NUSFX vs. CUSDX

Last updated Jun 25, 2026

NUSFX (Northern Ultra-Short Fixed Income Fund) and CUSDX (Six Circles Ultra Short Duration Fund) are both Ultrashort Bond funds. Over the past 5 years, NUSFX returned 2.74%/yr vs 3.08%/yr for CUSDX. At a 0.27 correlation, their price movements are largely independent. NUSFX charges 0.28%/yr vs 0.18%/yr for CUSDX.

Performance

NUSFX vs. CUSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Ultra-Short Fixed Income Fund (NUSFX) and Six Circles Ultra Short Duration Fund (CUSDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUSFX achieves a 1.14% return, which is significantly lower than CUSDX's 1.63% return.

NUSFX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.14%
• 6M: 1.14%
• 1Y: 3.73%
• 3Y*: 4.42%
• 5Y*: 2.74%
• 10Y*: 2.31%

CUSDX

• 1D: 0.10%
• 1M: 0.30%
• YTD: 1.63%
• 6M: 1.78%
• 1Y: 4.23%
• 3Y*: 4.73%
• 5Y*: 3.08%
• 10Y*: —

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

NUSFX vs. CUSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NUSFX Northern Ultra-Short Fixed Income Fund	1.14%	4.27%	5.22%	5.21%	-1.59%	-0.17%	2.34%	3.68%	0.94%
CUSDX Six Circles Ultra Short Duration Fund	1.63%	3.64%	5.96%	5.13%	-0.64%	0.04%	2.06%	0.87%	-0.30%

Correlation

The correlation between NUSFX and CUSDX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 9, 2018	0.27

The correlation between NUSFX and CUSDX shifts across timeframes, from 0.11 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NUSFX vs. CUSDX — Risk / Return Rank

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

NUSFX

NUSFX Risk / Return Rank: 98
NUSFX Sharpe Ratio Rank: 96
NUSFX Sortino Ratio Rank: 99
NUSFX Omega Ratio Rank: 99
NUSFX Calmar Ratio Rank: 99
NUSFX Martin Ratio Rank: 99

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.

NUSFX vs. CUSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Ultra-Short Fixed Income Fund (NUSFX) 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.

	NUSFX	CUSDX	Difference
Sharpe ratio: Return per unit of total volatility	3.07	4.65	-1.58
Sortino ratio: Return per unit of downside risk	10.32	8.13	+2.19
Omega ratio: Gain probability vs. loss probability	3.49	3.75	-0.26
Calmar ratio: Return relative to maximum drawdown	10.91	10.71	+0.20
Martin ratio: Return relative to average drawdown	39.70	55.64	-15.94

NUSFX vs. CUSDX - Sharpe Ratio Comparison

The current NUSFX Sharpe Ratio is 3.07, which is lower than the CUSDX Sharpe Ratio of 4.65. The chart below compares the historical Sharpe Ratios of NUSFX 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

NUSFX vs. CUSDX - Drawdown Comparison

The maximum NUSFX drawdown since its inception was -3.88%, which is greater than CUSDX's maximum drawdown of -1.99%. Use the drawdown chart below to compare losses from any high point for NUSFX and CUSDX.

Drawdown Indicators

	NUSFX	CUSDX	Difference
Max Drawdown Largest peak-to-trough decline	-3.88%	-1.99%	-1.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.40%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.87%	-0.80%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-3.35%	-1.99%	-1.36%
Max Drawdown (10Y) Largest decline over 10 years	-3.88%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.25%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.08%	+0.03%

Volatility

NUSFX vs. CUSDX - Volatility Comparison

Northern Ultra-Short Fixed Income Fund (NUSFX) has a higher volatility of 0.50% compared to Six Circles Ultra Short Duration Fund (CUSDX) at 0.23%. This indicates that NUSFX'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

	NUSFX	CUSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.23%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	0.55%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	0.92%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.02%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	0.95%	+0.27%

NUSFX vs. CUSDX - Expense Ratio Comparison

NUSFX has a 0.28% expense ratio, which is higher than CUSDX's 0.18% expense ratio.

Dividends

NUSFX vs. CUSDX - Dividend Comparison

NUSFX's dividend yield for the trailing twelve months is around 3.76%, less than CUSDX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSDX Six Circles Ultra Short Duration Fund	4.14%	3.28%	4.76%	3.25%	1.70%	0.84%	1.63%	0.67%	0.00%	0.00%	0.00%	0.00%
NUSFX Northern Ultra-Short Fixed Income Fund	3.76%	3.78%	4.09%	2.86%	0.97%	0.71%	1.52%	2.42%	2.09%	1.42%	1.07%	0.85%

Frequently Asked Questions

Can I hold both NUSFX and CUSDX in my portfolio?

NUSFX and CUSDX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSFX or CUSDX?

NUSFX has higher volatility (0.50%) compared to CUSDX (0.23%). In terms of maximum drawdown, NUSFX dropped -3.88% vs CUSDX's -1.99%.

Which has better risk-adjusted returns?

CUSDX currently has the higher Sharpe Ratio (4.65 vs 3.07), 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.