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UGSDX vs. CUTAX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

UGSDX vs. CUTAX

Last updated Apr 2, 2026

Compare and contrast key facts about U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and Six Circles Tax Aware Ultra Short Duration Fund (CUTAX).

UGSDX is managed by US Global. It was launched on Dec 2, 2013. CUTAX is managed by Six Circles. It was launched on Jul 8, 2018.

Performance

UGSDX vs. CUTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and Six Circles Tax Aware Ultra Short Duration Fund (CUTAX). The values are adjusted to include any dividend payments, if applicable.

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UGSDX vs. CUTAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
UGSDX
U.S. Global Investors U.S. Government Ultra-Short Bond Fund		0.53%3.93%4.31%4.15%-1.66%-0.44%0.32%1.49%0.65%
CUTAX
Six Circles Tax Aware Ultra Short Duration Fund		0.18%3.69%3.74%3.86%-0.79%0.02%1.79%0.49%-0.20%

Returns By Period

In the year-to-date period, UGSDX achieves a 0.53% return, which is significantly higher than CUTAX's 0.18% return.

UGSDX

1D
0.00%
1M
0.00%
YTD
0.53%
6M
1.42%
1Y
3.41%
3Y*
3.87%
5Y*
2.14%
10Y*
1.50%

CUTAX

1D
0.00%
1M
-0.40%
YTD
0.18%
6M
0.93%
1Y
2.94%
3Y*
3.50%
5Y*
2.08%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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U.S. Global Investors U.S. Government Ultra-Short Bond Fund

Six Circles Tax Aware Ultra Short Duration Fund

Often compared with UGSDX:
UGSDX vs. ^GSPCUGSDX vs. BINCUGSDX vs. USLUXUGSDX vs. PIASXUGSDX vs. FAPDXUGSDX vs. NUSIXUGSDX vs. SADIX
Often compared with CUTAX:
CUTAX vs. CGJIXCUTAX vs. CBTAXCUTAX vs. PRTBXCUTAX vs. SADIXCUTAX vs. CUSDXCUTAX vs. BBBIXCUTAX vs. TSDOX

UGSDX vs. CUTAX - Expense Ratio Comparison

UGSDX has a 1.06% expense ratio, which is higher than CUTAX's 0.15% expense ratio.

UGSDX
U.S. Global Investors U.S. Government Ultra-Short Bond Fund
CUTAX
Six Circles Tax Aware Ultra Short Duration Fund

Return for Risk

UGSDX vs. CUTAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UGSDX
CUTAX
CUTAX Risk / Return Rank: 9999
Overall Rank
CUTAX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CUTAX Sortino Ratio Rank: 9999
Sortino Ratio Rank
CUTAX Omega Ratio Rank: 9999
Omega Ratio Rank
CUTAX Calmar Ratio Rank: 9999
Calmar Ratio Rank
CUTAX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

UGSDX vs. CUTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) 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.

UGSDXCUTAXDifference

Sharpe ratio

Return per unit of total volatility

3.44

3.33

+0.11

Sortino ratio

Return per unit of downside risk

—

5.65

—

Omega ratio

Gain probability vs. loss probability

—

2.40

—

Calmar ratio

Return relative to maximum drawdown

—

7.51

—

Martin ratio

Return relative to average drawdown

—

37.23

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGSDX vs. CUTAX - Sharpe Ratio Comparison

The current UGSDX Sharpe Ratio is 3.44, which is comparable to the CUTAX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of UGSDX and CUTAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

UGSDXCUTAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.44

3.33

+0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.20

2.04

-0.84

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

1.77

-1.04

Correlation

The correlation between UGSDX and CUTAX is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UGSDX vs. CUTAX - Dividend Comparison

UGSDX's dividend yield for the trailing twelve months is around 3.35%, more than CUTAX's 2.91% yield.

TTM20252024202320222021202020192018201720162015
UGSDX
U.S. Global Investors U.S. Government Ultra-Short Bond Fund		3.35%3.85%4.23%3.55%0.87%0.06%0.32%1.48%1.17%1.48%0.44%0.44%
CUTAX
Six Circles Tax Aware Ultra Short Duration Fund		2.91%3.22%3.47%2.86%1.14%0.52%1.38%0.48%0.00%0.00%0.00%0.00%

Drawdowns

UGSDX vs. CUTAX - Drawdown Comparison

The maximum UGSDX drawdown since its inception was -2.83%, which is greater than CUTAX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for UGSDX and CUTAX.

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Drawdown Indicators

UGSDXCUTAXDifference

Max Drawdown

Largest peak-to-trough decline

-2.83%

-1.79%

-1.04%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-0.40%

+0.40%

Max Drawdown (5Y)

Largest decline over 5 years

-2.83%

-1.79%

-1.04%

Max Drawdown (10Y)

Largest decline over 10 years

-2.83%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.40%

+0.40%

Average Drawdown

Average peak-to-trough decline

-0.30%

-0.22%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

0.08%

-0.08%

Volatility

UGSDX vs. CUTAX - Volatility Comparison

The current volatility for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) is 0.00%, while Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has a volatility of 0.38%. This indicates that UGSDX 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.

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Volatility by Period

UGSDXCUTAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

0.38%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

0.69%

0.63%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

1.05%

0.89%

+0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.78%

1.03%

+0.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.55%

0.93%

+0.62%