CEE vs. KDHAX

Last updated Aug 1, 2026

CEE (The Central and Eastern Europe Fund) and KDHAX (DWS CROCI Equity Dividend Fd) are both mutual funds - CEE is a Europe Equities fund actively managed by DWS, while KDHAX is a Large Cap Value Equities fund managed by DWS. Over the past 10 years, CEE returned 4.59%/yr vs 9.27%/yr for KDHAX. Their 0.40 correlation means their historical movements had little consistent relationship. CEE charges 1.26%/yr vs 1.01%/yr for KDHAX.

Performance

CEE vs. KDHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Central and Eastern Europe Fund (CEE) and DWS CROCI Equity Dividend Fd (KDHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEE achieves a 15.88% return, which is significantly lower than KDHAX's 17.47% return. Over the past 10 years, CEE has underperformed KDHAX with an annualized return of 4.59%, while KDHAX has yielded a comparatively higher 9.27% annualized return.

CEE

• 1D: -2.61%
• 1M: -1.72%
• 6M: 7.27%
• YTD: 15.88%
• 1Y: 37.67%
• 3Y*: 33.70%
• 5Y*: -2.52%
• 10Y*: 4.59%
• ALL TIME*: 3.08%

KDHAX

• 1D: -1.23%
• 1M: 4.89%
• 6M: 11.39%
• YTD: 17.47%
• 1Y: 25.22%
• 3Y*: 11.64%
• 5Y*: 8.87%
• 10Y*: 9.27%
• ALL TIME*: 8.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEE The Central and Eastern Europe Fund	$431.91K	$495.20K	$527.48K
KDHAX DWS CROCI Equity Dividend Fd	$0.00	$0.00	$0.00

CEE vs. KDHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEE The Central and Eastern Europe Fund	15.88%	65.59%	15.52%	22.58%	-67.78%	13.62%	-11.76%	35.49%	-5.73%	21.34%
KDHAX DWS CROCI Equity Dividend Fd	17.47%	2.92%	13.37%	5.30%	1.09%	19.44%	-9.41%	29.38%	-3.45%	19.25%

Correlation

The correlation between CEE and KDHAX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (5Y) Shows whether the relationship held over a longer period.	0.22
Correlation (10Y) Provides a long-term view across more market conditions.	0.27
Correlation (All Time) Calculated using the full available price history since Feb 28, 1990	0.40

Over the past year, the correlation between CEE and KDHAX has dropped to 0.18 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

CEE vs. KDHAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEE

CEE Risk / Return Rank: 55
CEE Sharpe Ratio Rank: 54
CEE Sortino Ratio Rank: 58
CEE Omega Ratio Rank: 50
CEE Calmar Ratio Rank: 77
CEE Martin Ratio Rank: 37

KDHAX

KDHAX Risk / Return Rank: 62
KDHAX Sharpe Ratio Rank: 72
KDHAX Sortino Ratio Rank: 75
KDHAX Omega Ratio Rank: 65
KDHAX Calmar Ratio Rank: 61
KDHAX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEE vs. KDHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Central and Eastern Europe Fund (CEE) and DWS CROCI Equity Dividend Fd (KDHAX). 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.

	CEE	KDHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.67	-0.23
Sortino ratio: Return per unit of downside risk	2.17	2.55	-0.38
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	2.58	2.07	+0.51
Martin ratio: Return relative to average drawdown	5.63	5.46	+0.17

CEE vs. KDHAX - Sharpe Ratio Comparison

The current CEE Sharpe Ratio is 1.44, which is comparable to the KDHAX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of CEE and KDHAX, 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

CEE vs. KDHAX - Drawdown Comparison

The maximum CEE drawdown since its inception was -82.98%, which is greater than KDHAX's maximum drawdown of -65.77%. Use the drawdown chart below to compare losses from any high point for CEE and KDHAX.

Drawdown Indicators

	CEE	KDHAX	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	-65.77%	-17.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-10.93%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	-22.22%	-16.91%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	-79.89%	-16.91%	-62.98%
Max Drawdown (10Y) Largest decline over 10 years	-79.89%	-40.08%	-39.81%
Current Drawdown Current decline from peak	-35.53%	-1.23%	-34.30%
Average Drawdown Average peak-to-trough decline	-37.34%	-9.36%	-27.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	4.15%	+2.48%

Volatility

CEE vs. KDHAX - Volatility Comparison

The Central and Eastern Europe Fund (CEE) has a higher volatility of 5.20% compared to DWS CROCI Equity Dividend Fd (KDHAX) at 4.61%. This indicates that CEE's price experiences larger fluctuations and is considered to be riskier than KDHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEE	KDHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.61%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	17.58%	9.98%	+7.60%
Volatility (1Y) Calculated over the trailing 1-year period	26.00%	13.63%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.14%	14.16%	+24.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.53%	16.88%	+15.65%

CEE vs. KDHAX - Expense Ratio Comparison

CEE has a 1.26% expense ratio, which is higher than KDHAX's 1.01% expense ratio.

Dividends

CEE vs. KDHAX - Dividend Comparison

CEE's dividend yield for the trailing twelve months is around 1.89%, less than KDHAX's 13.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEE The Central and Eastern Europe Fund	1.89%	2.19%	3.23%	3.74%	2.89%	3.61%	3.82%	5.17%	4.58%	2.30%	1.56%	2.92%
KDHAX DWS CROCI Equity Dividend Fd	13.66%	15.94%	9.07%	5.94%	6.24%	9.57%	5.53%	7.13%	12.23%	1.60%	1.81%	2.34%

Frequently Asked Questions

Can I hold both CEE and KDHAX in my portfolio?

CEE and KDHAX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEE or KDHAX?

CEE has higher volatility (5.20%) compared to KDHAX (4.61%). In terms of maximum drawdown, CEE dropped -82.98% vs KDHAX's -65.77%.

Which has better risk-adjusted returns?

KDHAX currently has the higher Sharpe Ratio (1.67 vs 1.44), 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.