DFIHX vs. CUSDX

Last updated Jul 15, 2026

DFIHX (DFA One Year Fixed Income Portfolio) and CUSDX (Six Circles Ultra Short Duration Fund) are both Ultrashort Bond funds. Over the past 5 years, DFIHX returned 2.81%/yr vs 3.09%/yr for CUSDX. At a 0.18 correlation, their price movements are largely independent. DFIHX charges 0.13%/yr vs 0.18%/yr for CUSDX.

Performance

DFIHX vs. CUSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA One Year Fixed Income Portfolio (DFIHX) and Six Circles Ultra Short Duration Fund (CUSDX). 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 DFIHX at 1.76% and CUSDX at 1.76%.

DFIHX

• 1D: 0.00%
• 1M: 0.14%
• 6M: 1.66%
• YTD: 1.76%
• 1Y: 3.79%
• 3Y*: 4.36%
• 5Y*: 2.81%
• 10Y*: 1.99%

CUSDX

• 1D: 0.00%
• 1M: 0.23%
• 6M: 1.66%
• YTD: 1.76%
• 1Y: 4.08%
• 3Y*: 4.65%
• 5Y*: 3.09%
• 10Y*: —

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

DFIHX vs. CUSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFIHX DFA One Year Fixed Income Portfolio	1.76%	3.41%	5.41%	4.98%	-1.19%	-0.19%	0.62%	2.44%	1.19%
CUSDX Six Circles Ultra Short Duration Fund	1.76%	3.64%	5.96%	5.13%	-0.64%	0.04%	2.06%	0.87%	-0.30%

Correlation

The correlation between DFIHX and CUSDX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 9, 2018	0.18

The correlation between DFIHX and CUSDX shifts across timeframes, from 0.01 (3 years) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFIHX vs. CUSDX — Risk / Return Rank

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

DFIHX

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

CUSDX

CUSDX Risk / Return Rank: 99
CUSDX Sharpe Ratio Rank: 99
CUSDX Sortino Ratio Rank: 99
CUSDX Omega Ratio Rank: 99
CUSDX Calmar Ratio Rank: 99
CUSDX 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.

DFIHX vs. CUSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA One Year Fixed Income Portfolio (DFIHX) and Six Circles Ultra Short Duration Fund (CUSDX). 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.

	DFIHX	CUSDX	Difference
Sharpe ratio: Return per unit of total volatility	6.04	4.57	+1.47
Sortino ratio: Return per unit of downside risk	16.83	7.97	+8.86
Omega ratio: Gain probability vs. loss probability	7.77	3.60	+4.17
Calmar ratio: Return relative to maximum drawdown	39.16	10.61	+28.56
Martin ratio: Return relative to average drawdown	247.69	54.80	+192.89

DFIHX vs. CUSDX - Sharpe Ratio Comparison

The current DFIHX Sharpe Ratio is 6.04, which is higher than the CUSDX Sharpe Ratio of 4.57. The chart below compares the historical Sharpe Ratios of DFIHX and CUSDX, 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

DFIHX vs. CUSDX - Drawdown Comparison

The maximum DFIHX drawdown since its inception was -2.53%, which is greater than CUSDX's maximum drawdown of -1.99%. Use the drawdown chart below to compare losses from any high point for DFIHX and CUSDX.

Drawdown Indicators

	DFIHX	CUSDX	Difference
Max Drawdown Largest peak-to-trough decline	-2.53%	-1.99%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.40%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-0.80%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-2.26%	-1.99%	-0.27%
Max Drawdown (10Y) Largest decline over 10 years	-2.26%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.24%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.08%	-0.06%

Volatility

DFIHX vs. CUSDX - Volatility Comparison

DFA One Year Fixed Income Portfolio (DFIHX) has a higher volatility of 0.28% compared to Six Circles Ultra Short Duration Fund (CUSDX) at 0.23%. This indicates that DFIHX's price experiences larger fluctuations and is considered to be riskier than CUSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIHX	CUSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.23%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.50%	0.56%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	0.93%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	1.02%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.80%	0.95%	-0.15%

DFIHX vs. CUSDX - Expense Ratio Comparison

DFIHX has a 0.13% expense ratio, which is lower than CUSDX's 0.18% 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

DFIHX vs. CUSDX - Dividend Comparison

DFIHX's dividend yield for the trailing twelve months is around 3.92%, less than CUSDX's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSDX Six Circles Ultra Short Duration Fund	4.11%	3.28%	4.76%	3.25%	1.70%	0.84%	1.63%	0.67%	0.00%	0.00%	0.00%	0.00%
DFIHX DFA One Year Fixed Income Portfolio	3.92%	3.26%	4.99%	3.37%	1.07%	0.00%	0.62%	2.12%	1.85%	1.13%	0.66%	0.51%

Frequently Asked Questions

Can I hold both DFIHX and CUSDX in my portfolio?

DFIHX and CUSDX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIHX or CUSDX?

DFIHX has higher volatility (0.28%) compared to CUSDX (0.23%). In terms of maximum drawdown, DFIHX dropped -2.53% vs CUSDX's -1.99%.

Which has better risk-adjusted returns?

DFIHX currently has the higher Sharpe Ratio (6.04 vs 4.57), 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.