PSYPX vs. CUTAX

Last updated Aug 1, 2026

PSYPX (Palmer Square Income Plus Fund) and CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) are both Ultrashort Bond funds. Over the past 5 years, PSYPX returned 3.42%/yr vs 2.18%/yr for CUTAX. Their 0.16 correlation means their historical movements had little consistent relationship. PSYPX charges 0.75%/yr vs 0.15%/yr for CUTAX.

Performance

PSYPX vs. CUTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palmer Square Income Plus Fund (PSYPX) 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, PSYPX achieves a 1.18% return, which is significantly higher than CUTAX's 0.60% return.

PSYPX

• 1D: 0.00%
• 1M: 0.20%
• 6M: 0.78%
• YTD: 1.18%
• 1Y: 3.16%
• 3Y*: 4.83%
• 5Y*: 3.42%
• 10Y*: 3.56%
• ALL TIME*: 3.18%

CUTAX

• 1D: -0.13%
• 1M: -1.33%
• 6M: 0.26%
• YTD: 0.60%
• 1Y: 1.92%
• 3Y*: 3.38%
• 5Y*: 2.18%
• 10Y*: —
• ALL TIME*: 1.62%

*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)
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	$0.00	$0.00	$0.00
PSYPX Palmer Square Income Plus Fund	$0.00	$0.00	$0.00

PSYPX vs. CUTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PSYPX Palmer Square Income Plus Fund	1.18%	3.88%	5.40%	7.40%	-0.77%	1.17%	3.65%	5.29%	-0.09%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	0.60%	3.69%	3.74%	3.86%	-0.79%	0.02%	1.79%	0.49%	-0.20%

Correlation

The correlation between PSYPX and CUTAX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.18
Correlation (All Time) Calculated using the full available price history since Jul 9, 2018	0.16

The correlation between PSYPX and CUTAX shifts across timeframes, from 0.16 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSYPX vs. CUTAX — Risk / Return Rank

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

PSYPX

PSYPX Risk / Return Rank: 89
PSYPX Sharpe Ratio Rank: 95
PSYPX Sortino Ratio Rank: 83
PSYPX Omega Ratio Rank: 99
PSYPX Calmar Ratio Rank: 80
PSYPX Martin Ratio Rank: 89

CUTAX

CUTAX Risk / Return Rank: 63
CUTAX Sharpe Ratio Rank: 67
CUTAX Sortino Ratio Rank: 67
CUTAX Omega Ratio Rank: 91
CUTAX Calmar Ratio Rank: 28
CUTAX Martin Ratio Rank: 60

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.

PSYPX vs. CUTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palmer Square Income Plus Fund (PSYPX) 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.

	PSYPX	CUTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.59	+0.98
Sortino ratio: Return per unit of downside risk	3.00	2.29	+0.70
Omega ratio: Gain probability vs. loss probability	2.34	1.50	+0.84
Calmar ratio: Return relative to maximum drawdown	2.68	1.27	+1.41
Martin ratio: Return relative to average drawdown	12.24	7.82	+4.42

PSYPX vs. CUTAX - Sharpe Ratio Comparison

The current PSYPX Sharpe Ratio is 2.57, which is higher than the CUTAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PSYPX 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

PSYPX vs. CUTAX - Drawdown Comparison

The maximum PSYPX drawdown since its inception was -11.43%, which is greater than CUTAX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for PSYPX and CUTAX.

Drawdown Indicators

	PSYPX	CUTAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.43%	-1.79%	-9.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.38%	-1.60%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-1.77%	-1.60%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-3.15%	-1.73%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-11.43%	—	—
Current Drawdown Current decline from peak	0.00%	-1.33%	+1.33%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.22%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.26%	+0.02%

Volatility

PSYPX vs. CUTAX - Volatility Comparison

The current volatility for Palmer Square Income Plus Fund (PSYPX) is 0.22%, while Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has a volatility of 0.74%. This indicates that PSYPX 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

	PSYPX	CUTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.74%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	1.16%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	1.28%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.84%	1.12%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.03%	0.98%	+1.05%

PSYPX vs. CUTAX - Expense Ratio Comparison

PSYPX has a 0.75% expense ratio, which is higher than CUTAX's 0.15% expense ratio.

Dividends

PSYPX vs. CUTAX - Dividend Comparison

PSYPX's dividend yield for the trailing twelve months is around 3.42%, more than CUTAX's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	3.05%	3.22%	3.47%	2.86%	1.14%	0.52%	1.38%	0.48%	0.00%	0.00%	0.00%	0.00%
PSYPX Palmer Square Income Plus Fund	3.42%	3.33%	4.16%	4.05%	3.23%	1.27%	2.08%	3.11%	2.84%	2.53%	4.26%	3.25%

Frequently Asked Questions

Can I hold both PSYPX and CUTAX in my portfolio?

PSYPX and CUTAX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSYPX or CUTAX?

CUTAX has higher volatility (0.74%) compared to PSYPX (0.22%). In terms of maximum drawdown, PSYPX dropped -11.43% vs CUTAX's -1.79%.

Which has better risk-adjusted returns?

PSYPX currently has the higher Sharpe Ratio (2.57 vs 1.59), 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.