SCOBX vs. MGSMX

Last updated Jun 4, 2026

SCOBX (DWS International Growth Fund) and MGSMX (DWS Short Term Municipal Bond Fund) are both mutual funds - SCOBX is a Foreign Large Cap Equities fund managed by DWS, while MGSMX is a Municipal Bonds fund managed by DWS. Over the past 10 years, SCOBX returned 7.63%/yr vs 1.57%/yr for MGSMX. At a 0.00 correlation, their price movements are largely independent. SCOBX charges 0.92%/yr vs 0.44%/yr for MGSMX.

Performance

SCOBX vs. MGSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, SCOBX achieves a 8.60% return, which is significantly higher than MGSMX's 0.66% return. Over the past 10 years, SCOBX has outperformed MGSMX with an annualized return of 7.63%, while MGSMX has yielded a comparatively lower 1.57% annualized return.

SCOBX

• 1D: 0.19%
• 1M: 6.25%
• YTD: 8.60%
• 6M: 10.16%
• 1Y: 15.82%
• 3Y*: 13.87%
• 5Y*: 3.70%
• 10Y*: 7.63%

MGSMX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.66%
• 6M: 0.92%
• 1Y: 3.09%
• 3Y*: 3.26%
• 5Y*: 1.50%
• 10Y*: 1.57%

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

SCOBX vs. MGSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCOBX DWS International Growth Fund	8.60%	19.45%	9.37%	15.76%	-29.24%	8.23%	22.49%	31.61%	-16.88%	25.45%
MGSMX DWS Short Term Municipal Bond Fund	0.66%	4.06%	2.86%	3.52%	-3.40%	0.26%	2.94%	4.13%	1.47%	0.96%

Correlation

The correlation between SCOBX and MGSMX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 7, 1995	0.00

Over the past year, SCOBX and MGSMX have become more correlated (0.28) than their long-term average of 0.00, meaning their price movements have been converging.

Return for Risk

SCOBX vs. MGSMX — Risk / Return Rank

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

SCOBX

SCOBX Risk / Return Rank: 15
SCOBX Sharpe Ratio Rank: 14
SCOBX Sortino Ratio Rank: 15
SCOBX Omega Ratio Rank: 14
SCOBX Calmar Ratio Rank: 14
SCOBX Martin Ratio Rank: 17

MGSMX

MGSMX Risk / Return Rank: 71
MGSMX Sharpe Ratio Rank: 78
MGSMX Sortino Ratio Rank: 92
MGSMX Omega Ratio Rank: 96
MGSMX Calmar Ratio Rank: 53
MGSMX Martin Ratio Rank: 36

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.

SCOBX vs. MGSMX - Risk-Adjusted Trends Comparison

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

	SCOBX	MGSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	2.58	-1.53
Sortino ratio: Return per unit of downside risk	1.60	4.57	-2.98
Omega ratio: Gain probability vs. loss probability	1.19	1.89	-0.70
Calmar ratio: Return relative to maximum drawdown	1.27	2.78	-1.50
Martin ratio: Return relative to average drawdown	4.61	7.94	-3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCOBX vs. MGSMX - Sharpe Ratio Comparison

The current SCOBX Sharpe Ratio is 1.05, which is lower than the MGSMX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SCOBX and MGSMX, 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

	SCOBX	MGSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	2.58	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.98	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.99	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.45	-0.01

Drawdowns

SCOBX vs. MGSMX - Drawdown Comparison

The maximum SCOBX drawdown since its inception was -62.65%, which is greater than MGSMX's maximum drawdown of -7.81%. Use the drawdown chart below to compare losses from any high point for SCOBX and MGSMX.

Drawdown Indicators

	SCOBX	MGSMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.65%	-7.81%	-54.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-1.16%	-11.25%
Max Drawdown (3Y) Largest decline over 3 years	-15.86%	-1.62%	-14.24%
Max Drawdown (5Y) Largest decline over 5 years	-40.92%	-5.87%	-35.05%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	-5.87%	-35.05%
Current Drawdown Current decline from peak	0.00%	-0.54%	+0.54%
Average Drawdown Average peak-to-trough decline	-11.53%	-1.81%	-9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	0.40%	+3.02%

Volatility

SCOBX vs. MGSMX - Volatility Comparison

DWS International Growth Fund (SCOBX) has a higher volatility of 5.41% compared to DWS Short Term Municipal Bond Fund (MGSMX) at 0.40%. This indicates that SCOBX's price experiences larger fluctuations and is considered to be riskier than MGSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCOBX	MGSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	0.40%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	0.96%	+11.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	1.25%	+13.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	1.53%	+16.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	1.60%	+15.92%

SCOBX vs. MGSMX - Expense Ratio Comparison

SCOBX has a 0.92% expense ratio, which is higher than MGSMX's 0.44% expense ratio.

Dividends

SCOBX vs. MGSMX - Dividend Comparison

SCOBX's dividend yield for the trailing twelve months is around 4.33%, more than MGSMX's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGSMX DWS Short Term Municipal Bond Fund	2.74%	3.26%	2.72%	2.01%	1.19%	1.15%	2.00%	2.44%	2.05%	1.17%	0.00%	0.00%
SCOBX DWS International Growth Fund	4.33%	4.70%	3.37%	1.57%	3.78%	3.70%	0.81%	1.01%	1.29%	0.46%	0.14%	0.00%

Frequently Asked Questions

Can I hold both SCOBX and MGSMX in my portfolio?

SCOBX and MGSMX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCOBX or MGSMX?

SCOBX has higher volatility (5.41%) compared to MGSMX (0.40%). In terms of maximum drawdown, SCOBX dropped -62.65% vs MGSMX's -7.81%.

Which has better risk-adjusted returns?

MGSMX currently has the higher Sharpe Ratio (2.58 vs 1.05), 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.