MGSMX vs. FGNSX

Last updated Jun 5, 2026

MGSMX (DWS Short Term Municipal Bond Fund) and FGNSX (Strategic Advisers Tax-Sensitive Short Duration Fund) are both Municipal Bonds funds. Over the past 5 years, MGSMX returned 1.52%/yr vs 2.09%/yr for FGNSX. At a 0.42 correlation, their price movements are largely independent. MGSMX charges 0.44%/yr vs 0.07%/yr for FGNSX.

Performance

MGSMX vs. FGNSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Short Term Municipal Bond Fund (MGSMX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MGSMX having a 0.76% return and FGNSX slightly higher at 0.77%.

MGSMX

• 1D: 0.10%
• 1M: 0.32%
• YTD: 0.76%
• 6M: 1.03%
• 1Y: 3.19%
• 3Y*: 3.29%
• 5Y*: 1.52%
• 10Y*: 1.58%

FGNSX

• 1D: 0.10%
• 1M: 0.35%
• YTD: 0.77%
• 6M: 1.05%
• 1Y: 2.68%
• 3Y*: 3.24%
• 5Y*: 2.09%
• 10Y*: —

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

MGSMX vs. FGNSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSMX DWS Short Term Municipal Bond Fund	0.76%	4.06%	2.86%	3.52%	-3.40%	0.26%	2.94%	4.13%	1.47%	0.00%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	0.77%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	2.11%	1.47%	-0.10%

Correlation

The correlation between MGSMX and FGNSX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.42

The correlation between MGSMX and FGNSX shifts across timeframes, from 0.24 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MGSMX vs. FGNSX — Risk / Return Rank

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

MGSMX

MGSMX Risk / Return Rank: 72
MGSMX Sharpe Ratio Rank: 79
MGSMX Sortino Ratio Rank: 92
MGSMX Omega Ratio Rank: 97
MGSMX Calmar Ratio Rank: 54
MGSMX Martin Ratio Rank: 37

FGNSX

FGNSX Risk / Return Rank: 97
FGNSX Sharpe Ratio Rank: 92
FGNSX Sortino Ratio Rank: 99
FGNSX Omega Ratio Rank: 99
FGNSX Calmar Ratio Rank: 96
FGNSX Martin Ratio Rank: 98

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.

MGSMX vs. FGNSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Short Term Municipal Bond Fund (MGSMX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). 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.

	MGSMX	FGNSX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	3.10	-0.53
Sortino ratio: Return per unit of downside risk	4.57	7.76	-3.19
Omega ratio: Gain probability vs. loss probability	1.89	2.91	-1.01
Calmar ratio: Return relative to maximum drawdown	2.78	6.42	-3.64
Martin ratio: Return relative to average drawdown	7.92	28.84	-20.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGSMX vs. FGNSX - Sharpe Ratio Comparison

The current MGSMX Sharpe Ratio is 2.58, which is comparable to the FGNSX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of MGSMX and FGNSX, 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

	MGSMX	FGNSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	3.10	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	1.06	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.11	-0.66

Drawdowns

MGSMX vs. FGNSX - Drawdown Comparison

The maximum MGSMX drawdown since its inception was -7.81%, which is greater than FGNSX's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for MGSMX and FGNSX.

Drawdown Indicators

	MGSMX	FGNSX	Difference
Max Drawdown Largest peak-to-trough decline	-7.81%	-2.35%	-5.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.16%	-0.50%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-1.62%	-2.35%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-5.87%	-2.35%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-5.87%	—	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.25%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.92%	-0.52%

Volatility

MGSMX vs. FGNSX - Volatility Comparison

DWS Short Term Municipal Bond Fund (MGSMX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) have volatilities of 0.41% and 0.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGSMX	FGNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.41%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	0.70%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	1.25%	1.03%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.53%	2.06%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.60%	1.65%	-0.05%

MGSMX vs. FGNSX - Expense Ratio Comparison

MGSMX has a 0.44% expense ratio, which is higher than FGNSX's 0.07% expense ratio.

Dividends

MGSMX vs. FGNSX - Dividend Comparison

MGSMX's dividend yield for the trailing twelve months is around 2.74%, more than FGNSX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	2.34%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%	0.00%
MGSMX DWS Short Term Municipal Bond Fund	2.74%	3.26%	2.72%	2.01%	1.19%	1.15%	2.00%	2.44%	2.05%	1.17%

Frequently Asked Questions

Can I hold both MGSMX and FGNSX in my portfolio?

MGSMX and FGNSX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGSMX or FGNSX?

FGNSX has higher volatility (0.41%) compared to MGSMX (0.41%). In terms of maximum drawdown, MGSMX dropped -7.81% vs FGNSX's -2.35%.

Which has better risk-adjusted returns?

FGNSX currently has the higher Sharpe Ratio (3.10 vs 2.58), 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.