AAAZX vs. AAAAX

Last updated Jun 4, 2026

AAAZX (DWS RREEF Real Assets Fund) and AAAAX (DWS RREEF Real Assets Fund - Class A) are both mutual funds - AAAZX is a Global Allocation fund managed by DWS, while AAAAX is a Diversified Portfolio fund managed by DWS. Over the past 10 years, AAAZX returned 7.49%/yr vs 7.18%/yr for AAAAX. With a 0.99 correlation, they move nearly in lockstep. AAAZX charges 0.90%/yr vs 1.22%/yr for AAAAX.

Performance

AAAZX vs. AAAAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with AAAZX having a 10.77% return and AAAAX slightly lower at 10.64%. Both investments have delivered pretty close results over the past 10 years, with AAAZX having a 7.49% annualized return and AAAAX not far behind at 7.18%.

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%

AAAAX

• 1D: 0.57%
• 1M: -2.02%
• YTD: 10.64%
• 6M: 11.14%
• 1Y: 16.81%
• 3Y*: 11.38%
• 5Y*: 5.03%
• 10Y*: 7.18%

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

AAAZX vs. AAAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
AAAAX DWS RREEF Real Assets Fund - Class A	10.64%	12.82%	5.24%	2.30%	-9.91%	23.45%	3.71%	21.42%	-5.36%	14.67%

Correlation

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

Return for Risk

AAAZX vs. AAAAX — Risk / Return Rank

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

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

AAAAX

AAAAX Risk / Return Rank: 46
AAAAX Sharpe Ratio Rank: 41
AAAAX Sortino Ratio Rank: 37
AAAAX Omega Ratio Rank: 42
AAAAX Calmar Ratio Rank: 58
AAAAX Martin Ratio Rank: 53

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.

AAAZX vs. AAAAX - Risk-Adjusted Trends Comparison

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

	AAAZX	AAAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.85	+0.03
Sortino ratio: Return per unit of downside risk	2.57	2.53	+0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	2.99	2.94	+0.06
Martin ratio: Return relative to average drawdown	10.95	10.79	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAAZX vs. AAAAX - Sharpe Ratio Comparison

The current AAAZX Sharpe Ratio is 1.88, which is comparable to the AAAAX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of AAAZX and AAAAX, 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

	AAAZX	AAAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.85	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.42	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.57	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.39	+0.01

Drawdowns

AAAZX vs. AAAAX - Drawdown Comparison

The maximum AAAZX drawdown since its inception was -40.45%, roughly equal to the maximum AAAAX drawdown of -40.47%. Use the drawdown chart below to compare losses from any high point for AAAZX and AAAAX.

Drawdown Indicators

	AAAZX	AAAAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-40.47%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-5.68%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-10.15%	-10.17%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-22.52%	-22.62%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-29.44%	-29.41%	-0.03%
Current Drawdown Current decline from peak	-2.73%	-2.77%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.62%	-6.85%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.54%	0.00%

Volatility

AAAZX vs. AAAAX - Volatility Comparison

DWS RREEF Real Assets Fund (AAAZX) and DWS RREEF Real Assets Fund - Class A (AAAAX) have volatilities of 2.53% and 2.54%, 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

	AAAZX	AAAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	2.54%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	7.27%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.03%	9.02%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.14%	12.11%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	12.69%	+0.02%

AAAZX vs. AAAAX - Expense Ratio Comparison

AAAZX has a 0.90% expense ratio, which is lower than AAAAX's 1.22% expense ratio.

Dividends

AAAZX vs. AAAAX - Dividend Comparison

AAAZX's dividend yield for the trailing twelve months is around 3.74%, more than AAAAX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAAX DWS RREEF Real Assets Fund - Class A	3.20%	3.54%	2.45%	2.08%	4.17%	2.31%	1.33%	1.81%	1.61%	1.52%	1.47%	2.15%
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 AAAZX and AAAAX in my portfolio?

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

AAAAX has higher volatility (2.54%) compared to AAAZX (2.53%). In terms of maximum drawdown, AAAZX dropped -40.45% vs AAAAX's -40.47%.

Which has better risk-adjusted returns?

AAAZX currently has the higher Sharpe Ratio (1.88 vs 1.85), 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.