ESMAX vs. CMIUX

Last updated Aug 1, 2026

ESMAX (Invesco EQV European Small Company Fund) and CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) are both Europe Equities funds. Over the past 5 years, ESMAX returned 6.97%/yr vs 10.94%/yr for CMIUX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. ESMAX charges 1.48%/yr vs 0.13%/yr for CMIUX.

Performance

ESMAX vs. CMIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco EQV European Small Company Fund (ESMAX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ESMAX having a 12.04% return and CMIUX slightly higher at 12.43%.

ESMAX

• 1D: 3.23%
• 1M: -4.10%
• 6M: 6.12%
• YTD: 12.04%
• 1Y: 11.86%
• 3Y*: 13.65%
• 5Y*: 6.97%
• 10Y*: 9.18%
• ALL TIME*: 10.12%

CMIUX

• 1D: 2.56%
• 1M: 2.23%
• 6M: 6.45%
• YTD: 12.43%
• 1Y: 27.14%
• 3Y*: 16.33%
• 5Y*: 10.94%
• 10Y*: —
• ALL TIME*: 11.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	$0.00	$0.00	$0.00
ESMAX Invesco EQV European Small Company Fund	$0.00	$0.00	$0.00

ESMAX vs. CMIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ESMAX Invesco EQV European Small Company Fund	12.04%	22.15%	2.60%	14.26%	-16.30%	24.30%	9.63%	4.83%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	12.43%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%

Correlation

The correlation between ESMAX and CMIUX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.78

The correlation between ESMAX and CMIUX has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

ESMAX vs. CMIUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ESMAX

ESMAX Risk / Return Rank: 18
ESMAX Sharpe Ratio Rank: 15
ESMAX Sortino Ratio Rank: 16
ESMAX Omega Ratio Rank: 16
ESMAX Calmar Ratio Rank: 19
ESMAX Martin Ratio Rank: 22

CMIUX

CMIUX Risk / Return Rank: 67
CMIUX Sharpe Ratio Rank: 70
CMIUX Sortino Ratio Rank: 69
CMIUX Omega Ratio Rank: 67
CMIUX Calmar Ratio Rank: 67
CMIUX Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ESMAX vs. CMIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV European Small Company Fund (ESMAX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). 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.

	ESMAX	CMIUX	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.63	-1.04
Sortino ratio: Return per unit of downside risk	0.96	2.34	-1.38
Omega ratio: Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio: Return relative to maximum drawdown	0.91	2.20	-1.29
Martin ratio: Return relative to average drawdown	3.11	8.13	-5.02

ESMAX vs. CMIUX - Sharpe Ratio Comparison

The current ESMAX Sharpe Ratio is 0.59, which is lower than the CMIUX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of ESMAX and CMIUX, 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

ESMAX vs. CMIUX - Drawdown Comparison

The maximum ESMAX drawdown since its inception was -65.90%, which is greater than CMIUX's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for ESMAX and CMIUX.

Drawdown Indicators

	ESMAX	CMIUX	Difference
Max Drawdown Largest peak-to-trough decline	-65.90%	-36.83%	-29.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-11.76%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-14.30%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-32.92%	-29.49%	-3.43%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	—	—
Current Drawdown Current decline from peak	-6.89%	0.00%	-6.89%
Average Drawdown Average peak-to-trough decline	-13.86%	-5.64%	-8.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	3.18%	+0.48%

Volatility

ESMAX vs. CMIUX - Volatility Comparison

Invesco EQV European Small Company Fund (ESMAX) has a higher volatility of 6.82% compared to Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) at 4.45%. This indicates that ESMAX's price experiences larger fluctuations and is considered to be riskier than CMIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESMAX	CMIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	4.45%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	13.69%	+2.89%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	15.89%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	17.89%	-2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	19.66%	-4.94%

ESMAX vs. CMIUX - Expense Ratio Comparison

ESMAX has a 1.48% expense ratio, which is higher than CMIUX's 0.13% expense ratio.

Dividends

ESMAX vs. CMIUX - Dividend Comparison

ESMAX's dividend yield for the trailing twelve months is around 31.29%, more than CMIUX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.33%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%	0.00%	0.00%	0.00%	0.00%
ESMAX Invesco EQV European Small Company Fund	31.29%	35.06%	9.96%	4.94%	11.28%	3.24%	2.75%	7.01%	6.27%	3.21%	2.07%	5.41%

Frequently Asked Questions

Can I hold both ESMAX and CMIUX in my portfolio?

ESMAX and CMIUX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESMAX or CMIUX?

ESMAX has higher volatility (6.82%) compared to CMIUX (4.45%). In terms of maximum drawdown, ESMAX dropped -65.90% vs CMIUX's -36.83%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.63 vs 0.59), 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.