FGUSX vs. CUTAX

Last updated Jun 25, 2026

FGUSX (Federated Hermes Government Ultrashort Fund) and CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) are both Ultrashort Bond funds. Over the past 3 years, FGUSX returned 4.67%/yr vs 3.84%/yr for CUTAX. At a 0.04 correlation, their price movements are largely independent. FGUSX charges 0.26%/yr vs 0.15%/yr for CUTAX.

Performance

FGUSX vs. CUTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Government Ultrashort Fund (FGUSX) and Six Circles Tax Aware Ultra Short Duration Fund (CUTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGUSX achieves a 1.49% return, which is significantly lower than CUTAX's 1.64% return.

FGUSX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.49%
• 6M: 1.97%
• 1Y: 4.69%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

CUTAX

• 1D: 0.00%
• 1M: 1.25%
• YTD: 1.64%
• 6M: 1.76%
• 1Y: 3.54%
• 3Y*: 3.84%
• 5Y*: 2.41%
• 10Y*: —

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

FGUSX vs. CUTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGUSX Federated Hermes Government Ultrashort Fund	1.49%	5.22%	4.67%	4.61%	0.33%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	1.64%	3.69%	3.74%	3.86%	0.04%

Correlation

The correlation between FGUSX and CUTAX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 27, 2022	0.04

Return for Risk

FGUSX vs. CUTAX — Risk / Return Rank

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

FGUSX

FGUSX Risk / Return Rank: 99
FGUSX Sharpe Ratio Rank: 97
FGUSX Sortino Ratio Rank: 99
FGUSX Omega Ratio Rank: 99
FGUSX Calmar Ratio Rank: 99
FGUSX Martin Ratio Rank: 99

CUTAX

CUTAX Risk / Return Rank: 98
CUTAX Sharpe Ratio Rank: 98
CUTAX Sortino Ratio Rank: 98
CUTAX Omega Ratio Rank: 99
CUTAX Calmar Ratio Rank: 96
CUTAX 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.

FGUSX vs. CUTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Government Ultrashort Fund (FGUSX) and Six Circles Tax Aware Ultra Short Duration Fund (CUTAX). 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.

	FGUSX	CUTAX	Difference
Sharpe ratio: Return per unit of total volatility	3.28	3.56	-0.28
Sortino ratio: Return per unit of downside risk	9.88	6.77	+3.11
Omega ratio: Gain probability vs. loss probability	3.15	2.67	+0.48
Calmar ratio: Return relative to maximum drawdown	15.48	5.89	+9.59
Martin ratio: Return relative to average drawdown	59.60	36.89	+22.71

FGUSX vs. CUTAX - Sharpe Ratio Comparison

The current FGUSX Sharpe Ratio is 3.28, which is comparable to the CUTAX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of FGUSX and CUTAX, 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

FGUSX vs. CUTAX - Drawdown Comparison

The maximum FGUSX drawdown since its inception was -0.31%, smaller than the maximum CUTAX drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for FGUSX and CUTAX.

Drawdown Indicators

	FGUSX	CUTAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.31%	-1.79%	+1.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.61%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-0.31%	-1.01%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.73%	—
Current Drawdown Current decline from peak	-0.10%	-0.10%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.21%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.10%	-0.02%

Volatility

FGUSX vs. CUTAX - Volatility Comparison

The current volatility for Federated Hermes Government Ultrashort Fund (FGUSX) is 0.39%, while Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has a volatility of 0.58%. This indicates that FGUSX experiences smaller price fluctuations and is considered to be less risky than CUTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGUSX	CUTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.58%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	0.84%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	1.01%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.56%	1.07%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.56%	0.95%	+0.61%

FGUSX vs. CUTAX - Expense Ratio Comparison

FGUSX has a 0.26% expense ratio, which is higher than CUTAX's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FGUSX vs. CUTAX - Dividend Comparison

FGUSX's dividend yield for the trailing twelve months is around 4.37%, more than CUTAX's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
FGUSX Federated Hermes Government Ultrashort Fund	4.37%	4.66%	4.56%	4.70%	0.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGUSX and CUTAX in my portfolio?

FGUSX and CUTAX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGUSX or CUTAX?

CUTAX has higher volatility (0.58%) compared to FGUSX (0.39%). In terms of maximum drawdown, FGUSX dropped -0.31% vs CUTAX's -1.79%.

Which has better risk-adjusted returns?

CUTAX currently has the higher Sharpe Ratio (3.56 vs 3.28), 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.