USIAX vs. CUTAX

Last updated Jun 4, 2026

USIAX (UBS Ultra Short Income Fund) and CUTAX (Six Circles Tax Aware Ultra Short Duration Fund) are both Ultrashort Bond funds. Their correlation of 0.87 suggests significant overlap in exposure. USIAX charges 0.35%/yr vs 0.15%/yr for CUTAX.

Performance

USIAX vs. CUTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS Ultra Short Income Fund (USIAX) and Six Circles Tax Aware Ultra Short Duration Fund (CUTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

USIAX vs. CUTAX - Yearly Performance Comparison

	2026 (YTD)
USIAX UBS Ultra Short Income Fund	0.32%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	0.30%

Correlation

The correlation between USIAX and CUTAX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.87

Return for Risk

USIAX vs. CUTAX — Risk / Return Rank

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

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.

USIAX vs. CUTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS Ultra Short Income Fund (USIAX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	USIAX	CUTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.77	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.88	1.87	+11.01

Drawdowns

USIAX vs. CUTAX - Drawdown Comparison

The maximum USIAX drawdown since its inception was 0.00%, smaller than the maximum CUTAX drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for USIAX and CUTAX.

Drawdown Indicators

	USIAX	CUTAX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-1.79%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.61%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.73%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.21%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	USIAX	CUTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	0.98%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.98%	1.06%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.98%	0.95%	+2.03%

USIAX vs. CUTAX - Expense Ratio Comparison

USIAX has a 0.35% expense ratio, which is higher than CUTAX's 0.15% expense ratio.

Dividends

USIAX vs. CUTAX - Dividend Comparison

USIAX's dividend yield for the trailing twelve months is around 0.32%, less than CUTAX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USIAX and CUTAX in my portfolio?

USIAX and CUTAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.