MGHYX vs. SCMAX
MGHYX (DWS Global High Income Fund) and SCMAX (DWS Massachusetts Tax Free Fund) are both mutual funds - MGHYX is a High Yield Bonds fund managed by DWS, while SCMAX is a Municipal Bonds fund managed by DWS. Over the past 10 years, MGHYX returned 4.76%/yr vs 1.45%/yr for SCMAX. At a 0.12 correlation, their price movements are largely independent. MGHYX charges 0.60%/yr vs 0.61%/yr for SCMAX.
Performance
MGHYX vs. SCMAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MGHYX achieves a 1.84% return, which is significantly lower than SCMAX's 2.00% return. Over the past 10 years, MGHYX has outperformed SCMAX with an annualized return of 4.76%, while SCMAX has yielded a comparatively lower 1.45% annualized return.
MGHYX
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- 1.68%
- YTD
- 1.84%
- 1Y
- 6.43%
- 3Y*
- 8.21%
- 5Y*
- 3.42%
- 10Y*
- 4.76%
SCMAX
- 1D
- 0.00%
- 1M
- 0.53%
- 6M
- 1.61%
- YTD
- 2.00%
- 1Y
- 6.67%
- 3Y*
- 3.22%
- 5Y*
- -0.18%
- 10Y*
- 1.45%
MGHYX vs. SCMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MGHYX DWS Global High Income Fund | 1.84% | 9.82% | 6.99% | 11.17% | -11.67% | 3.22% | 6.83% | 16.36% | -1.85% | 6.49% |
SCMAX DWS Massachusetts Tax Free Fund | 2.00% | 3.28% | 1.32% | 5.24% | -11.25% | 0.72% | 5.08% | 8.08% | 0.37% | 4.96% |
Correlation
The correlation between MGHYX and SCMAX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 1998 | 0.12 |
Over the past year, MGHYX and SCMAX have become more correlated (0.50) than their long-term average of 0.12, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MGHYX vs. SCMAX — Risk / Return Rank
MGHYX
SCMAX
MGHYX vs. SCMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS Global High Income Fund (MGHYX) and DWS Massachusetts Tax Free Fund (SCMAX). 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 | SCMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.66 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.56 | -0.21 |
| Martin ratioReturn relative to average drawdown | 9.99 | 8.67 | +1.32 |
Loading charts...
Drawdowns
MGHYX vs. SCMAX - Drawdown Comparison
The maximum MGHYX drawdown since its inception was -53.47%, which is greater than SCMAX's maximum drawdown of -16.28%. Use the drawdown chart below to compare losses from any high point for MGHYX and SCMAX.
Loading charts...
Drawdown Indicators
| MGHYX | SCMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.47% | -16.28% | -37.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -2.55% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.33% | -5.89% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.93% | -16.28% | +0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -21.84% | -16.28% | -5.56% |
Current DrawdownCurrent decline from peak | -0.32% | -1.00% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -24.03% | -2.17% | -21.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.76% | -0.13% |
Volatility
MGHYX vs. SCMAX - Volatility Comparison
DWS Global High Income Fund (MGHYX) has a higher volatility of 0.83% compared to DWS Massachusetts Tax Free Fund (SCMAX) at 0.62%. This indicates that MGHYX's price experiences larger fluctuations and is considered to be riskier than SCMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MGHYX | SCMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.62% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 2.03% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 2.52% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.09% | 3.81% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.84% | 3.96% | +1.88% |
MGHYX vs. SCMAX - Expense Ratio Comparison
MGHYX has a 0.60% expense ratio, which is lower than SCMAX's 0.61% expense ratio.
Dividends
MGHYX vs. SCMAX - Dividend Comparison
MGHYX's dividend yield for the trailing twelve months is around 5.76%, more than SCMAX's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MGHYX DWS Global High Income Fund | 5.76% | 7.17% | 5.58% | 4.35% | 5.81% | 4.20% | 5.81% | 5.63% | 6.96% | 3.76% | 0.00% | 0.00% |
SCMAX DWS Massachusetts Tax Free Fund | 2.95% | 3.10% | 2.69% | 2.02% | 1.72% | 1.59% | 2.66% | 3.45% | 3.34% | 3.36% | 3.60% | 3.70% |
Frequently Asked Questions
MGHYX and SCMAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGHYX has higher volatility (0.83%) compared to SCMAX (0.62%). In terms of maximum drawdown, MGHYX dropped -53.47% vs SCMAX's -16.28%.
SCMAX currently has the higher Sharpe Ratio (2.60 vs 2.03), 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.
Find the right allocation for MGHYX and SCMAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer