AAAPX vs. AAAZX

Last updated Jun 4, 2026

AAAPX (DWS RREEF Real Assets C) and AAAZX (DWS RREEF Real Assets Fund) are both Global Allocation funds from DWS. Over the past 10 years, AAAPX returned 6.39%/yr vs 7.49%/yr for AAAZX. With a 0.99 correlation, they move nearly in lockstep. AAAPX charges 1.97%/yr vs 0.90%/yr for AAAZX.

Performance

AAAPX vs. AAAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS RREEF Real Assets C (AAAPX) and DWS RREEF Real Assets Fund (AAAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AAAPX having a 10.36% return and AAAZX slightly higher at 10.77%. Over the past 10 years, AAAPX has underperformed AAAZX with an annualized return of 6.39%, while AAAZX has yielded a comparatively higher 7.49% annualized return.

AAAPX

• 1D: 0.64%
• 1M: -2.07%
• YTD: 10.36%
• 6M: 10.74%
• 1Y: 16.06%
• 3Y*: 10.58%
• 5Y*: 4.27%
• 10Y*: 6.39%

AAAZX

• 1D: 0.58%
• 1M: -2.05%
• YTD: 10.77%
• 6M: 11.27%
• 1Y: 17.12%
• 3Y*: 11.68%
• 5Y*: 5.35%
• 10Y*: 7.49%

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

AAAPX vs. AAAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAAPX DWS RREEF Real Assets C	10.36%	11.95%	4.44%	1.53%	-10.52%	22.45%	2.94%	20.53%	-6.01%	13.69%
AAAZX DWS RREEF Real Assets Fund	10.77%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-5.05%	14.97%

Correlation

The correlation between AAAPX and AAAZX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 1, 2007	0.99

The correlation between AAAPX and AAAZX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

AAAPX vs. AAAZX — Risk / Return Rank

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

AAAPX

AAAPX Risk / Return Rank: 42
AAAPX Sharpe Ratio Rank: 37
AAAPX Sortino Ratio Rank: 33
AAAPX Omega Ratio Rank: 38
AAAPX Calmar Ratio Rank: 53
AAAPX Martin Ratio Rank: 49

AAAZX

AAAZX Risk / Return Rank: 48
AAAZX Sharpe Ratio Rank: 42
AAAZX Sortino Ratio Rank: 38
AAAZX Omega Ratio Rank: 43
AAAZX Calmar Ratio Rank: 61
AAAZX Martin Ratio Rank: 54

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.

AAAPX vs. AAAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS RREEF Real Assets C (AAAPX) and DWS RREEF Real Assets Fund (AAAZX). 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.

	AAAPX	AAAZX	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.88	-0.12
Sortino ratio Return per unit of downside risk	2.41	2.57	-0.15
Omega ratio Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio Return relative to maximum drawdown	2.78	2.99	-0.21
Martin ratio Return relative to average drawdown	10.05	10.95	-0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAAPX vs. AAAZX - Sharpe Ratio Comparison

The current AAAPX Sharpe Ratio is 1.76, which is comparable to the AAAZX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of AAAPX and AAAZX, 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

	AAAPX	AAAZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.88	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.44	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.59	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.40	-0.08

Drawdowns

AAAPX vs. AAAZX - Drawdown Comparison

The maximum AAAPX drawdown since its inception was -40.74%, roughly equal to the maximum AAAZX drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for AAAPX and AAAZX.

Drawdown Indicators

	AAAPX	AAAZX	Difference
Max Drawdown Largest peak-to-trough decline	-40.74%	-40.45%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-5.68%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-10.15%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-22.52%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-29.51%	-29.44%	-0.07%
Current Drawdown Current decline from peak	-2.88%	-2.73%	-0.15%
Average Drawdown Average peak-to-trough decline	-7.49%	-6.62%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.54%	+0.03%

Volatility

AAAPX vs. AAAZX - Volatility Comparison

DWS RREEF Real Assets C (AAAPX) and DWS RREEF Real Assets Fund (AAAZX) have volatilities of 2.54% and 2.53%, 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

	AAAPX	AAAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.53%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	7.32%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	8.99%	9.03%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.10%	12.14%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	12.71%	0.00%

AAAPX vs. AAAZX - Expense Ratio Comparison

AAAPX has a 1.97% expense ratio, which is higher than AAAZX's 0.90% expense ratio.

Dividends

AAAPX vs. AAAZX - Dividend Comparison

AAAPX's dividend yield for the trailing twelve months is around 1.15%, less than AAAZX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAPX DWS RREEF Real Assets C	1.15%	1.27%	1.48%	1.33%	3.38%	1.57%	0.60%	1.09%	0.83%	0.84%	1.07%	1.36%
AAAZX DWS RREEF Real Assets Fund	3.74%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%

Frequently Asked Questions

Can I hold both AAAPX and AAAZX in my portfolio?

With a correlation of 0.99, AAAPX and AAAZX 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, AAAPX or AAAZX?

AAAPX has higher volatility (2.54%) compared to AAAZX (2.53%). In terms of maximum drawdown, AAAPX dropped -40.74% vs AAAZX's -40.45%.

Which has better risk-adjusted returns?

AAAZX currently has the higher Sharpe Ratio (1.88 vs 1.76), 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.