SEMRX vs. CUSDX

Last updated Jun 5, 2026

SEMRX (Semper Short Duration Fund) and CUSDX (Six Circles Ultra Short Duration Fund) are both Ultrashort Bond funds. Over the past 5 years, SEMRX returned 4.82%/yr vs 3.01%/yr for CUSDX. At a 0.18 correlation, their price movements are largely independent. SEMRX charges 0.85%/yr vs 0.18%/yr for CUSDX.

Performance

SEMRX vs. CUSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Semper Short Duration Fund (SEMRX) 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, SEMRX achieves a 2.15% return, which is significantly higher than CUSDX's 1.42% return.

SEMRX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 2.15%
• 6M: 2.54%
• 1Y: 5.84%
• 3Y*: 7.31%
• 5Y*: 4.82%
• 10Y*: 3.40%

CUSDX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.42%
• 6M: 1.78%
• 1Y: 4.33%
• 3Y*: 4.77%
• 5Y*: 3.01%
• 10Y*: —

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

SEMRX vs. CUSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SEMRX Semper Short Duration Fund	2.15%	6.47%	8.21%	8.76%	-1.69%	1.93%	-1.19%	3.48%	0.99%
CUSDX Six Circles Ultra Short Duration Fund	1.42%	3.64%	5.96%	5.13%	-0.64%	0.04%	2.06%	0.87%	-0.30%

Correlation

The correlation between SEMRX and CUSDX is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 10, 2018	0.18

The correlation between SEMRX and CUSDX shifts across timeframes, from 0.05 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SEMRX vs. CUSDX — Risk / Return Rank

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

SEMRX

SEMRX Risk / Return Rank: 98
SEMRX Sharpe Ratio Rank: 93
SEMRX Sortino Ratio Rank: 99
SEMRX Omega Ratio Rank: 99
SEMRX Calmar Ratio Rank: 99
SEMRX 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.

SEMRX vs. CUSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Semper Short Duration Fund (SEMRX) 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.

	SEMRX	CUSDX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	4.80	-1.61
Sortino ratio: Return per unit of downside risk	10.68	8.49	+2.19
Omega ratio: Gain probability vs. loss probability	3.05	4.02	-0.97
Calmar ratio: Return relative to maximum drawdown	11.44	10.98	+0.46
Martin ratio: Return relative to average drawdown	47.40	57.60	-10.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMRX vs. CUSDX - Sharpe Ratio Comparison

The current SEMRX Sharpe Ratio is 3.19, which is lower than the CUSDX Sharpe Ratio of 4.80. The chart below compares the historical Sharpe Ratios of SEMRX 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.

Sharpe Ratios by Period

	SEMRX	CUSDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	4.80	-1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.64	2.98	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	2.39	-1.13

Drawdowns

SEMRX vs. CUSDX - Drawdown Comparison

The maximum SEMRX drawdown since its inception was -13.09%, which is greater than CUSDX's maximum drawdown of -1.99%. Use the drawdown chart below to compare losses from any high point for SEMRX and CUSDX.

Drawdown Indicators

	SEMRX	CUSDX	Difference
Max Drawdown Largest peak-to-trough decline	-13.09%	-1.99%	-11.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-0.40%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	-0.80%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-4.05%	-1.99%	-2.06%
Max Drawdown (10Y) Largest decline over 10 years	-13.09%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.25%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.08%	+0.05%

Volatility

SEMRX vs. CUSDX - Volatility Comparison

Semper Short Duration Fund (SEMRX) has a higher volatility of 0.48% compared to Six Circles Ultra Short Duration Fund (CUSDX) at 0.23%. This indicates that SEMRX'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

	SEMRX	CUSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.23%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	1.27%	0.54%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	1.87%	0.91%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.83%	1.02%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.31%	0.95%	+1.36%

SEMRX vs. CUSDX - Expense Ratio Comparison

SEMRX has a 0.85% expense ratio, which is higher than CUSDX's 0.18% expense ratio.

Dividends

SEMRX vs. CUSDX - Dividend Comparison

SEMRX's dividend yield for the trailing twelve months is around 5.67%, more than CUSDX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSDX Six Circles Ultra Short Duration Fund	4.15%	3.28%	4.76%	3.25%	1.70%	0.84%	1.63%	0.67%	0.00%	0.00%	0.00%	0.00%
SEMRX Semper Short Duration Fund	5.67%	5.94%	6.13%	6.05%	3.22%	1.71%	1.95%	2.90%	2.70%	2.20%	3.03%	2.35%

Frequently Asked Questions

Can I hold both SEMRX and CUSDX in my portfolio?

SEMRX and CUSDX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEMRX or CUSDX?

SEMRX has higher volatility (0.48%) compared to CUSDX (0.23%). In terms of maximum drawdown, SEMRX dropped -13.09% vs CUSDX's -1.99%.

Which has better risk-adjusted returns?

CUSDX currently has the higher Sharpe Ratio (4.80 vs 3.19), 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.