SCPIX vs. MGHYX

Last updated Jun 4, 2026

SCPIX (DWS S&P 500 Index Fund) and MGHYX (DWS Global High Income Fund) are both mutual funds - SCPIX is a S&P 500 fund tracking the S&P 500 Index, while MGHYX is a High Yield Bonds fund managed by DWS. Over the past 10 years, SCPIX returned 15.57%/yr vs 4.98%/yr for MGHYX. At a 0.33 correlation, their price movements are largely independent. SCPIX charges 0.29%/yr vs 0.60%/yr for MGHYX.

Performance

SCPIX vs. MGHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS S&P 500 Index Fund (SCPIX) 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, SCPIX achieves a 11.60% return, which is significantly higher than MGHYX's 1.59% return. Over the past 10 years, SCPIX has outperformed MGHYX with an annualized return of 15.57%, while MGHYX has yielded a comparatively lower 4.98% annualized return.

SCPIX

• 1D: 0.13%
• 1M: 5.78%
• YTD: 11.60%
• 6M: 11.61%
• 1Y: 28.64%
• 3Y*: 22.31%
• 5Y*: 13.80%
• 10Y*: 15.57%

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)

SCPIX vs. MGHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCPIX DWS S&P 500 Index Fund	11.60%	17.21%	24.65%	25.97%	-18.46%	27.85%	18.21%	34.99%	-4.58%	21.43%
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 SCPIX and MGHYX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 17, 1998	0.33

Over the past year, SCPIX and MGHYX have become more correlated (0.57) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

SCPIX vs. MGHYX — Risk / Return Rank

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

SCPIX

SCPIX Risk / Return Rank: 73
SCPIX Sharpe Ratio Rank: 75
SCPIX Sortino Ratio Rank: 68
SCPIX Omega Ratio Rank: 68
SCPIX Calmar Ratio Rank: 72
SCPIX Martin Ratio Rank: 82

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.

SCPIX vs. MGHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS S&P 500 Index Fund (SCPIX) 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.

	SCPIX	MGHYX	Difference
Sharpe ratio Return per unit of total volatility	2.50	2.56	-0.06
Sortino ratio Return per unit of downside risk	3.44	4.43	-0.99
Omega ratio Gain probability vs. loss probability	1.46	1.61	-0.15
Calmar ratio Return relative to maximum drawdown	3.32	2.98	+0.34
Martin ratio Return relative to average drawdown	15.36	12.73	+2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCPIX vs. MGHYX - Sharpe Ratio Comparison

The current SCPIX Sharpe Ratio is 2.50, which is comparable to the MGHYX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of SCPIX 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

	SCPIX	MGHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.56	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.71	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.85	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.03	+0.44

Drawdowns

SCPIX vs. MGHYX - Drawdown Comparison

The maximum SCPIX drawdown since its inception was -55.46%, roughly equal to the maximum MGHYX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for SCPIX and MGHYX.

Drawdown Indicators

	SCPIX	MGHYX	Difference
Max Drawdown Largest peak-to-trough decline	-55.46%	-53.47%	-1.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-2.69%	-6.25%
Max Drawdown (3Y) Largest decline over 3 years	-18.99%	-4.33%	-14.66%
Max Drawdown (5Y) Largest decline over 5 years	-24.66%	-15.93%	-8.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-21.84%	-12.01%
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-10.63%	-24.12%	+13.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.63%	+1.29%

Volatility

SCPIX vs. MGHYX - Volatility Comparison

DWS S&P 500 Index Fund (SCPIX) has a higher volatility of 2.82% compared to DWS Global High Income Fund (MGHYX) at 0.88%. This indicates that SCPIX'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.

Volatility by Period

	SCPIX	MGHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	0.88%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	2.31%	+6.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	3.12%	+8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	5.08%	+11.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	5.90%	+12.21%

SCPIX vs. MGHYX - Expense Ratio Comparison

SCPIX has a 0.29% expense ratio, which is lower than MGHYX's 0.60% expense ratio.

Dividends

SCPIX vs. MGHYX - Dividend Comparison

SCPIX's dividend yield for the trailing twelve months is around 3.90%, 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%
SCPIX DWS S&P 500 Index Fund	3.90%	4.09%	5.65%	7.18%	5.57%	5.28%	6.91%	7.88%	8.14%	6.05%	4.83%	4.04%

Frequently Asked Questions

Can I hold both SCPIX and MGHYX in my portfolio?

SCPIX and MGHYX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCPIX or MGHYX?

SCPIX has higher volatility (2.82%) compared to MGHYX (0.88%). In terms of maximum drawdown, SCPIX dropped -55.46% vs MGHYX's -53.47%.

Which has better risk-adjusted returns?

MGHYX currently has the higher Sharpe Ratio (2.56 vs 2.50), 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.