AAAAX vs. KHYAX

Last updated Aug 4, 2026

AAAAX (DWS RREEF Real Assets Fund - Class A) and KHYAX (DWS High Income Fund) are both mutual funds - AAAAX is a Diversified Portfolio fund managed by DWS, while KHYAX is a High Yield Bonds fund managed by DWS. Over the past 10 years, AAAAX returned 6.83%/yr vs 4.93%/yr for KHYAX. Their 0.42 correlation means their historical movements had little consistent relationship. AAAAX charges 1.22%/yr vs 0.94%/yr for KHYAX.

Performance

AAAAX vs. KHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS RREEF Real Assets Fund - Class A (AAAAX) and DWS High Income Fund (KHYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAAX achieves a 10.46% return, which is significantly higher than KHYAX's 0.83% return. Over the past 10 years, AAAAX has outperformed KHYAX with an annualized return of 6.83%, while KHYAX has yielded a comparatively lower 4.93% annualized return.

AAAAX

• 1D: -0.59%
• 1M: 2.05%
• 6M: 5.47%
• YTD: 10.46%
• 1Y: 17.17%
• 3Y*: 10.09%
• 5Y*: 5.00%
• 10Y*: 6.83%
• ALL TIME*: 4.51%

KHYAX

• 1D: 0.00%
• 1M: -0.90%
• 6M: 0.29%
• YTD: 0.83%
• 1Y: 4.87%
• 3Y*: 6.96%
• 5Y*: 3.49%
• 10Y*: 4.93%
• ALL TIME*: 5.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAAAX DWS RREEF Real Assets Fund - Class A	$0.00	$0.00	$0.00
KHYAX DWS High Income Fund	$0.00	$0.00	$0.00

AAAAX vs. KHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAAAX DWS RREEF Real Assets Fund - Class A	10.46%	12.82%	5.24%	2.30%	-9.91%	23.45%	3.71%	21.42%	-5.36%	14.67%
KHYAX DWS High Income Fund	0.83%	7.54%	7.02%	11.44%	-9.15%	3.94%	5.95%	14.65%	-2.46%	7.18%

Correlation

The correlation between AAAAX and KHYAX is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.42

Over the past year, the correlation between AAAAX and KHYAX has dropped to 0.22 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

AAAAX vs. KHYAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAAAX

AAAAX Risk / Return Rank: 74
AAAAX Sharpe Ratio Rank: 78
AAAAX Sortino Ratio Rank: 74
AAAAX Omega Ratio Rank: 75
AAAAX Calmar Ratio Rank: 85
AAAAX Martin Ratio Rank: 60

KHYAX

KHYAX Risk / Return Rank: 59
KHYAX Sharpe Ratio Rank: 58
KHYAX Sortino Ratio Rank: 62
KHYAX Omega Ratio Rank: 76
KHYAX Calmar Ratio Rank: 39
KHYAX Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAAAX vs. KHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS RREEF Real Assets Fund - Class A (AAAAX) and DWS High Income Fund (KHYAX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAAAX	KHYAX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.57	+0.33
Sortino ratio: Return per unit of downside risk	2.58	2.33	+0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	3.02	1.74	+1.28
Martin ratio: Return relative to average drawdown	8.24	8.36	-0.11

AAAAX vs. KHYAX - Sharpe Ratio Comparison

The current AAAAX Sharpe Ratio is 1.90, which is comparable to the KHYAX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of AAAAX and KHYAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAAAX vs. KHYAX - Drawdown Comparison

The maximum AAAAX drawdown since its inception was -40.47%, which is greater than KHYAX's maximum drawdown of -31.54%. Use the drawdown chart below to compare losses from any high point for AAAAX and KHYAX.

Drawdown Indicators

	AAAAX	KHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.47%	-31.54%	-8.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-2.68%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	-10.11%	-4.49%	-5.62%
Max Drawdown (5Y) Largest decline over 5 years	-22.62%	-13.22%	-9.40%
Max Drawdown (10Y) Largest decline over 10 years	-29.41%	-22.42%	-6.99%
Current Drawdown Current decline from peak	-2.93%	-1.12%	-1.81%
Average Drawdown Average peak-to-trough decline	-6.82%	-4.39%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	0.56%	+1.57%

Volatility

AAAAX vs. KHYAX - Volatility Comparison

DWS RREEF Real Assets Fund - Class A (AAAAX) has a higher volatility of 2.25% compared to DWS High Income Fund (KHYAX) at 0.84%. This indicates that AAAAX's price experiences larger fluctuations and is considered to be riskier than KHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAAX	KHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	0.84%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	2.46%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	9.32%	2.97%	+6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.05%	4.92%	+7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	5.83%	+6.85%

AAAAX vs. KHYAX - Expense Ratio Comparison

AAAAX has a 1.22% expense ratio, which is higher than KHYAX's 0.94% expense ratio.

Dividends

AAAAX vs. KHYAX - Dividend Comparison

AAAAX's dividend yield for the trailing twelve months is around 5.99%, more than KHYAX's 5.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAAX DWS RREEF Real Assets Fund - Class A	5.99%	3.54%	2.45%	2.08%	4.17%	2.31%	1.33%	1.81%	1.61%	1.52%	1.47%	2.15%
KHYAX DWS High Income Fund	5.51%	5.41%	6.08%	5.70%	5.33%	4.50%	4.47%	4.86%	5.67%	5.24%	5.03%	5.84%

Frequently Asked Questions

Can I hold both AAAAX and KHYAX in my portfolio?

AAAAX and KHYAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAAAX or KHYAX?

AAAAX has higher volatility (2.25%) compared to KHYAX (0.84%). In terms of maximum drawdown, AAAAX dropped -40.47% vs KHYAX's -31.54%.

Which has better risk-adjusted returns?

AAAAX currently has the higher Sharpe Ratio (1.90 vs 1.57), 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.