AAAZX vs. DESGX

Last updated Jun 5, 2026

AAAZX (DWS RREEF Real Assets Fund) and DESGX (DWS ESG Core Equity Fund) are both mutual funds - AAAZX is a Global Allocation fund managed by DWS, while DESGX is a Large Cap Blend Equities fund managed by DWS. Over the past 10 years, AAAZX returned 7.45%/yr vs 13.33%/yr for DESGX. A 0.72 correlation means they provide meaningful diversification when combined. AAAZX charges 0.90%/yr vs 0.64%/yr for DESGX.

Performance

AAAZX vs. DESGX - Performance Comparison

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

Returns By Period

In the year-to-date period, AAAZX achieves a 10.45% return, which is significantly lower than DESGX's 13.71% return. Over the past 10 years, AAAZX has underperformed DESGX with an annualized return of 7.45%, while DESGX has yielded a comparatively higher 13.33% annualized return.

AAAZX

• 1D: -0.29%
• 1M: -2.47%
• YTD: 10.45%
• 6M: 10.78%
• 1Y: 16.97%
• 3Y*: 11.57%
• 5Y*: 5.12%
• 10Y*: 7.45%

DESGX

• 1D: -0.85%
• 1M: 4.85%
• YTD: 13.71%
• 6M: 14.01%
• 1Y: 36.47%
• 3Y*: 23.11%
• 5Y*: 14.99%
• 10Y*: 13.33%

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

AAAZX vs. DESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAAZX DWS RREEF Real Assets Fund	10.45%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-5.05%	14.97%
DESGX DWS ESG Core Equity Fund	13.71%	18.92%	23.55%	26.68%	-15.56%	28.99%	19.13%	28.18%	-17.30%	13.02%

Correlation

The correlation between AAAZX and DESGX 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	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 1, 2007	0.72

Over the past year, the correlation between AAAZX and DESGX has dropped to 0.34 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

Return for Risk

AAAZX vs. DESGX — 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

DESGX

DESGX Risk / Return Rank: 86
DESGX Sharpe Ratio Rank: 89
DESGX Sortino Ratio Rank: 84
DESGX Omega Ratio Rank: 80
DESGX Calmar Ratio Rank: 85
DESGX Martin Ratio Rank: 91

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. DESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS RREEF Real Assets Fund (AAAZX) and DWS ESG Core Equity Fund (DESGX). 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	DESGX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.89	-1.01
Sortino ratio: Return per unit of downside risk	2.56	3.99	-1.43
Omega ratio: Gain probability vs. loss probability	1.35	1.52	-0.17
Calmar ratio: Return relative to maximum drawdown	2.98	3.92	-0.94
Martin ratio: Return relative to average drawdown	10.84	18.10	-7.26
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. DESGX - Sharpe Ratio Comparison

The current AAAZX Sharpe Ratio is 1.88, which is lower than the DESGX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of AAAZX and DESGX, 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	DESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.89	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.88	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.73	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.53	-0.13

Drawdowns

AAAZX vs. DESGX - Drawdown Comparison

The maximum AAAZX drawdown since its inception was -40.45%, smaller than the maximum DESGX drawdown of -58.26%. Use the drawdown chart below to compare losses from any high point for AAAZX and DESGX.

Drawdown Indicators

	AAAZX	DESGX	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-58.26%	+17.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-9.38%	+3.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.15%	-21.26%	+11.11%
Max Drawdown (5Y) Largest decline over 5 years	-22.52%	-22.01%	-0.51%
Max Drawdown (10Y) Largest decline over 10 years	-29.44%	-34.68%	+5.24%
Current Drawdown Current decline from peak	-3.01%	-0.88%	-2.13%
Average Drawdown Average peak-to-trough decline	-6.62%	-8.11%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	2.03%	-0.47%

Volatility

AAAZX vs. DESGX - Volatility Comparison

The current volatility for DWS RREEF Real Assets Fund (AAAZX) is 2.54%, while DWS ESG Core Equity Fund (DESGX) has a volatility of 3.73%. This indicates that AAAZX experiences smaller price fluctuations and is considered to be less risky than DESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAZX	DESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	3.73%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	7.31%	9.82%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.02%	12.75%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.13%	17.18%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	18.23%	-5.52%

AAAZX vs. DESGX - Expense Ratio Comparison

AAAZX has a 0.90% expense ratio, which is higher than DESGX's 0.64% expense ratio.

Dividends

AAAZX vs. DESGX - Dividend Comparison

AAAZX's dividend yield for the trailing twelve months is around 3.75%, less than DESGX's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAZX DWS RREEF Real Assets Fund	3.75%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%
DESGX DWS ESG Core Equity Fund	5.07%	5.76%	7.94%	2.80%	4.21%	12.80%	4.06%	7.61%	21.12%	3.53%	6.49%	7.25%

Frequently Asked Questions

Can I hold both AAAZX and DESGX in my portfolio?

AAAZX and DESGX 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, AAAZX or DESGX?

DESGX has higher volatility (3.73%) compared to AAAZX (2.54%). In terms of maximum drawdown, AAAZX dropped -40.45% vs DESGX's -58.26%.

Which has better risk-adjusted returns?

DESGX currently has the higher Sharpe Ratio (2.89 vs 1.88), 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.