KCTAX vs. MGHYX
KCTAX (DWS California Tax) and MGHYX (DWS Global High Income Fund) are both mutual funds - KCTAX is a Municipal Bonds fund managed by DWS, while MGHYX is a High Yield Bonds fund managed by DWS. Over the past 10 years, KCTAX returned 1.45%/yr vs 4.84%/yr for MGHYX. At a 0.13 correlation, their price movements are largely independent. KCTAX charges 0.76%/yr vs 0.60%/yr for MGHYX.
Performance
KCTAX vs. MGHYX - Performance Comparison
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Returns By Period
In the year-to-date period, KCTAX achieves a 2.24% return, which is significantly higher than MGHYX's 2.00% return. Over the past 10 years, KCTAX has underperformed MGHYX with an annualized return of 1.45%, while MGHYX has yielded a comparatively higher 4.84% annualized return.
KCTAX
- 1D
- 0.00%
- 1M
- 0.62%
- 6M
- 1.78%
- YTD
- 2.24%
- 1Y
- 7.73%
- 3Y*
- 3.63%
- 5Y*
- -0.12%
- 10Y*
- 1.45%
MGHYX
- 1D
- 0.16%
- 1M
- 0.40%
- 6M
- 1.84%
- YTD
- 2.00%
- 1Y
- 6.60%
- 3Y*
- 8.39%
- 5Y*
- 3.46%
- 10Y*
- 4.84%
KCTAX vs. MGHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KCTAX DWS California Tax | 2.24% | 3.45% | 1.92% | 5.44% | -12.10% | 1.93% | 3.78% | 8.99% | 0.22% | 5.16% |
MGHYX DWS Global High Income Fund | 2.00% | 9.82% | 6.99% | 11.17% | -11.67% | 3.22% | 6.83% | 16.36% | -1.85% | 6.49% |
Correlation
The correlation between KCTAX and MGHYX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 1998 | 0.13 |
Over the past year, KCTAX and MGHYX have become more correlated (0.49) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
KCTAX vs. MGHYX — Risk / Return Rank
KCTAX
MGHYX
KCTAX vs. MGHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS California Tax (KCTAX) and DWS Global High Income Fund (MGHYX). 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.
| KCTAX | MGHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.49 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.48 | -0.10 |
| Martin ratioReturn relative to average drawdown | 8.10 | 10.52 | -2.42 |
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Drawdowns
KCTAX vs. MGHYX - Drawdown Comparison
The maximum KCTAX drawdown since its inception was -17.87%, smaller than the maximum MGHYX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for KCTAX and MGHYX.
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Drawdown Indicators
| KCTAX | MGHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.87% | -53.47% | +35.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.13% | -2.69% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -7.50% | -4.33% | -3.17% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -15.93% | -1.94% |
Max Drawdown (10Y)Largest decline over 10 years | -17.87% | -21.84% | +3.97% |
Current DrawdownCurrent decline from peak | -0.73% | -0.16% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -24.04% | +21.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.63% | +0.29% |
Volatility
KCTAX vs. MGHYX - Volatility Comparison
The current volatility for DWS California Tax (KCTAX) is 0.68%, while DWS Global High Income Fund (MGHYX) has a volatility of 0.81%. This indicates that KCTAX experiences smaller price fluctuations and is considered to be less risky than MGHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KCTAX | MGHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.81% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.30% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.22% | 3.11% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 5.09% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 5.84% | -1.58% |
KCTAX vs. MGHYX - Expense Ratio Comparison
KCTAX has a 0.76% expense ratio, which is higher than MGHYX's 0.60% expense ratio.
Dividends
KCTAX vs. MGHYX - Dividend Comparison
KCTAX's dividend yield for the trailing twelve months is around 3.10%, less than MGHYX's 5.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KCTAX DWS California Tax | 3.10% | 3.48% | 2.82% | 2.22% | 1.91% | 3.13% | 3.95% | 5.11% | 3.04% | 3.01% | 3.46% | 3.69% |
MGHYX DWS Global High Income Fund | 5.75% | 7.17% | 5.58% | 4.35% | 5.81% | 4.20% | 5.81% | 5.63% | 6.96% | 3.76% | 0.00% | 0.00% |
Frequently Asked Questions
KCTAX and MGHYX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGHYX has higher volatility (0.81%) compared to KCTAX (0.68%). In terms of maximum drawdown, KCTAX dropped -17.87% vs MGHYX's -53.47%.
KCTAX currently has the higher Sharpe Ratio (2.31 vs 2.14), 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.
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