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DWS Massachusetts Tax Free Fund (SCMAX)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

DWS Massachusetts Tax Free Fund (SCMAX)

Mutual Fund · Currency in USD · Last updated May 30, 2025

The investment seeks income that is exempt from Massachusetts personal and federal income taxes. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in Massachusetts municipal securities. For purposes of this 80% requirement, Massachusetts municipal securities are securities whose income is exempt from regular federal and Massachusetts state income taxes. The fund is non-diversified.

Fund Info

ISIN

US25158X8561

Issuer

DWS

Inception Date

May 27, 1987

Category

Municipal Bonds

Min. Investment

$2,500

Asset Class

Bond

Expense Ratio

SCMAX has an expense ratio of 0.61%, placing it in the medium range.

Share Price Chart

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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

DWS Massachusetts Tax Free Fund

Performance

Performance Chart

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S&P 500

Returns By Period

DWS Massachusetts Tax Free Fund (SCMAX) returned -1.37% year-to-date (YTD) and 2.78% over the past 12 months. Over the past 10 years, SCMAX returned 1.97% annually, underperforming the S&P 500 benchmark at 10.84%.

SCMAX

YTD

-1.37%

1M

0.02%

6M

-2.00%

1Y

2.78%

3Y*

2.12%

5Y*

0.56%

10Y*

1.97%

^GSPC (Benchmark)

YTD

0.52%

1M

6.32%

6M

-1.44%

1Y

12.25%

3Y*

12.45%

5Y*

14.20%

10Y*

10.84%

*Annualized

Monthly Returns

The table below presents the monthly returns of SCMAX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20250.34%0.94%-1.35%-0.75%-0.55%-1.37%
2024-0.22%0.09%0.30%-1.20%0.19%1.71%0.78%0.85%0.93%-1.00%1.62%-1.03%3.00%
20233.17%-2.40%1.93%-0.15%-0.55%0.85%0.22%-1.00%-2.64%-1.20%5.77%2.63%6.49%
2022-2.74%-0.57%-3.05%-3.44%1.46%-2.03%3.11%-2.46%-4.35%-1.12%5.42%-0.16%-9.91%
20210.45%-1.81%0.59%1.07%0.38%0.18%0.77%-0.37%-0.83%-0.10%0.86%0.10%1.26%
20202.12%1.42%-3.94%-1.54%3.30%0.82%1.63%-0.56%0.05%-0.22%1.67%0.77%5.45%
20190.55%0.61%1.66%0.46%1.43%0.34%0.73%1.82%-0.80%0.02%0.05%0.28%7.35%
2018-1.28%-0.44%0.39%-0.45%0.97%0.07%0.03%0.12%-0.62%-0.76%1.07%1.32%0.37%
20170.35%0.63%0.30%0.61%1.47%0.03%0.59%0.67%-0.44%0.11%-0.37%1.17%5.22%
20160.96%0.09%0.36%0.83%0.27%1.28%-0.13%0.15%-0.57%-1.01%-3.48%1.03%-0.32%
20151.73%-1.03%0.24%-0.55%-0.22%-0.17%0.75%0.29%0.52%0.32%0.35%1.07%3.32%
20142.52%1.48%0.14%1.39%1.58%-0.54%0.27%1.56%0.12%0.65%-0.05%0.65%10.17%
Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of SCMAX is 37, indicating average performance compared to other mutual funds on our website. Here’s a breakdown of how it compares using common performance measures.

The Risk-Adjusted Performance Rank of SCMAX is 3737
Overall Rank
The Sharpe Ratio Rank of SCMAX is 4040
Sharpe Ratio Rank
The Sortino Ratio Rank of SCMAX is 3131
Sortino Ratio Rank
The Omega Ratio Rank of SCMAX is 3838
Omega Ratio Rank
The Calmar Ratio Rank of SCMAX is 4040
Calmar Ratio Rank
The Martin Ratio Rank of SCMAX is 3939
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for DWS Massachusetts Tax Free Fund (SCMAX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

DWS Massachusetts Tax Free Fund Sharpe ratios as of May 30, 2025 (values are recalculated daily):

  • 1-Year: 0.56
  • 5-Year: 0.15
  • 10-Year: 0.50
  • All Time: 1.30

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

The chart below shows the rolling Sharpe ratio of DWS Massachusetts Tax Free Fund compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

Dividend History

DWS Massachusetts Tax Free Fund provided a 4.50% dividend yield over the last twelve months, with an annual payout of $0.57 per share.

2.00%2.50%3.00%3.50%4.00%$0.00$0.10$0.20$0.30$0.40$0.50$0.6020142015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM20242023202220212020201920182017201620152014
Dividend$0.57$0.57$0.42$0.42$0.31$0.45$0.40$0.47$0.52$0.46$0.59$0.58

Dividend yield

4.50%4.33%3.15%3.25%2.13%3.02%2.78%3.34%3.60%3.25%4.00%3.92%

Monthly Dividends

The table displays the monthly dividend distributions for DWS Massachusetts Tax Free Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.06$0.03$0.06$0.03$0.00$0.19
2024$0.03$0.03$0.06$0.03$0.06$0.06$0.03$0.03$0.03$0.07$0.06$0.06$0.57
2023$0.03$0.03$0.03$0.03$0.06$0.03$0.03$0.03$0.03$0.03$0.03$0.06$0.42
2022$0.03$0.03$0.03$0.03$0.05$0.03$0.03$0.03$0.03$0.03$0.06$0.06$0.42
2021$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.31
2020$0.06$0.03$0.03$0.03$0.06$0.03$0.03$0.03$0.03$0.03$0.05$0.05$0.45
2019$0.04$0.04$0.03$0.04$0.03$0.04$0.04$0.03$0.03$0.03$0.03$0.03$0.40
2018$0.04$0.04$0.04$0.04$0.04$0.07$0.03$0.04$0.03$0.04$0.04$0.04$0.47
2017$0.04$0.04$0.04$0.04$0.04$0.10$0.04$0.04$0.04$0.04$0.04$0.04$0.52
2016$0.04$0.04$0.04$0.04$0.04$0.00$0.04$0.04$0.05$0.04$0.04$0.04$0.46
2015$0.05$0.05$0.05$0.05$0.04$0.05$0.05$0.04$0.05$0.05$0.04$0.10$0.59
2014$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.05$0.04$0.05$0.58

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the DWS Massachusetts Tax Free Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the DWS Massachusetts Tax Free Fund was 15.11%, occurring on Oct 25, 2022. The portfolio has not yet recovered.

The current DWS Massachusetts Tax Free Fund drawdown is 2.87%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-15.11%Aug 6, 2021308Oct 25, 2022———
-12.95%Sep 12, 200825Oct 16, 200875Feb 4, 2009100
-12.07%Feb 1, 1994210Nov 21, 1994103Apr 13, 1995313
-11.41%Mar 10, 20209Mar 20, 202097Aug 7, 2020106
-9.98%Dec 5, 2012189Sep 5, 2013184May 30, 2014373
Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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