUTAX returned 2.41%/yr vs 2.28%/yr for MWUSX. At a 0.19 correlation, their price movements are largely independent. CUTAX charges 0.15%/yr vs 0.50%/yr for MWUSX.

Performance

CUTAX vs. MWUSX - 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 Metropolitan West Ultra Short Bond Fund (MWUSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CUTAX achieves a 1.74% return, which is significantly higher than MWUSX's 0.91% return.

CUTAX

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

MWUSX

1D
0.00%
1M
0.31%
YTD
0.91%
6M
1.38%
1Y
4.18%
3Y*
4.36%
5Y*
2.28%
10Y*
1.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CUTAX vs. MWUSX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
MWUSX
Metropolitan West Ultra Short Bond Fund		0.91%5.15%4.44%4.09%-2.78%-0.30%1.18%2.95%1.06%

Correlation

The correlation between CUTAX and MWUSX 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

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2018

0.19

Compare stocks, funds, or ETFs

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Six Circles Tax Aware Ultra Short Duration Fund

Metropolitan West Ultra Short Bond Fund

Often compared with CUTAX:
CUTAX vs. CGJIXCUTAX vs. SADIXCUTAX vs. TSDOXCUTAX vs. CBTAXCUTAX vs. PRTBXCUTAX vs. CUSDXCUTAX vs. FAPDX
Often compared with MWUSX:
MWUSX vs. MWLDXMWUSX vs. MWIGXMWUSX vs. MWHYXMWUSX vs. MWESXMWUSX vs. MWSTXMWUSX vs. MWCIXMWUSX vs. MWTIX

Return for Risk

CUTAX vs. MWUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CUTAX
CUTAX Risk / Return Rank: 9898
Overall Rank
CUTAX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CUTAX Sortino Ratio Rank: 9898
Sortino Ratio Rank
CUTAX Omega Ratio Rank: 9999
Omega Ratio Rank
CUTAX Calmar Ratio Rank: 9797
Calmar Ratio Rank
CUTAX Martin Ratio Rank: 9999
Martin Ratio Rank
MWUSX
MWUSX Risk / Return Rank: 8585
Overall Rank
MWUSX Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
MWUSX Sortino Ratio Rank: 8282
Sortino Ratio Rank
MWUSX Omega Ratio Rank: 9595
Omega Ratio Rank
MWUSX Calmar Ratio Rank: 9696
Calmar Ratio Rank
MWUSX Martin Ratio Rank: 9797
Martin Ratio Rank
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. MWUSX - 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 Metropolitan West Ultra Short Bond Fund (MWUSX). 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.

CUTAXMWUSXDifference
Sharpe ratioReturn per unit of total volatility
3.78
2.02

+1.76

Sortino ratioReturn per unit of downside risk
7.31
3.59

+3.71

Omega ratioGain probability vs. loss probability

2.86

1.75

+1.11

Calmar ratioReturn relative to maximum drawdown

6.24

5.86

+0.38

Martin ratioReturn relative to average drawdown

39.23

26.47

+12.76

CUTAX vs. MWUSX - Sharpe Ratio Comparison

The current CUTAX Sharpe Ratio is 3.78, which is higher than the MWUSX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of CUTAX and MWUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CUTAX vs. MWUSX - Drawdown Comparison

The maximum CUTAX drawdown since its inception was -1.79%, smaller than the maximum MWUSX drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for CUTAX and MWUSX.

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Drawdown Indicators

CUTAXMWUSXDifference

Max Drawdown

Largest peak-to-trough decline

-1.79%

-25.25%

+23.46%

Max Drawdown (1Y)

Largest decline over 1 year

-0.61%

-0.72%

+0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-1.01%

-1.10%

+0.09%

Max Drawdown (5Y)

Largest decline over 5 years

-1.73%

-5.06%

+3.33%

Max Drawdown (10Y)

Largest decline over 10 years

—

-5.06%

—

Current Drawdown

Current decline from peak

0.00%

-0.24%

+0.24%

Average Drawdown

Average peak-to-trough decline

-0.21%

-1.75%

+1.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.10%

0.16%

-0.06%

Volatility

CUTAX vs. MWUSX - Volatility Comparison

The current volatility for Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) is 0.55%, while Metropolitan West Ultra Short Bond Fund (MWUSX) has a volatility of 0.68%. This indicates that CUTAX experiences smaller price fluctuations and is considered to be less risky than MWUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CUTAXMWUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.55%

0.68%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

0.84%

1.49%

-0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

1.00%

2.08%

-1.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.06%

2.48%

-1.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.95%

1.91%

-0.96%

CUTAX vs. MWUSX - Expense Ratio Comparison

CUTAX has a 0.15% expense ratio, which is lower than MWUSX's 0.50% expense ratio.

Dividends

CUTAX vs. MWUSX - Dividend Comparison

CUTAX's dividend yield for the trailing twelve months is around 3.06%, less than MWUSX's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
MWUSX
Metropolitan West Ultra Short Bond Fund		3.86%3.80%3.59%3.25%1.28%0.41%0.93%2.67%2.56%1.06%1.18%0.65%

Frequently Asked Questions

CUTAX and MWUSX 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.

MWUSX has higher volatility (0.68%) compared to CUTAX (0.55%). In terms of maximum drawdown, CUTAX dropped -1.79% vs MWUSX's -25.25%.

CUTAX currently has the higher Sharpe Ratio (3.78 vs 2.02), 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.

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