AAAAX vs. VTMFX

Last updated Jun 23, 2026

AAAAX (DWS RREEF Real Assets Fund - Class A) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, AAAAX returned 6.87%/yr vs 8.63%/yr for VTMFX. A 0.73 correlation means they provide meaningful diversification when combined. AAAAX charges 1.22%/yr vs 0.05%/yr for VTMFX.

Performance

AAAAX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS RREEF Real Assets Fund - Class A (AAAAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAAX achieves a 8.20% return, which is significantly higher than VTMFX's 5.44% return. Over the past 10 years, AAAAX has underperformed VTMFX with an annualized return of 6.87%, while VTMFX has yielded a comparatively higher 8.63% annualized return.

AAAAX

• 1D: -0.36%
• 1M: -3.72%
• YTD: 8.20%
• 6M: 8.62%
• 1Y: 13.59%
• 3Y*: 9.70%
• 5Y*: 5.18%
• 10Y*: 6.87%

VTMFX

• 1D: 0.57%
• 1M: 0.96%
• YTD: 5.44%
• 6M: 5.27%
• 1Y: 15.82%
• 3Y*: 11.93%
• 5Y*: 7.23%
• 10Y*: 8.63%

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

AAAAX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAAAX DWS RREEF Real Assets Fund - Class A	8.20%	12.82%	5.24%	2.30%	-9.91%	23.45%	3.71%	21.42%	-5.36%	14.67%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.44%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between AAAAX and VTMFX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.73

Over the past year, the correlation between AAAAX and VTMFX has dropped to 0.34 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

AAAAX vs. VTMFX — Risk / Return Rank

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

AAAAX

AAAAX Risk / Return Rank: 34
AAAAX Sharpe Ratio Rank: 30
AAAAX Sortino Ratio Rank: 27
AAAAX Omega Ratio Rank: 30
AAAAX Calmar Ratio Rank: 43
AAAAX Martin Ratio Rank: 38

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 81
VTMFX Sortino Ratio Rank: 79
VTMFX Omega Ratio Rank: 79
VTMFX Calmar Ratio Rank: 64
VTMFX Martin Ratio Rank: 79

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.

AAAAX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS RREEF Real Assets Fund - Class A (AAAAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.45	-0.98
Sortino ratio: Return per unit of downside risk	2.01	3.45	-1.44
Omega ratio: Gain probability vs. loss probability	1.27	1.47	-0.20
Calmar ratio: Return relative to maximum drawdown	2.40	2.93	-0.54
Martin ratio: Return relative to average drawdown	7.83	13.72	-5.89

AAAAX vs. VTMFX - Sharpe Ratio Comparison

The current AAAAX Sharpe Ratio is 1.47, which is lower than the VTMFX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of AAAAX and VTMFX, 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. VTMFX - Drawdown Comparison

The maximum AAAAX drawdown since its inception was -40.47%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for AAAAX and VTMFX.

Drawdown Indicators

	AAAAX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-40.47%	-28.49%	-11.98%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-5.38%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-10.17%	-10.61%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-22.62%	-17.40%	-5.22%
Max Drawdown (10Y) Largest decline over 10 years	-29.41%	-21.87%	-7.54%
Current Drawdown Current decline from peak	-4.92%	-0.56%	-4.36%
Average Drawdown Average peak-to-trough decline	-6.84%	-3.54%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.15%	+0.58%

Volatility

AAAAX vs. VTMFX - Volatility Comparison

DWS RREEF Real Assets Fund - Class A (AAAAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) have volatilities of 2.50% and 2.50%, 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

	AAAAX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	2.50%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	5.21%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	9.25%	6.45%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.10%	8.57%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.70%	9.15%	+3.55%

AAAAX vs. VTMFX - Expense Ratio Comparison

AAAAX has a 1.22% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

AAAAX vs. VTMFX - Dividend Comparison

AAAAX's dividend yield for the trailing twelve months is around 3.27%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAAX DWS RREEF Real Assets Fund - Class A	3.27%	3.54%	2.45%	2.08%	4.17%	2.31%	1.33%	1.81%	1.61%	1.52%	1.47%	2.15%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both AAAAX and VTMFX in my portfolio?

AAAAX and VTMFX have a correlation of 0.34, 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 VTMFX?

VTMFX has higher volatility (2.50%) compared to AAAAX (2.50%). In terms of maximum drawdown, AAAAX dropped -40.47% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.45 vs 1.47), 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.