SCMAX vs. AAAZX

Last updated Aug 4, 2026

SCMAX (DWS Massachusetts Tax Free Fund) and AAAZX (DWS RREEF Real Assets Fund) are both mutual funds - SCMAX is a Municipal Bonds fund managed by DWS, while AAAZX is a Global Allocation fund managed by DWS. Over the past 10 years, SCMAX returned 1.34%/yr vs 7.14%/yr for AAAZX. Their 0.03 correlation means their historical movements had little consistent relationship. SCMAX charges 0.61%/yr vs 0.90%/yr for AAAZX.

Performance

SCMAX vs. AAAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Massachusetts Tax Free Fund (SCMAX) and DWS RREEF Real Assets Fund (AAAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCMAX achieves a 0.67% return, which is significantly lower than AAAZX's 10.65% return. Over the past 10 years, SCMAX has underperformed AAAZX with an annualized return of 1.34%, while AAAZX has yielded a comparatively higher 7.14% annualized return.

SCMAX

• 1D: -0.15%
• 1M: -1.74%
• 6M: 0.08%
• YTD: 0.67%
• 1Y: 5.14%
• 3Y*: 2.61%
• 5Y*: -0.46%
• 10Y*: 1.34%
• ALL TIME*: 4.64%

AAAZX

• 1D: -0.53%
• 1M: 2.08%
• 6M: 5.60%
• YTD: 10.65%
• 1Y: 17.43%
• 3Y*: 10.41%
• 5Y*: 5.32%
• 10Y*: 7.14%
• ALL TIME*: 4.66%

*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)
AAAZX DWS RREEF Real Assets Fund	$0.00	$0.00	$0.00
SCMAX DWS Massachusetts Tax Free Fund	$0.00	$0.00	$0.00

SCMAX vs. AAAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCMAX DWS Massachusetts Tax Free Fund	0.67%	3.28%	1.32%	5.24%	-11.25%	0.72%	5.08%	8.08%	0.37%	4.96%
AAAZX DWS RREEF Real Assets Fund	10.65%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-5.05%	14.97%

Correlation

The correlation between SCMAX and AAAZX is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.12
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.03

The correlation between SCMAX and AAAZX shifts across timeframes, from 0.03 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SCMAX vs. AAAZX — Risk / Return Rank

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

SCMAX

SCMAX Risk / Return Rank: 73
SCMAX Sharpe Ratio Rank: 85
SCMAX Sortino Ratio Rank: 85
SCMAX Omega Ratio Rank: 93
SCMAX Calmar Ratio Rank: 57
SCMAX Martin Ratio Rank: 45

AAAZX

AAAZX Risk / Return Rank: 76
AAAZX Sharpe Ratio Rank: 80
AAAZX Sortino Ratio Rank: 75
AAAZX Omega Ratio Rank: 76
AAAZX Calmar Ratio Rank: 86
AAAZX Martin Ratio Rank: 61

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.

SCMAX vs. AAAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Massachusetts Tax Free Fund (SCMAX) and DWS RREEF Real Assets Fund (AAAZX). 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.

	SCMAX	AAAZX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.93	+0.17
Sortino ratio: Return per unit of downside risk	3.05	2.62	+0.43
Omega ratio: Gain probability vs. loss probability	1.51	1.35	+0.16
Calmar ratio: Return relative to maximum drawdown	2.16	3.09	-0.93
Martin ratio: Return relative to average drawdown	6.82	8.44	-1.62

SCMAX vs. AAAZX - Sharpe Ratio Comparison

The current SCMAX Sharpe Ratio is 2.10, which is comparable to the AAAZX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SCMAX and AAAZX, 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

SCMAX vs. AAAZX - Drawdown Comparison

The maximum SCMAX drawdown since its inception was -16.28%, smaller than the maximum AAAZX drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for SCMAX and AAAZX.

Drawdown Indicators

	SCMAX	AAAZX	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-40.45%	+24.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-5.78%	+3.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.76%	-10.06%	+4.30%
Max Drawdown (5Y) Largest decline over 5 years	-16.28%	-22.52%	+6.24%
Max Drawdown (10Y) Largest decline over 10 years	-16.28%	-29.44%	+13.16%
Current Drawdown Current decline from peak	-2.28%	-2.84%	+0.56%
Average Drawdown Average peak-to-trough decline	-2.17%	-6.60%	+4.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	2.11%	-1.30%

Volatility

SCMAX vs. AAAZX - Volatility Comparison

The current volatility for DWS Massachusetts Tax Free Fund (SCMAX) is 0.96%, while DWS RREEF Real Assets Fund (AAAZX) has a volatility of 2.18%. This indicates that SCMAX experiences smaller price fluctuations and is considered to be less risky than AAAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCMAX	AAAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	2.18%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	7.49%	-5.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	9.32%	-6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.83%	12.06%	-8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.96%	12.70%	-8.74%

SCMAX vs. AAAZX - Expense Ratio Comparison

SCMAX has a 0.61% expense ratio, which is lower than AAAZX's 0.90% expense ratio.

Dividends

SCMAX vs. AAAZX - Dividend Comparison

SCMAX's dividend yield for the trailing twelve months is around 3.01%, less than AAAZX's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAZX DWS RREEF Real Assets Fund	6.63%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%
SCMAX DWS Massachusetts Tax Free Fund	3.01%	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

Can I hold both SCMAX and AAAZX in my portfolio?

SCMAX and AAAZX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCMAX or AAAZX?

AAAZX has higher volatility (2.18%) compared to SCMAX (0.96%). In terms of maximum drawdown, SCMAX dropped -16.28% vs AAAZX's -40.45%.

Which has better risk-adjusted returns?

SCMAX currently has the higher Sharpe Ratio (2.10 vs 1.93), 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.