PSDSX vs. CUTAX

Last updated Jun 4, 2026

PSDSX (Palmer Square Ultra-Short Duration Investment Grade Fund) and CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) are both Ultrashort Bond funds. Over the past 5 years, PSDSX returned 2.65%/yr vs 2.35%/yr for CUTAX. At a 0.20 correlation, their price movements are largely independent. PSDSX charges 0.53%/yr vs 0.15%/yr for CUTAX.

Performance

PSDSX vs. CUTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) 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, PSDSX achieves a 0.86% return, which is significantly lower than CUTAX's 1.44% return.

PSDSX

• 1D: 0.05%
• 1M: 0.40%
• YTD: 0.86%
• 6M: 1.19%
• 1Y: 3.46%
• 3Y*: 3.87%
• 5Y*: 2.65%
• 10Y*: —

CUTAX

• 1D: 0.20%
• 1M: 0.74%
• YTD: 1.44%
• 6M: 1.76%
• 1Y: 3.64%
• 3Y*: 3.88%
• 5Y*: 2.35%
• 10Y*: —

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

PSDSX vs. CUTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PSDSX Palmer Square Ultra-Short Duration Investment Grade Fund	0.86%	3.67%	4.43%	4.69%	-0.28%	0.05%	1.59%	3.00%	0.90%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	1.44%	3.69%	3.74%	3.86%	-0.79%	0.02%	1.79%	0.49%	-0.20%

Correlation

The correlation between PSDSX and CUTAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 10, 2018	0.20

The correlation between PSDSX and CUTAX shifts across timeframes, from 0.13 (3 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSDSX vs. CUTAX — Risk / Return Rank

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

PSDSX

PSDSX Risk / Return Rank: 95
PSDSX Sharpe Ratio Rank: 98
PSDSX Sortino Ratio Rank: 91
PSDSX Omega Ratio Rank: 99
PSDSX Calmar Ratio Rank: 91
PSDSX Martin Ratio Rank: 95

CUTAX

CUTAX Risk / Return Rank: 98
CUTAX Sharpe Ratio Rank: 97
CUTAX Sortino Ratio Rank: 98
CUTAX Omega Ratio Rank: 99
CUTAX Calmar Ratio Rank: 96
CUTAX Martin Ratio Rank: 98

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.

PSDSX vs. CUTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) 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.

	PSDSX	CUTAX	Difference
Sharpe ratio: Return per unit of total volatility	4.00	3.77	+0.24
Sortino ratio: Return per unit of downside risk	4.47	7.41	-2.94
Omega ratio: Gain probability vs. loss probability	4.20	3.01	+1.18
Calmar ratio: Return relative to maximum drawdown	4.90	6.07	-1.16
Martin ratio: Return relative to average drawdown	23.18	38.49	-15.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSDSX vs. CUTAX - Sharpe Ratio Comparison

The current PSDSX Sharpe Ratio is 4.00, which is comparable to the CUTAX Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of PSDSX 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.

Sharpe Ratios by Period

	PSDSX	CUTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.00	3.77	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.01	2.23	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	2.11	1.87	+0.24

Drawdowns

PSDSX vs. CUTAX - Drawdown Comparison

The maximum PSDSX drawdown since its inception was -3.03%, which is greater than CUTAX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for PSDSX and CUTAX.

Drawdown Indicators

	PSDSX	CUTAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.03%	-1.79%	-1.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.80%	-0.61%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-1.29%	-1.01%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-1.52%	-1.73%	+0.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.21%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.10%	+0.06%

Volatility

PSDSX vs. CUTAX - Volatility Comparison

The current volatility for Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) is 0.14%, while Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has a volatility of 0.66%. This indicates that PSDSX 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

	PSDSX	CUTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.66%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	0.83%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.98%	0.98%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.35%	1.06%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.09%	0.95%	+0.14%

PSDSX vs. CUTAX - Expense Ratio Comparison

PSDSX has a 0.53% expense ratio, which is higher than CUTAX's 0.15% expense ratio.

Dividends

PSDSX vs. CUTAX - Dividend Comparison

PSDSX's dividend yield for the trailing twelve months is around 3.54%, more than CUTAX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	3.07%	3.22%	3.47%	2.86%	1.14%	0.52%	1.38%	0.48%	0.00%	0.00%
PSDSX Palmer Square Ultra-Short Duration Investment Grade Fund	3.54%	3.57%	4.06%	3.57%	1.70%	0.50%	1.21%	2.51%	2.18%	1.50%

Frequently Asked Questions

Can I hold both PSDSX and CUTAX in my portfolio?

PSDSX and CUTAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSDSX or CUTAX?

CUTAX has higher volatility (0.66%) compared to PSDSX (0.14%). In terms of maximum drawdown, PSDSX dropped -3.03% vs CUTAX's -1.79%.

Which has better risk-adjusted returns?

PSDSX currently has the higher Sharpe Ratio (4.00 vs 3.77), 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.