MGSMX vs. MGHYX

Last updated Aug 6, 2026

MGSMX (DWS Short Term Municipal Bond Fund) and MGHYX (DWS Global High Income Fund) are both mutual funds - MGSMX is a Municipal Bonds fund managed by DWS, while MGHYX is a High Yield Bonds fund managed by DWS. Over the past 10 years, MGSMX returned 1.58%/yr vs 4.79%/yr for MGHYX. Their 0.13 correlation means their historical movements had little consistent relationship. MGSMX charges 0.44%/yr vs 0.60%/yr for MGHYX.

Performance

MGSMX vs. MGHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Short Term Municipal Bond Fund (MGSMX) and DWS Global High Income Fund (MGHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGSMX achieves a 0.90% return, which is significantly lower than MGHYX's 2.25% return. Over the past 10 years, MGSMX has underperformed MGHYX with an annualized return of 1.58%, while MGHYX has yielded a comparatively higher 4.79% annualized return.

MGSMX

• 1D: 0.10%
• 1M: -0.14%
• 6M: 0.14%
• YTD: 0.90%
• 1Y: 2.07%
• 3Y*: 3.25%
• 5Y*: 1.47%
• 10Y*: 1.58%
• ALL TIME*: 0.57%

MGHYX

• 1D: 0.32%
• 1M: 0.08%
• 6M: 1.64%
• YTD: 2.25%
• 1Y: 6.10%
• 3Y*: 7.98%
• 5Y*: 3.55%
• 10Y*: 4.79%
• ALL TIME*: 0.20%

*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)
MGHYX DWS Global High Income Fund	$0.00	$0.00	$0.00
MGSMX DWS Short Term Municipal Bond Fund	$0.00	$0.00	$0.00

MGSMX vs. MGHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSMX DWS Short Term Municipal Bond Fund	0.90%	4.06%	2.86%	3.52%	-3.40%	0.26%	2.94%	4.13%	1.47%	0.96%
MGHYX DWS Global High Income Fund	2.25%	9.82%	6.99%	11.17%	-11.67%	3.22%	6.83%	16.36%	-1.85%	6.49%

Correlation

The correlation between MGSMX and MGHYX is 0.50, 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.	0.50
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, MGSMX and MGHYX have become more correlated (0.50) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

MGSMX vs. MGHYX — Risk / Return Rank

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

MGSMX

MGSMX Risk / Return Rank: 56
MGSMX Sharpe Ratio Rank: 50
MGSMX Sortino Ratio Rank: 72
MGSMX Omega Ratio Rank: 90
MGSMX Calmar Ratio Rank: 39
MGSMX Martin Ratio Rank: 30

MGHYX

MGHYX Risk / Return Rank: 77
MGHYX Sharpe Ratio Rank: 80
MGHYX Sortino Ratio Rank: 91
MGHYX Omega Ratio Rank: 89
MGHYX Calmar Ratio Rank: 57
MGHYX Martin Ratio Rank: 66

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.

MGSMX vs. MGHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Short Term Municipal Bond Fund (MGSMX) 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.

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.

	MGSMX	MGHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.02	-0.39
Sortino ratio: Return per unit of downside risk	2.71	3.48	-0.78
Omega ratio: Gain probability vs. loss probability	1.48	1.46	+0.01
Calmar ratio: Return relative to maximum drawdown	1.89	2.35	-0.46
Martin ratio: Return relative to average drawdown	4.97	9.82	-4.85

MGSMX vs. MGHYX - Sharpe Ratio Comparison

The current MGSMX Sharpe Ratio is 1.63, which is comparable to the MGHYX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of MGSMX 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.

Drawdowns

MGSMX vs. MGHYX - Drawdown Comparison

The maximum MGSMX drawdown since its inception was -7.81%, smaller than the maximum MGHYX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for MGSMX and MGHYX.

Drawdown Indicators

	MGSMX	MGHYX	Difference
Max Drawdown Largest peak-to-trough decline	-7.81%	-53.47%	+45.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.16%	-2.69%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-1.62%	-4.33%	+2.71%
Max Drawdown (5Y) Largest decline over 5 years	-5.87%	-15.93%	+10.06%
Max Drawdown (10Y) Largest decline over 10 years	-5.87%	-21.84%	+15.97%
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-1.80%	-23.98%	+22.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.64%	-0.20%

Volatility

MGSMX vs. MGHYX - Volatility Comparison

The current volatility for DWS Short Term Municipal Bond Fund (MGSMX) is 0.59%, while DWS Global High Income Fund (MGHYX) has a volatility of 0.89%. This indicates that MGSMX experiences smaller price fluctuations and is considered to be less risky than MGHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGSMX	MGHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.89%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.07%	2.34%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	1.35%	3.13%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.56%	5.09%	-3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.61%	5.84%	-4.23%

MGSMX vs. MGHYX - Expense Ratio Comparison

MGSMX has a 0.44% expense ratio, which is lower than MGHYX's 0.60% expense ratio.

Dividends

MGSMX vs. MGHYX - Dividend Comparison

MGSMX's dividend yield for the trailing twelve months is around 2.77%, less than MGHYX's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGHYX DWS Global High Income Fund	5.77%	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	2.77%	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 MGHYX in my portfolio?

MGSMX and MGHYX 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.

Which is riskier, MGSMX or MGHYX?

MGHYX has higher volatility (0.89%) compared to MGSMX (0.59%). In terms of maximum drawdown, MGSMX dropped -7.81% vs MGHYX's -53.47%.

Which has better risk-adjusted returns?

MGHYX currently has the higher Sharpe Ratio (2.02 vs 1.63), 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.