VEUPX vs. CMIUX

Last updated Jun 4, 2026

VEUPX (Vanguard European Stock Index Fund Institutional Plus Shares) and CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) are both Europe Equities funds. Over the past 5 years, VEUPX returned 8.72%/yr vs 10.17%/yr for CMIUX. With a 0.96 correlation, they move nearly in lockstep. VEUPX charges 0.07%/yr vs 0.13%/yr for CMIUX.

Performance

VEUPX vs. CMIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEUPX achieves a 7.09% return, which is significantly lower than CMIUX's 8.79% return.

VEUPX

• 1D: 0.41%
• 1M: 3.96%
• YTD: 7.09%
• 6M: 10.14%
• 1Y: 19.65%
• 3Y*: 16.90%
• 5Y*: 8.72%
• 10Y*: 9.41%

CMIUX

• 1D: 0.33%
• 1M: 3.94%
• YTD: 8.79%
• 6M: 12.09%
• 1Y: 21.97%
• 3Y*: 16.65%
• 5Y*: 10.17%
• 10Y*: —

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

VEUPX vs. CMIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEUPX Vanguard European Stock Index Fund Institutional Plus Shares	7.09%	35.46%	2.04%	20.01%	-16.03%	16.31%	6.46%	8.43%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	8.79%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%

Correlation

The correlation between VEUPX and CMIUX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.96

The correlation between VEUPX and CMIUX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

VEUPX vs. CMIUX — Risk / Return Rank

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

VEUPX

VEUPX Risk / Return Rank: 19
VEUPX Sharpe Ratio Rank: 19
VEUPX Sortino Ratio Rank: 18
VEUPX Omega Ratio Rank: 18
VEUPX Calmar Ratio Rank: 19
VEUPX Martin Ratio Rank: 23

CMIUX

CMIUX Risk / Return Rank: 24
CMIUX Sharpe Ratio Rank: 24
CMIUX Sortino Ratio Rank: 23
CMIUX Omega Ratio Rank: 23
CMIUX Calmar Ratio Rank: 24
CMIUX Martin Ratio Rank: 28

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.

VEUPX vs. CMIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). 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.

	VEUPX	CMIUX	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.40	-0.16
Sortino ratio Return per unit of downside risk	1.80	2.01	-0.21
Omega ratio Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio Return relative to maximum drawdown	1.57	1.81	-0.24
Martin ratio Return relative to average drawdown	5.81	6.67	-0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEUPX vs. CMIUX - Sharpe Ratio Comparison

The current VEUPX Sharpe Ratio is 1.24, which is comparable to the CMIUX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of VEUPX and CMIUX, 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

	VEUPX	CMIUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.40	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.57	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.57	-0.18

Drawdowns

VEUPX vs. CMIUX - Drawdown Comparison

The maximum VEUPX drawdown since its inception was -36.83%, roughly equal to the maximum CMIUX drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for VEUPX and CMIUX.

Drawdown Indicators

	VEUPX	CMIUX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-36.83%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-11.76%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-14.30%	+0.34%
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	-29.49%	-3.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	—	—
Current Drawdown Current decline from peak	-1.14%	-1.36%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.38%	-5.73%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.18%	+0.05%

Volatility

VEUPX vs. CMIUX - Volatility Comparison

Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) have volatilities of 5.48% and 5.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEUPX	CMIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	5.32%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	12.80%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	15.28%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	17.84%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	19.73%	-1.49%

VEUPX vs. CMIUX - Expense Ratio Comparison

VEUPX has a 0.07% expense ratio, which is lower than CMIUX's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VEUPX vs. CMIUX - Dividend Comparison

VEUPX's dividend yield for the trailing twelve months is around 2.79%, more than CMIUX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.41%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%	0.00%	0.00%	0.00%	0.00%
VEUPX Vanguard European Stock Index Fund Institutional Plus Shares	2.79%	2.87%	3.61%	3.15%	3.26%	3.05%	2.11%	3.29%	3.96%	2.73%	3.54%	3.29%

Frequently Asked Questions

Can I hold both VEUPX and CMIUX in my portfolio?

With a correlation of 0.98, VEUPX and CMIUX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VEUPX or CMIUX?

VEUPX has higher volatility (5.48%) compared to CMIUX (5.32%). In terms of maximum drawdown, VEUPX dropped -36.83% vs CMIUX's -36.83%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.40 vs 1.24), 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.