SEMGX vs. DESGX

Last updated Jun 6, 2026

SEMGX (DWS Emerging Markets Equity Fund) and DESGX (DWS ESG Core Equity Fund) are both mutual funds - SEMGX is a Emerging Markets Diversified fund managed by DWS, while DESGX is a Large Cap Blend Equities fund managed by DWS. Over the past 10 years, SEMGX returned 9.54%/yr vs 13.31%/yr for DESGX. A 0.69 correlation means they provide meaningful diversification when combined. SEMGX charges 0.98%/yr vs 0.64%/yr for DESGX.

Performance

SEMGX vs. DESGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Emerging Markets Equity Fund (SEMGX) and DWS ESG Core Equity Fund (DESGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEMGX achieves a 32.36% return, which is significantly higher than DESGX's 14.37% return. Over the past 10 years, SEMGX has underperformed DESGX with an annualized return of 9.54%, while DESGX has yielded a comparatively higher 13.31% annualized return.

SEMGX

• 1D: -0.91%
• 1M: 2.85%
• YTD: 32.36%
• 6M: 35.75%
• 1Y: 55.76%
• 3Y*: 24.60%
• 5Y*: 5.22%
• 10Y*: 9.54%

DESGX

• 1D: 0.58%
• 1M: 3.45%
• YTD: 14.37%
• 6M: 14.42%
• 1Y: 37.69%
• 3Y*: 23.42%
• 5Y*: 15.13%
• 10Y*: 13.31%

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

SEMGX vs. DESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMGX DWS Emerging Markets Equity Fund	32.36%	28.85%	7.48%	6.32%	-21.66%	-11.60%	18.65%	19.23%	-12.25%	37.71%
DESGX DWS ESG Core Equity Fund	14.37%	18.92%	23.55%	26.68%	-15.56%	28.99%	19.13%	28.18%	-17.30%	13.02%

Correlation

The correlation between SEMGX and DESGX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 3, 2005	0.69

The correlation between SEMGX and DESGX has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Return for Risk

SEMGX vs. DESGX — Risk / Return Rank

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

SEMGX

SEMGX Risk / Return Rank: 82
SEMGX Sharpe Ratio Rank: 89
SEMGX Sortino Ratio Rank: 78
SEMGX Omega Ratio Rank: 81
SEMGX Calmar Ratio Rank: 81
SEMGX Martin Ratio Rank: 80

DESGX

DESGX Risk / Return Rank: 87
DESGX Sharpe Ratio Rank: 91
DESGX Sortino Ratio Rank: 86
DESGX Omega Ratio Rank: 82
DESGX Calmar Ratio Rank: 86
DESGX Martin Ratio Rank: 92

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.

SEMGX vs. DESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Emerging Markets Equity Fund (SEMGX) and DWS ESG Core Equity Fund (DESGX). 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.

	SEMGX	DESGX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.95	-0.07
Sortino ratio: Return per unit of downside risk	3.67	4.06	-0.39
Omega ratio: Gain probability vs. loss probability	1.52	1.53	-0.01
Calmar ratio: Return relative to maximum drawdown	3.58	4.01	-0.43
Martin ratio: Return relative to average drawdown	14.48	18.49	-4.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMGX vs. DESGX - Sharpe Ratio Comparison

The current SEMGX Sharpe Ratio is 2.88, which is comparable to the DESGX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of SEMGX and DESGX, 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

	SEMGX	DESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.95	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.89	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.73	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.53	-0.26

Drawdowns

SEMGX vs. DESGX - Drawdown Comparison

The maximum SEMGX drawdown since its inception was -67.21%, which is greater than DESGX's maximum drawdown of -58.26%. Use the drawdown chart below to compare losses from any high point for SEMGX and DESGX.

Drawdown Indicators

	SEMGX	DESGX	Difference
Max Drawdown Largest peak-to-trough decline	-67.21%	-58.26%	-8.95%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-9.38%	-6.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.37%	-21.26%	+2.89%
Max Drawdown (5Y) Largest decline over 5 years	-41.31%	-22.01%	-19.30%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-34.68%	-11.14%
Current Drawdown Current decline from peak	-1.08%	-0.31%	-0.77%
Average Drawdown Average peak-to-trough decline	-25.25%	-8.11%	-17.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	2.03%	+1.94%

Volatility

SEMGX vs. DESGX - Volatility Comparison

DWS Emerging Markets Equity Fund (SEMGX) has a higher volatility of 8.18% compared to DWS ESG Core Equity Fund (DESGX) at 3.67%. This indicates that SEMGX's price experiences larger fluctuations and is considered to be riskier than DESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMGX	DESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.18%	3.67%	+4.51%
Volatility (6M) Calculated over the trailing 6-month period	16.85%	9.81%	+7.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	12.75%	+7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.67%	17.17%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	18.22%	+0.10%

SEMGX vs. DESGX - Expense Ratio Comparison

SEMGX has a 0.98% expense ratio, which is higher than DESGX's 0.64% expense ratio.

Dividends

SEMGX vs. DESGX - Dividend Comparison

SEMGX's dividend yield for the trailing twelve months is around 2.27%, less than DESGX's 5.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DESGX DWS ESG Core Equity Fund	5.04%	5.76%	7.94%	2.80%	4.21%	12.80%	4.06%	7.61%	21.12%	3.53%	6.49%	7.25%
SEMGX DWS Emerging Markets Equity Fund	2.27%	3.00%	0.15%	2.16%	2.16%	1.71%	1.23%	1.94%	0.71%	0.62%	0.54%	0.23%

Frequently Asked Questions

Can I hold both SEMGX and DESGX in my portfolio?

SEMGX and DESGX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEMGX or DESGX?

SEMGX has higher volatility (8.18%) compared to DESGX (3.67%). In terms of maximum drawdown, SEMGX dropped -67.21% vs DESGX's -58.26%.

Which has better risk-adjusted returns?

DESGX currently has the higher Sharpe Ratio (2.95 vs 2.88), 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.