KCTAX vs. MGHYX

Last updated Jun 5, 2026

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 1.52%/yr vs 4.96%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS California Tax (KCTAX) and DWS Global High Income Fund (MGHYX). 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 KCTAX having a 1.46% return and MGHYX slightly lower at 1.43%. Over the past 10 years, KCTAX has underperformed MGHYX with an annualized return of 1.52%, while MGHYX has yielded a comparatively higher 4.96% annualized return.

KCTAX

• 1D: -0.15%
• 1M: 0.72%
• YTD: 1.46%
• 6M: 1.76%
• 1Y: 7.02%
• 3Y*: 3.40%
• 5Y*: -0.08%
• 10Y*: 1.52%

MGHYX

• 1D: -0.16%
• 1M: 0.47%
• YTD: 1.43%
• 6M: 2.26%
• 1Y: 7.41%
• 3Y*: 8.25%
• 5Y*: 3.54%
• 10Y*: 4.96%

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

KCTAX vs. MGHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KCTAX DWS California Tax	1.46%	3.45%	1.92%	5.44%	-12.10%	1.93%	3.78%	8.99%	0.22%	5.16%
MGHYX DWS Global High Income Fund	1.43%	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 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 17, 1998	0.13

Over the past year, KCTAX and MGHYX have become more correlated (0.45) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

KCTAX vs. MGHYX — Risk / Return Rank

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

KCTAX

KCTAX Risk / Return Rank: 57
KCTAX Sharpe Ratio Rank: 61
KCTAX Sortino Ratio Rank: 65
KCTAX Omega Ratio Rank: 82
KCTAX Calmar Ratio Rank: 40
KCTAX Martin Ratio Rank: 36

MGHYX

MGHYX Risk / Return Rank: 72
MGHYX Sharpe Ratio Rank: 71
MGHYX Sortino Ratio Rank: 87
MGHYX Omega Ratio Rank: 84
MGHYX Calmar Ratio Rank: 56
MGHYX Martin Ratio Rank: 62

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.

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.

	KCTAX	MGHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.45	-0.20
Sortino ratio: Return per unit of downside risk	3.30	4.23	-0.93
Omega ratio: Gain probability vs. loss probability	1.54	1.58	-0.04
Calmar ratio: Return relative to maximum drawdown	2.32	2.85	-0.53
Martin ratio: Return relative to average drawdown	7.73	12.17	-4.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KCTAX vs. MGHYX - Sharpe Ratio Comparison

The current KCTAX Sharpe Ratio is 2.24, which is comparable to the MGHYX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of KCTAX and MGHYX, 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

	KCTAX	MGHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.45	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.70	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.84	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.03	+0.82

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.

Drawdown Indicators

	KCTAX	MGHYX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.49%	-0.32%	-1.17%
Average Drawdown Average peak-to-trough decline	-2.78%	-24.12%	+21.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.63%	+0.30%

Volatility

KCTAX vs. MGHYX - Volatility Comparison

DWS California Tax (KCTAX) has a higher volatility of 1.30% compared to DWS Global High Income Fund (MGHYX) at 0.90%. This indicates that KCTAX's price experiences larger fluctuations and is considered to be riskier than MGHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCTAX	MGHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.90%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	2.31%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	3.13%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.38%	5.08%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.27%	5.89%	-1.62%

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 3.06%, less than MGHYX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCTAX DWS California Tax	3.06%	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	5.69%	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

Can I hold both KCTAX and MGHYX in my portfolio?

KCTAX and MGHYX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCTAX or MGHYX?

KCTAX has higher volatility (1.30%) compared to MGHYX (0.90%). In terms of maximum drawdown, KCTAX dropped -17.87% vs MGHYX's -53.47%.

Which has better risk-adjusted returns?

MGHYX currently has the higher Sharpe Ratio (2.45 vs 2.24), 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.