MAEFX vs. CMIUX

Last updated Aug 1, 2026

MAEFX (BlackRock EuroFund Fund) and CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) are both Europe Equities funds. Over the past 5 years, MAEFX returned 4.97%/yr vs 10.94%/yr for CMIUX. Their correlation of 0.90 means they have usually moved in the same direction. MAEFX charges 1.10%/yr vs 0.13%/yr for CMIUX.

Performance

MAEFX vs. CMIUX - Performance Comparison

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

Returns By Period

In the year-to-date period, MAEFX achieves a 5.39% return, which is significantly lower than CMIUX's 12.43% return.

MAEFX

• 1D: 4.52%
• 1M: -4.12%
• 6M: 0.21%
• YTD: 5.39%
• 1Y: 10.76%
• 3Y*: 10.64%
• 5Y*: 4.97%
• 10Y*: 7.83%
• ALL TIME*: 7.50%

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
MAEFX BlackRock EuroFund Fund	$0.00	$0.00	$0.00

MAEFX vs. CMIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MAEFX BlackRock EuroFund Fund	5.39%	20.07%	7.21%	20.70%	-23.85%	19.53%	19.34%	8.28%
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 MAEFX and CMIUX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.90

The correlation between MAEFX and CMIUX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

MAEFX vs. CMIUX — Risk / Return Rank

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

MAEFX

MAEFX Risk / Return Rank: 9
MAEFX Sharpe Ratio Rank: 9
MAEFX Sortino Ratio Rank: 10
MAEFX Omega Ratio Rank: 9
MAEFX Calmar Ratio Rank: 9
MAEFX Martin Ratio Rank: 10

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.

MAEFX vs. CMIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock EuroFund Fund (MAEFX) 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.

	MAEFX	CMIUX	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.63	-1.30
Sortino ratio: Return per unit of downside risk	0.65	2.34	-1.69
Omega ratio: Gain probability vs. loss probability	1.08	1.29	-0.22
Calmar ratio: Return relative to maximum drawdown	0.45	2.20	-1.76
Martin ratio: Return relative to average drawdown	1.43	8.13	-6.70

MAEFX vs. CMIUX - Sharpe Ratio Comparison

The current MAEFX Sharpe Ratio is 0.33, which is lower than the CMIUX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of MAEFX 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

MAEFX vs. CMIUX - Drawdown Comparison

The maximum MAEFX drawdown since its inception was -62.58%, which is greater than CMIUX's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for MAEFX and CMIUX.

Drawdown Indicators

	MAEFX	CMIUX	Difference
Max Drawdown Largest peak-to-trough decline	-62.58%	-36.83%	-25.75%
Max Drawdown (1Y) Largest decline over 1 year	-17.14%	-11.76%	-5.38%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-14.30%	-5.70%
Max Drawdown (5Y) Largest decline over 5 years	-40.47%	-29.49%	-10.98%
Max Drawdown (10Y) Largest decline over 10 years	-40.51%	—	—
Current Drawdown Current decline from peak	-6.39%	0.00%	-6.39%
Average Drawdown Average peak-to-trough decline	-11.60%	-5.64%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	3.18%	+2.15%

Volatility

MAEFX vs. CMIUX - Volatility Comparison

BlackRock EuroFund Fund (MAEFX) has a higher volatility of 7.92% compared to Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) at 4.45%. This indicates that MAEFX'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

	MAEFX	CMIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	4.45%	+3.47%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	13.69%	+6.48%
Volatility (1Y) Calculated over the trailing 1-year period	22.83%	15.89%	+6.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	17.89%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	19.66%	+1.72%

MAEFX vs. CMIUX - Expense Ratio Comparison

MAEFX has a 1.10% expense ratio, which is higher than CMIUX's 0.13% expense ratio.

Dividends

MAEFX vs. CMIUX - Dividend Comparison

MAEFX's dividend yield for the trailing twelve months is around 12.03%, 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%
MAEFX BlackRock EuroFund Fund	12.03%	11.58%	1.29%	1.24%	0.76%	0.00%	0.00%	0.45%	2.81%	1.19%	2.32%	1.64%

Frequently Asked Questions

Can I hold both MAEFX and CMIUX in my portfolio?

With a correlation of 0.90, MAEFX and CMIUX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MAEFX or CMIUX?

MAEFX has higher volatility (7.92%) compared to CMIUX (4.45%). In terms of maximum drawdown, MAEFX dropped -62.58% vs CMIUX's -36.83%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.63 vs 0.33), 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.