SCMAX vs. MGHYX
SCMAX (DWS Massachusetts Tax Free Fund) and MGHYX (DWS Global High Income Fund) are both mutual funds - SCMAX is a Municipal Bonds fund managed by DWS, while MGHYX is a High Yield Bonds fund managed by DWS. Over the past 10 years, SCMAX returned 1.34%/yr vs 4.83%/yr for MGHYX. Their 0.12 correlation means their historical movements had little consistent relationship. SCMAX charges 0.61%/yr vs 0.60%/yr for MGHYX.
Performance
SCMAX vs. MGHYX - Performance Comparison
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Returns By Period
In the year-to-date period, SCMAX achieves a 0.67% return, which is significantly lower than MGHYX's 1.76% return. Over the past 10 years, SCMAX has underperformed MGHYX with an annualized return of 1.34%, while MGHYX has yielded a comparatively higher 4.83% 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%
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%
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 |
SCMAX vs. MGHYX - 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% |
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% |
Correlation
The correlation between SCMAX 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. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 1998 | 0.12 |
Over the past year, SCMAX and MGHYX have become more correlated (0.50) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
SCMAX vs. MGHYX — Risk / Return Rank
SCMAX
MGHYX
SCMAX vs. MGHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS Massachusetts Tax Free Fund (SCMAX) 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.
| SCMAX | MGHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.41 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.10 | +0.06 |
| Martin ratioReturn relative to average drawdown | 6.82 | 8.76 | -1.94 |
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Drawdowns
SCMAX vs. MGHYX - Drawdown Comparison
The maximum SCMAX drawdown since its inception was -16.28%, smaller than the maximum MGHYX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for SCMAX and MGHYX.
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Drawdown Indicators
| SCMAX | MGHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.28% | -53.47% | +37.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -2.69% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -5.76% | -4.33% | -1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -16.28% | -15.93% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -16.28% | -21.84% | +5.56% |
Current DrawdownCurrent decline from peak | -2.28% | -0.40% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -23.98% | +21.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.64% | +0.17% |
Volatility
SCMAX vs. MGHYX - Volatility Comparison
DWS Massachusetts Tax Free Fund (SCMAX) has a higher volatility of 0.96% compared to DWS Global High Income Fund (MGHYX) at 0.82%. This indicates that SCMAX's price experiences larger fluctuations and is considered to be riskier than MGHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCMAX | MGHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.82% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.32% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.63% | 3.13% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.83% | 5.08% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.96% | 5.84% | -1.88% |
SCMAX vs. MGHYX - Expense Ratio Comparison
SCMAX has a 0.61% expense ratio, which is higher than MGHYX's 0.60% expense ratio.
Dividends
SCMAX vs. MGHYX - Dividend Comparison
SCMAX's dividend yield for the trailing twelve months is around 3.01%, less than MGHYX's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
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
SCMAX 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.
SCMAX has higher volatility (0.96%) compared to MGHYX (0.82%). In terms of maximum drawdown, SCMAX dropped -16.28% vs MGHYX's -53.47%.
SCMAX currently has the higher Sharpe Ratio (2.10 vs 1.80), 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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