SCMTX vs. MGHYX

Last updated Jun 4, 2026

SCMTX (DWS Intermediate Tax-Free Fund) and MGHYX (DWS Global High Income Fund) are both mutual funds - SCMTX is a Municipal Bonds fund managed by DWS, while MGHYX is a High Yield Bonds fund managed by DWS. Over the past 10 years, SCMTX returned 2.01%/yr vs 4.98%/yr for MGHYX. At a 0.11 correlation, their price movements are largely independent. SCMTX charges 0.48%/yr vs 0.60%/yr for MGHYX.

Performance

SCMTX vs. MGHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Intermediate Tax-Free Fund (SCMTX) 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, SCMTX achieves a 1.11% return, which is significantly lower than MGHYX's 1.59% return. Over the past 10 years, SCMTX has underperformed MGHYX with an annualized return of 2.01%, while MGHYX has yielded a comparatively higher 4.98% annualized return.

SCMTX

• 1D: 0.18%
• 1M: 0.63%
• YTD: 1.11%
• 6M: 1.41%
• 1Y: 6.09%
• 3Y*: 3.47%
• 5Y*: 0.80%
• 10Y*: 2.01%

MGHYX

• 1D: 0.00%
• 1M: 0.63%
• YTD: 1.59%
• 6M: 2.43%
• 1Y: 7.75%
• 3Y*: 8.30%
• 5Y*: 3.60%
• 10Y*: 4.98%

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

SCMTX vs. MGHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCMTX DWS Intermediate Tax-Free Fund	1.11%	4.51%	1.71%	5.08%	-8.21%	1.21%	5.34%	8.27%	0.73%	3.55%
MGHYX DWS Global High Income Fund	1.59%	9.82%	6.99%	11.17%	-11.67%	3.22%	6.83%	16.36%	-1.85%	6.49%

Correlation

The correlation between SCMTX and MGHYX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 17, 1998	0.11

Over the past year, SCMTX and MGHYX have become more correlated (0.46) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

SCMTX vs. MGHYX — Risk / Return Rank

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

SCMTX

SCMTX Risk / Return Rank: 64
SCMTX Sharpe Ratio Rank: 84
SCMTX Sortino Ratio Rank: 87
SCMTX Omega Ratio Rank: 91
SCMTX Calmar Ratio Rank: 31
SCMTX Martin Ratio Rank: 26

MGHYX

MGHYX Risk / Return Rank: 76
MGHYX Sharpe Ratio Rank: 78
MGHYX Sortino Ratio Rank: 91
MGHYX Omega Ratio Rank: 88
MGHYX Calmar Ratio Rank: 60
MGHYX Martin Ratio Rank: 65

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.

SCMTX vs. MGHYX - Risk-Adjusted Trends Comparison

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

	SCMTX	MGHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.56	+0.17
Sortino ratio: Return per unit of downside risk	4.16	4.43	-0.27
Omega ratio: Gain probability vs. loss probability	1.67	1.61	+0.06
Calmar ratio: Return relative to maximum drawdown	2.09	2.98	-0.89
Martin ratio: Return relative to average drawdown	6.39	12.73	-6.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCMTX vs. MGHYX - Sharpe Ratio Comparison

The current SCMTX Sharpe Ratio is 2.73, which is comparable to the MGHYX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of SCMTX 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.

Sharpe Ratios by Period

	SCMTX	MGHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.56	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.71	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.85	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	1.49	0.03	+1.45

Drawdowns

SCMTX vs. MGHYX - Drawdown Comparison

The maximum SCMTX drawdown since its inception was -12.59%, smaller than the maximum MGHYX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for SCMTX and MGHYX.

Drawdown Indicators

	SCMTX	MGHYX	Difference
Max Drawdown Largest peak-to-trough decline	-12.59%	-53.47%	+40.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-2.69%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-4.64%	-4.33%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-12.59%	-15.93%	+3.34%
Max Drawdown (10Y) Largest decline over 10 years	-12.59%	-21.84%	+9.25%
Current Drawdown Current decline from peak	-1.16%	-0.16%	-1.00%
Average Drawdown Average peak-to-trough decline	-1.45%	-24.12%	+22.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.63%	+0.33%

Volatility

SCMTX vs. MGHYX - Volatility Comparison

DWS Intermediate Tax-Free Fund (SCMTX) and DWS Global High Income Fund (MGHYX) have volatilities of 0.86% and 0.88%, 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

	SCMTX	MGHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.88%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	2.31%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	3.12%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.09%	5.08%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	5.90%	-2.59%

SCMTX vs. MGHYX - Expense Ratio Comparison

SCMTX has a 0.48% expense ratio, which is lower than MGHYX's 0.60% expense ratio.

Dividends

SCMTX vs. MGHYX - Dividend Comparison

SCMTX's dividend yield for the trailing twelve months is around 2.95%, less than MGHYX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGHYX DWS Global High Income Fund	5.69%	7.17%	5.58%	4.35%	5.81%	4.20%	5.81%	5.63%	6.96%	3.76%	0.00%	0.00%
SCMTX DWS Intermediate Tax-Free Fund	2.95%	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 MGHYX in my portfolio?

SCMTX and MGHYX have a correlation of 0.46, 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 MGHYX?

MGHYX has higher volatility (0.88%) compared to SCMTX (0.86%). In terms of maximum drawdown, SCMTX dropped -12.59% vs MGHYX's -53.47%.

Which has better risk-adjusted returns?

SCMTX currently has the higher Sharpe Ratio (2.73 vs 2.56), 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.