KHYAX vs. SCPIX

Last updated Aug 5, 2026

KHYAX (DWS High Income Fund) and SCPIX (DWS S&P 500 Index Fund) are both mutual funds - KHYAX is a High Yield Bonds fund managed by DWS, while SCPIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, KHYAX returned 4.84%/yr vs 15.10%/yr for SCPIX. Their 0.33 correlation means their historical movements had little consistent relationship. KHYAX charges 0.94%/yr vs 0.29%/yr for SCPIX.

Performance

KHYAX vs. SCPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS High Income Fund (KHYAX) and DWS S&P 500 Index Fund (SCPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHYAX achieves a 1.06% return, which is significantly lower than SCPIX's 11.30% return. Over the past 10 years, KHYAX has underperformed SCPIX with an annualized return of 4.84%, while SCPIX has yielded a comparatively higher 15.10% annualized return.

KHYAX

• 1D: 0.23%
• 1M: -0.68%
• 6M: 0.52%
• YTD: 1.06%
• 1Y: 4.87%
• 3Y*: 7.13%
• 5Y*: 3.58%
• 10Y*: 4.84%
• ALL TIME*: 5.45%

SCPIX

• 1D: 1.49%
• 1M: 1.61%
• 6M: 10.06%
• YTD: 11.30%
• 1Y: 20.84%
• 3Y*: 20.34%
• 5Y*: 12.70%
• 10Y*: 15.10%
• ALL TIME*: 9.04%

*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)
KHYAX DWS High Income Fund	$0.00	$0.00	$0.00
SCPIX DWS S&P 500 Index Fund	$0.00	$0.00	$0.00

KHYAX vs. SCPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KHYAX DWS High Income Fund	1.06%	7.54%	7.02%	11.44%	-9.15%	3.94%	5.95%	14.65%	-2.46%	7.18%
SCPIX DWS S&P 500 Index Fund	11.30%	17.21%	24.65%	25.97%	-18.46%	27.85%	18.21%	34.99%	-4.58%	21.43%

Correlation

The correlation between KHYAX and SCPIX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.33

Over the past year, KHYAX and SCPIX have become more correlated (0.64) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

KHYAX vs. SCPIX — Risk / Return Rank

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

KHYAX

KHYAX Risk / Return Rank: 64
KHYAX Sharpe Ratio Rank: 64
KHYAX Sortino Ratio Rank: 69
KHYAX Omega Ratio Rank: 81
KHYAX Calmar Ratio Rank: 43
KHYAX Martin Ratio Rank: 64

SCPIX

SCPIX Risk / Return Rank: 70
SCPIX Sharpe Ratio Rank: 69
SCPIX Sortino Ratio Rank: 67
SCPIX Omega Ratio Rank: 65
SCPIX Calmar Ratio Rank: 69
SCPIX Martin Ratio Rank: 79

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.

KHYAX vs. SCPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS High Income Fund (KHYAX) and DWS S&P 500 Index Fund (SCPIX). 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.

	KHYAX	SCPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.78	-0.04
Sortino ratio: Return per unit of downside risk	2.57	2.47	+0.10
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	1.92	2.49	-0.57
Martin ratio: Return relative to average drawdown	9.17	10.68	-1.52

KHYAX vs. SCPIX - Sharpe Ratio Comparison

The current KHYAX Sharpe Ratio is 1.73, which is comparable to the SCPIX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of KHYAX and SCPIX, 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

KHYAX vs. SCPIX - Drawdown Comparison

The maximum KHYAX drawdown since its inception was -31.54%, smaller than the maximum SCPIX drawdown of -55.46%. Use the drawdown chart below to compare losses from any high point for KHYAX and SCPIX.

Drawdown Indicators

	KHYAX	SCPIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.54%	-55.46%	+23.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-9.17%	+6.49%
Max Drawdown (3Y) Largest decline over 3 years	-4.49%	-18.99%	+14.50%
Max Drawdown (5Y) Largest decline over 5 years	-13.22%	-24.66%	+11.44%
Max Drawdown (10Y) Largest decline over 10 years	-22.42%	-33.85%	+11.43%
Current Drawdown Current decline from peak	-0.90%	-0.01%	-0.89%
Average Drawdown Average peak-to-trough decline	-4.39%	-10.58%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.13%	-1.57%

Volatility

KHYAX vs. SCPIX - Volatility Comparison

The current volatility for DWS High Income Fund (KHYAX) is 0.88%, while DWS S&P 500 Index Fund (SCPIX) has a volatility of 3.80%. This indicates that KHYAX experiences smaller price fluctuations and is considered to be less risky than SCPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHYAX	SCPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	3.80%	-2.92%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	10.13%	-7.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	12.87%	-9.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	16.98%	-12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.83%	18.13%	-12.30%

KHYAX vs. SCPIX - Expense Ratio Comparison

KHYAX has a 0.94% expense ratio, which is higher than SCPIX's 0.29% expense ratio.

Dividends

KHYAX vs. SCPIX - Dividend Comparison

KHYAX's dividend yield for the trailing twelve months is around 5.50%, more than SCPIX's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KHYAX DWS High Income Fund	5.50%	5.41%	6.08%	5.70%	5.33%	4.50%	4.47%	4.86%	5.67%	5.24%	5.03%	5.84%
SCPIX DWS S&P 500 Index Fund	4.79%	4.09%	5.65%	7.18%	5.57%	5.28%	6.91%	7.88%	8.14%	6.05%	4.83%	4.04%

Frequently Asked Questions

Can I hold both KHYAX and SCPIX in my portfolio?

KHYAX and SCPIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KHYAX or SCPIX?

SCPIX has higher volatility (3.80%) compared to KHYAX (0.88%). In terms of maximum drawdown, KHYAX dropped -31.54% vs SCPIX's -55.46%.

Which has better risk-adjusted returns?

SCPIX currently has the higher Sharpe Ratio (1.78 vs 1.73), 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.