MGHYX vs. MGSMX
MGHYX (DWS Global High Income Fund) and MGSMX (DWS Short Term Municipal Bond Fund) are both mutual funds - MGHYX is a High Yield Bonds fund managed by DWS, while MGSMX is a Municipal Bonds fund managed by DWS. Over the past 10 years, MGHYX returned 4.83%/yr vs 1.56%/yr for MGSMX. Their 0.13 correlation means their historical movements had little consistent relationship. MGHYX charges 0.60%/yr vs 0.44%/yr for MGSMX.
Performance
MGHYX vs. MGSMX - Performance Comparison
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Returns By Period
In the year-to-date period, MGHYX achieves a 1.76% return, which is significantly higher than MGSMX's 0.69% return. Over the past 10 years, MGHYX has outperformed MGSMX with an annualized return of 4.83%, while MGSMX has yielded a comparatively lower 1.56% annualized return.
MGHYX
- 1D
- 0.16%
- 1M
- -0.24%
- 6M
- 1.16%
- YTD
- 1.76%
- 1Y
- 5.93%
- 3Y*
- 7.69%
- 5Y*
- 3.39%
- 10Y*
- 4.83%
- ALL TIME*
- 0.18%
MGSMX
- 1D
- -0.10%
- 1M
- -0.34%
- 6M
- 0.03%
- YTD
- 0.69%
- 1Y
- 1.97%
- 3Y*
- 3.11%
- 5Y*
- 1.43%
- 10Y*
- 1.56%
- ALL TIME*
- 0.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MGHYX vs. MGSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MGHYX DWS Global High Income Fund | 1.76% | 9.82% | 6.99% | 11.17% | -11.67% | 3.22% | 6.83% | 16.36% | -1.85% | 6.49% |
MGSMX DWS Short Term Municipal Bond Fund | 0.69% | 4.06% | 2.86% | 3.52% | -3.40% | 0.26% | 2.94% | 4.13% | 1.47% | 0.96% |
Correlation
The correlation between MGHYX and MGSMX is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 1998 | 0.13 |
Over the past year, MGHYX and MGSMX have become more correlated (0.47) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
MGHYX vs. MGSMX — Risk / Return Rank
MGHYX
MGSMX
MGHYX vs. MGSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS Global High Income Fund (MGHYX) and DWS Short Term Municipal Bond Fund (MGSMX). 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.
| MGHYX | MGSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.45 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.80 | +0.30 |
| Martin ratioReturn relative to average drawdown | 8.76 | 4.75 | +4.01 |
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Drawdowns
MGHYX vs. MGSMX - Drawdown Comparison
The maximum MGHYX drawdown since its inception was -53.47%, which is greater than MGSMX's maximum drawdown of -7.81%. Use the drawdown chart below to compare losses from any high point for MGHYX and MGSMX.
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Drawdown Indicators
| MGHYX | MGSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.47% | -7.81% | -45.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -1.16% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -4.33% | -1.62% | -2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -15.93% | -5.87% | -10.06% |
Max Drawdown (10Y)Largest decline over 10 years | -21.84% | -5.87% | -15.97% |
Current DrawdownCurrent decline from peak | -0.40% | -0.50% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -23.98% | -1.80% | -22.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.44% | +0.20% |
Volatility
MGHYX vs. MGSMX - Volatility Comparison
DWS Global High Income Fund (MGHYX) has a higher volatility of 0.82% compared to DWS Short Term Municipal Bond Fund (MGSMX) at 0.57%. This indicates that MGHYX's price experiences larger fluctuations and is considered to be riskier than MGSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MGHYX | MGSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.57% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 1.06% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.13% | 1.35% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 1.56% | +3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.84% | 1.61% | +4.23% |
MGHYX vs. MGSMX - Expense Ratio Comparison
MGHYX has a 0.60% expense ratio, which is higher than MGSMX's 0.44% expense ratio.
Dividends
MGHYX vs. MGSMX - Dividend Comparison
MGHYX's dividend yield for the trailing twelve months is around 5.80%, more than MGSMX's 2.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MGHYX DWS Global High Income Fund | 5.80% | 7.17% | 5.58% | 4.35% | 5.81% | 4.20% | 5.81% | 5.63% | 6.96% | 3.76% |
MGSMX DWS Short Term Municipal Bond Fund | 2.78% | 3.26% | 2.72% | 2.01% | 1.19% | 1.15% | 2.00% | 2.44% | 2.05% | 1.17% |
Frequently Asked Questions
MGHYX and MGSMX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGHYX has higher volatility (0.82%) compared to MGSMX (0.57%). In terms of maximum drawdown, MGHYX dropped -53.47% vs MGSMX's -7.81%.
MGHYX currently has the higher Sharpe Ratio (1.80 vs 1.55), 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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