SCPIX vs. MGSMX

Last updated Aug 1, 2026

SCPIX (DWS S&P 500 Index Fund) and MGSMX (DWS Short Term Municipal Bond Fund) are both mutual funds - SCPIX is a S&P 500 fund tracking the S&P 500 Index, while MGSMX is a Municipal Bonds fund managed by DWS. Over the past 10 years, SCPIX returned 14.92%/yr vs 1.57%/yr for MGSMX. Their -0.02 correlation means they have often moved in opposite directions in the past. SCPIX charges 0.29%/yr vs 0.44%/yr for MGSMX.

Performance

SCPIX vs. MGSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS S&P 500 Index Fund (SCPIX) 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, SCPIX achieves a 8.90% return, which is significantly higher than MGSMX's 0.80% return. Over the past 10 years, SCPIX has outperformed MGSMX with an annualized return of 14.92%, while MGSMX has yielded a comparatively lower 1.57% annualized return.

SCPIX

• 1D: 1.66%
• 1M: -0.58%
• 6M: 6.91%
• YTD: 8.90%
• 1Y: 19.97%
• 3Y*: 18.50%
• 5Y*: 12.25%
• 10Y*: 14.92%
• ALL TIME*: 8.96%

MGSMX

• 1D: 0.00%
• 1M: -0.24%
• 6M: 0.14%
• YTD: 0.80%
• 1Y: 2.07%
• 3Y*: 3.11%
• 5Y*: 1.45%
• 10Y*: 1.57%
• ALL TIME*: 0.57%

*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)
MGSMX DWS Short Term Municipal Bond Fund	$0.00	$0.00	$0.00
SCPIX DWS S&P 500 Index Fund	$0.00	$0.00	$0.00

SCPIX vs. MGSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCPIX DWS S&P 500 Index Fund	8.90%	17.21%	24.65%	25.97%	-18.46%	27.85%	18.21%	34.99%	-4.58%	21.43%
MGSMX DWS Short Term Municipal Bond Fund	0.80%	4.06%	2.86%	3.52%	-3.40%	0.26%	2.94%	4.13%	1.47%	0.96%

Correlation

The correlation between SCPIX and MGSMX is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.06
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	-0.02

The correlation between SCPIX and MGSMX shifts across timeframes, from -0.02 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SCPIX vs. MGSMX — Risk / Return Rank

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

SCPIX

SCPIX Risk / Return Rank: 56
SCPIX Sharpe Ratio Rank: 54
SCPIX Sortino Ratio Rank: 52
SCPIX Omega Ratio Rank: 52
SCPIX Calmar Ratio Rank: 55
SCPIX Martin Ratio Rank: 67

MGSMX

MGSMX Risk / Return Rank: 66
MGSMX Sharpe Ratio Rank: 71
MGSMX Sortino Ratio Rank: 81
MGSMX Omega Ratio Rank: 91
MGSMX Calmar Ratio Rank: 53
MGSMX Martin Ratio Rank: 34

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.

SCPIX vs. MGSMX - Risk-Adjusted Trends Comparison

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

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.

	SCPIX	MGSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.71	-0.33
Sortino ratio: Return per unit of downside risk	1.96	2.85	-0.90
Omega ratio: Gain probability vs. loss probability	1.25	1.51	-0.26
Calmar ratio: Return relative to maximum drawdown	1.94	1.98	-0.04
Martin ratio: Return relative to average drawdown	8.33	5.23	+3.10

SCPIX vs. MGSMX - Sharpe Ratio Comparison

The current SCPIX Sharpe Ratio is 1.38, which is comparable to the MGSMX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SCPIX 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.

Drawdowns

SCPIX vs. MGSMX - Drawdown Comparison

The maximum SCPIX drawdown since its inception was -55.46%, which is greater than MGSMX's maximum drawdown of -7.81%. Use the drawdown chart below to compare losses from any high point for SCPIX and MGSMX.

Drawdown Indicators

	SCPIX	MGSMX	Difference
Max Drawdown Largest peak-to-trough decline	-55.46%	-7.81%	-47.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.17%	-1.16%	-8.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.99%	-1.62%	-17.37%
Max Drawdown (5Y) Largest decline over 5 years	-24.66%	-5.87%	-18.79%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-5.87%	-27.98%
Current Drawdown Current decline from peak	-2.16%	-0.40%	-1.76%
Average Drawdown Average peak-to-trough decline	-10.58%	-1.80%	-8.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	0.44%	+1.69%

Volatility

SCPIX vs. MGSMX - Volatility Comparison

DWS S&P 500 Index Fund (SCPIX) has a higher volatility of 3.43% compared to DWS Short Term Municipal Bond Fund (MGSMX) at 0.56%. This indicates that SCPIX'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

	SCPIX	MGSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	0.56%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	1.05%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	1.34%	+11.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	1.56%	+15.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	1.61%	+16.51%

SCPIX vs. MGSMX - Expense Ratio Comparison

SCPIX has a 0.29% expense ratio, which is lower than MGSMX's 0.44% expense ratio.

Dividends

SCPIX vs. MGSMX - Dividend Comparison

SCPIX's dividend yield for the trailing twelve months is around 4.89%, more than MGSMX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGSMX DWS Short Term Municipal Bond Fund	2.78%	3.26%	2.72%	2.01%	1.19%	1.15%	2.00%	2.44%	2.05%	1.17%	0.00%	0.00%
SCPIX DWS S&P 500 Index Fund	4.89%	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 MGSMX in my portfolio?

SCPIX and MGSMX have a correlation of 0.24, 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 MGSMX?

SCPIX has higher volatility (3.43%) compared to MGSMX (0.56%). In terms of maximum drawdown, SCPIX dropped -55.46% vs MGSMX's -7.81%.

Which has better risk-adjusted returns?

MGSMX currently has the higher Sharpe Ratio (1.71 vs 1.38), 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.