BTIIX vs. KCTAX

Last updated Jun 4, 2026

BTIIX (DWS Equity 500 Index Fund) and KCTAX (DWS California Tax) are both mutual funds - BTIIX is a Large Cap Blend Equities fund managed by DWS, while KCTAX is a Municipal Bonds fund managed by DWS. Over the past 10 years, BTIIX returned 16.52%/yr vs 1.54%/yr for KCTAX. At a correlation of -0.03, they often move in opposite directions. BTIIX charges 0.20%/yr vs 0.76%/yr for KCTAX.

Performance

BTIIX vs. KCTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Equity 500 Index Fund (BTIIX) and DWS California Tax (KCTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTIIX achieves a 11.63% return, which is significantly higher than KCTAX's 1.61% return. Over the past 10 years, BTIIX has outperformed KCTAX with an annualized return of 16.52%, while KCTAX has yielded a comparatively lower 1.54% annualized return.

BTIIX

• 1D: 0.13%
• 1M: 5.78%
• YTD: 11.63%
• 6M: 11.63%
• 1Y: 28.72%
• 3Y*: 22.52%
• 5Y*: 14.04%
• 10Y*: 16.52%

KCTAX

• 1D: 0.30%
• 1M: 0.88%
• YTD: 1.61%
• 6M: 1.76%
• 1Y: 7.35%
• 3Y*: 3.45%
• 5Y*: -0.02%
• 10Y*: 1.54%

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

BTIIX vs. KCTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTIIX DWS Equity 500 Index Fund	11.63%	17.56%	24.83%	26.04%	-18.51%	28.71%	18.37%	45.09%	-4.99%	21.61%
KCTAX DWS California Tax	1.61%	3.45%	1.92%	5.44%	-12.10%	1.93%	3.78%	8.99%	0.22%	5.16%

Correlation

The correlation between BTIIX and KCTAX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 21, 1996	-0.03

The correlation between BTIIX and KCTAX shifts across timeframes, from -0.03 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BTIIX vs. KCTAX — Risk / Return Rank

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

BTIIX

BTIIX Risk / Return Rank: 73
BTIIX Sharpe Ratio Rank: 75
BTIIX Sortino Ratio Rank: 68
BTIIX Omega Ratio Rank: 68
BTIIX Calmar Ratio Rank: 73
BTIIX Martin Ratio Rank: 82

KCTAX

KCTAX Risk / Return Rank: 57
KCTAX Sharpe Ratio Rank: 61
KCTAX Sortino Ratio Rank: 65
KCTAX Omega Ratio Rank: 83
KCTAX Calmar Ratio Rank: 39
KCTAX Martin Ratio Rank: 36

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.

BTIIX vs. KCTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Equity 500 Index Fund (BTIIX) and DWS California Tax (KCTAX). 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.

	BTIIX	KCTAX	Difference
Sharpe ratio Return per unit of total volatility	2.51	2.30	+0.21
Sortino ratio Return per unit of downside risk	3.45	3.38	+0.07
Omega ratio Gain probability vs. loss probability	1.46	1.56	-0.10
Calmar ratio Return relative to maximum drawdown	3.33	2.37	+0.96
Martin ratio Return relative to average drawdown	15.43	7.91	+7.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTIIX vs. KCTAX - Sharpe Ratio Comparison

The current BTIIX Sharpe Ratio is 2.51, which is comparable to the KCTAX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of BTIIX and KCTAX, 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

	BTIIX	KCTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.30	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	-0.01	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.36	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.86	-0.34

Drawdowns

BTIIX vs. KCTAX - Drawdown Comparison

The maximum BTIIX drawdown since its inception was -55.24%, which is greater than KCTAX's maximum drawdown of -17.87%. Use the drawdown chart below to compare losses from any high point for BTIIX and KCTAX.

Drawdown Indicators

	BTIIX	KCTAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.24%	-17.87%	-37.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-3.13%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-21.16%	-7.50%	-13.66%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-17.87%	-6.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.83%	-17.87%	-15.96%
Current Drawdown Current decline from peak	0.00%	-1.34%	+1.34%
Average Drawdown Average peak-to-trough decline	-10.09%	-2.78%	-7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.93%	+0.99%

Volatility

BTIIX vs. KCTAX - Volatility Comparison

DWS Equity 500 Index Fund (BTIIX) has a higher volatility of 2.83% compared to DWS California Tax (KCTAX) at 1.30%. This indicates that BTIIX's price experiences larger fluctuations and is considered to be riskier than KCTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTIIX	KCTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	1.30%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	2.49%	+6.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	3.24%	+8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	4.38%	+18.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	4.27%	+16.94%

BTIIX vs. KCTAX - Expense Ratio Comparison

BTIIX has a 0.20% expense ratio, which is lower than KCTAX's 0.76% expense ratio.

Dividends

BTIIX vs. KCTAX - Dividend Comparison

BTIIX's dividend yield for the trailing twelve months is around 11.80%, more than KCTAX's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTIIX DWS Equity 500 Index Fund	11.80%	13.18%	20.02%	26.57%	14.49%	15.07%	20.31%	23.22%	22.74%	15.17%	11.11%	8.32%
KCTAX DWS California Tax	3.05%	3.48%	2.82%	2.22%	1.91%	3.13%	3.95%	5.11%	3.04%	3.01%	3.46%	3.69%

Frequently Asked Questions

Can I hold both BTIIX and KCTAX in my portfolio?

BTIIX and KCTAX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTIIX or KCTAX?

BTIIX has higher volatility (2.83%) compared to KCTAX (1.30%). In terms of maximum drawdown, BTIIX dropped -55.24% vs KCTAX's -17.87%.

Which has better risk-adjusted returns?

BTIIX currently has the higher Sharpe Ratio (2.51 vs 2.30), 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.