SCMTX vs. AAAZX

Last updated Aug 1, 2026

SCMTX (DWS Intermediate Tax-Free Fund) and AAAZX (DWS RREEF Real Assets Fund) are both mutual funds - SCMTX is a Municipal Bonds fund managed by DWS, while AAAZX is a Global Allocation fund managed by DWS. Over the past 10 years, SCMTX returned 1.81%/yr vs 7.15%/yr for AAAZX. Their 0.03 correlation means their historical movements had little consistent relationship. SCMTX charges 0.48%/yr vs 0.90%/yr for AAAZX.

Performance

SCMTX vs. AAAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Intermediate Tax-Free Fund (SCMTX) 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, SCMTX achieves a 0.18% return, which is significantly lower than AAAZX's 11.24% return. Over the past 10 years, SCMTX has underperformed AAAZX with an annualized return of 1.81%, while AAAZX has yielded a comparatively higher 7.15% annualized return.

SCMTX

• 1D: -0.18%
• 1M: -1.49%
• 6M: -0.74%
• YTD: 0.18%
• 1Y: 4.13%
• 3Y*: 2.92%
• 5Y*: 0.42%
• 10Y*: 1.81%
• ALL TIME*: 4.32%

AAAZX

• 1D: 0.38%
• 1M: 2.63%
• 6M: 3.32%
• YTD: 11.24%
• 1Y: 18.05%
• 3Y*: 10.37%
• 5Y*: 5.43%
• 10Y*: 7.15%
• ALL TIME*: 4.69%

*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
SCMTX DWS Intermediate Tax-Free Fund	$0.00	$0.00	$0.00

SCMTX vs. AAAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCMTX DWS Intermediate Tax-Free Fund	0.18%	4.51%	1.71%	5.08%	-8.21%	1.21%	5.34%	8.27%	0.73%	3.55%
AAAZX DWS RREEF Real Assets Fund	11.24%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-5.05%	14.97%

Correlation

The correlation between SCMTX and AAAZX is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.13
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.03

The correlation between SCMTX and AAAZX shifts across timeframes, from 0.03 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SCMTX vs. AAAZX — Risk / Return Rank

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

SCMTX

SCMTX Risk / Return Rank: 63
SCMTX Sharpe Ratio Rank: 81
SCMTX Sortino Ratio Rank: 82
SCMTX Omega Ratio Rank: 88
SCMTX Calmar Ratio Rank: 37
SCMTX Martin Ratio Rank: 29

AAAZX

AAAZX Risk / Return Rank: 77
AAAZX Sharpe Ratio Rank: 80
AAAZX Sortino Ratio Rank: 75
AAAZX Omega Ratio Rank: 77
AAAZX Calmar Ratio Rank: 87
AAAZX Martin Ratio Rank: 67

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.

SCMTX vs. AAAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Intermediate Tax-Free Fund (SCMTX) 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.

	SCMTX	AAAZX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.87	+0.08
Sortino ratio: Return per unit of downside risk	2.92	2.55	+0.37
Omega ratio: Gain probability vs. loss probability	1.46	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	1.59	3.01	-1.43
Martin ratio: Return relative to average drawdown	4.31	8.25	-3.95

SCMTX vs. AAAZX - Sharpe Ratio Comparison

The current SCMTX Sharpe Ratio is 1.96, which is comparable to the AAAZX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of SCMTX 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

SCMTX vs. AAAZX - Drawdown Comparison

The maximum SCMTX drawdown since its inception was -12.59%, smaller than the maximum AAAZX drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for SCMTX and AAAZX.

Drawdown Indicators

	SCMTX	AAAZX	Difference
Max Drawdown Largest peak-to-trough decline	-12.59%	-40.45%	+27.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-5.78%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-10.06%	+5.80%
Max Drawdown (5Y) Largest decline over 5 years	-12.59%	-22.52%	+9.93%
Max Drawdown (10Y) Largest decline over 10 years	-12.59%	-29.44%	+16.85%
Current Drawdown Current decline from peak	-2.06%	-2.32%	+0.26%
Average Drawdown Average peak-to-trough decline	-1.45%	-6.60%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	2.11%	-1.03%

Volatility

SCMTX vs. AAAZX - Volatility Comparison

The current volatility for DWS Intermediate Tax-Free Fund (SCMTX) is 0.93%, while DWS RREEF Real Assets Fund (AAAZX) has a volatility of 2.16%. This indicates that SCMTX 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

	SCMTX	AAAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	2.16%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	1.97%	7.48%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	2.38%	9.33%	-6.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.12%	12.07%	-8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	12.70%	-9.39%

SCMTX vs. AAAZX - Expense Ratio Comparison

SCMTX has a 0.48% expense ratio, which is lower than AAAZX's 0.90% expense ratio.

Dividends

SCMTX vs. AAAZX - Dividend Comparison

SCMTX's dividend yield for the trailing twelve months is around 3.07%, less than AAAZX's 6.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAZX DWS RREEF Real Assets Fund	6.60%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%
SCMTX DWS Intermediate Tax-Free Fund	3.07%	3.26%	2.90%	2.16%	1.70%	2.22%	3.65%	5.20%	2.95%	2.64%	2.56%	2.53%

Frequently Asked Questions

Can I hold both SCMTX and AAAZX in my portfolio?

SCMTX and AAAZX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCMTX or AAAZX?

AAAZX has higher volatility (2.16%) compared to SCMTX (0.93%). In terms of maximum drawdown, SCMTX dropped -12.59% vs AAAZX's -40.45%.

Which has better risk-adjusted returns?

SCMTX currently has the higher Sharpe Ratio (1.96 vs 1.87), 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.