SEMGX vs. SHYTX

Last updated Jul 16, 2026

SEMGX (DWS Emerging Markets Equity Fund) and SHYTX (DWS Strategic High Yield Tax) are both mutual funds - SEMGX is a Emerging Markets Diversified fund managed by DWS, while SHYTX is a High Yield Muni fund managed by DWS. Over the past 10 years, SEMGX returned 8.21%/yr vs 2.15%/yr for SHYTX. At a correlation of -0.03, they often move in opposite directions. SEMGX charges 0.98%/yr vs 0.59%/yr for SHYTX.

Performance

SEMGX vs. SHYTX - Performance Comparison

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

Returns By Period

In the year-to-date period, SEMGX achieves a 24.47% return, which is significantly higher than SHYTX's 2.52% return. Over the past 10 years, SEMGX has outperformed SHYTX with an annualized return of 8.21%, while SHYTX has yielded a comparatively lower 2.15% annualized return.

SEMGX

• 1D: 1.21%
• 1M: -5.31%
• 6M: 17.64%
• YTD: 24.47%
• 1Y: 42.09%
• 3Y*: 20.01%
• 5Y*: 4.81%
• 10Y*: 8.21%

SHYTX

• 1D: 0.09%
• 1M: 0.62%
• 6M: 2.14%
• YTD: 2.52%
• 1Y: 8.60%
• 3Y*: 4.96%
• 5Y*: 0.06%
• 10Y*: 2.15%

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

SEMGX vs. SHYTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMGX DWS Emerging Markets Equity Fund	24.47%	28.85%	7.48%	6.32%	-21.66%	-11.60%	18.65%	19.23%	-12.25%	37.71%
SHYTX DWS Strategic High Yield Tax	2.52%	4.05%	5.47%	7.64%	-17.22%	5.44%	5.04%	9.64%	-0.46%	5.99%

Correlation

The correlation between SEMGX and SHYTX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	-0.03

The correlation between SEMGX and SHYTX shifts across timeframes, from -0.03 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SEMGX vs. SHYTX — Risk / Return Rank

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

SEMGX

SEMGX Risk / Return Rank: 68
SEMGX Sharpe Ratio Rank: 70
SEMGX Sortino Ratio Rank: 54
SEMGX Omega Ratio Rank: 71
SEMGX Calmar Ratio Rank: 77
SEMGX Martin Ratio Rank: 68

SHYTX

SHYTX Risk / Return Rank: 81
SHYTX Sharpe Ratio Rank: 90
SHYTX Sortino Ratio Rank: 91
SHYTX Omega Ratio Rank: 90
SHYTX Calmar Ratio Rank: 75
SHYTX Martin Ratio Rank: 60

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. SHYTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Emerging Markets Equity Fund (SEMGX) and DWS Strategic High Yield Tax (SHYTX). 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.

	SEMGX	SHYTX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.45	-0.62
Sortino ratio: Return per unit of downside risk	2.31	3.78	-1.47
Omega ratio: Gain probability vs. loss probability	1.34	1.56	-0.21
Calmar ratio: Return relative to maximum drawdown	2.73	2.70	+0.04
Martin ratio: Return relative to average drawdown	9.91	9.25	+0.67

SEMGX vs. SHYTX - Sharpe Ratio Comparison

The current SEMGX Sharpe Ratio is 1.83, which is comparable to the SHYTX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of SEMGX and SHYTX, 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

SEMGX vs. SHYTX - Drawdown Comparison

The maximum SEMGX drawdown since its inception was -67.21%, which is greater than SHYTX's maximum drawdown of -27.17%. Use the drawdown chart below to compare losses from any high point for SEMGX and SHYTX.

Drawdown Indicators

	SEMGX	SHYTX	Difference
Max Drawdown Largest peak-to-trough decline	-67.21%	-27.17%	-40.04%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-3.10%	-13.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.37%	-7.70%	-10.67%
Max Drawdown (5Y) Largest decline over 5 years	-38.32%	-22.59%	-15.73%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-22.59%	-23.23%
Current Drawdown Current decline from peak	-9.71%	-0.56%	-9.15%
Average Drawdown Average peak-to-trough decline	-25.17%	-2.75%	-22.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	0.92%	+3.50%

Volatility

SEMGX vs. SHYTX - Volatility Comparison

DWS Emerging Markets Equity Fund (SEMGX) has a higher volatility of 10.68% compared to DWS Strategic High Yield Tax (SHYTX) at 0.84%. This indicates that SEMGX's price experiences larger fluctuations and is considered to be riskier than SHYTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMGX	SHYTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	0.84%	+9.84%
Volatility (6M) Calculated over the trailing 6-month period	21.61%	2.53%	+19.08%
Volatility (1Y) Calculated over the trailing 1-year period	24.04%	3.41%	+20.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.62%	5.22%	+14.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	5.02%	+13.67%

SEMGX vs. SHYTX - Expense Ratio Comparison

SEMGX has a 0.98% expense ratio, which is higher than SHYTX's 0.59% expense ratio.

Dividends

SEMGX vs. SHYTX - Dividend Comparison

SEMGX's dividend yield for the trailing twelve months is around 2.41%, less than SHYTX's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMGX DWS Emerging Markets Equity Fund	2.41%	3.00%	0.15%	2.16%	2.16%	1.71%	1.23%	1.94%	0.71%	0.62%	0.54%	0.23%
SHYTX DWS Strategic High Yield Tax	4.33%	5.59%	4.01%	3.14%	2.90%	2.88%	4.44%	4.87%	4.35%	3.49%	4.29%	4.79%

Frequently Asked Questions

Can I hold both SEMGX and SHYTX in my portfolio?

SEMGX and SHYTX have a correlation of 0.19, 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 SHYTX?

SEMGX has higher volatility (10.68%) compared to SHYTX (0.84%). In terms of maximum drawdown, SEMGX dropped -67.21% vs SHYTX's -27.17%.

Which has better risk-adjusted returns?

SHYTX currently has the higher Sharpe Ratio (2.45 vs 1.83), 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.