SKIRX vs. SCPIX

Last updated Aug 1, 2026

SKIRX (DWS Enhanced Commodity Strategy Fund) and SCPIX (DWS S&P 500 Index Fund) are both mutual funds - SKIRX is a Commodities fund managed by DWS, while SCPIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SKIRX returned 5.42%/yr vs 14.92%/yr for SCPIX. Their 0.34 correlation means their historical movements had little consistent relationship. SKIRX charges 0.89%/yr vs 0.29%/yr for SCPIX.

Performance

SKIRX vs. SCPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Enhanced Commodity Strategy Fund (SKIRX) and DWS S&P 500 Index Fund (SCPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKIRX achieves a 14.08% return, which is significantly higher than SCPIX's 8.90% return. Over the past 10 years, SKIRX has underperformed SCPIX with an annualized return of 5.42%, while SCPIX has yielded a comparatively higher 14.92% annualized return.

SKIRX

• 1D: 0.30%
• 1M: 3.29%
• 6M: 1.18%
• YTD: 14.08%
• 1Y: 22.87%
• 3Y*: 7.99%
• 5Y*: 6.83%
• 10Y*: 5.42%
• ALL TIME*: -3.16%

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%

*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)
SCPIX DWS S&P 500 Index Fund	$0.00	$0.00	$0.00
SKIRX DWS Enhanced Commodity Strategy Fund	$0.00	$0.00	$0.00

SKIRX vs. SCPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKIRX DWS Enhanced Commodity Strategy Fund	14.08%	11.95%	2.64%	-5.17%	8.33%	30.40%	-1.68%	2.72%	-11.57%	1.54%
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%

Correlation

The correlation between SKIRX and SCPIX is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.16
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Feb 15, 2005	0.34

Over the past year, the correlation between SKIRX and SCPIX has dropped to 0.06 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

SKIRX vs. SCPIX — Risk / Return Rank

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

SKIRX

SKIRX Risk / Return Rank: 34
SKIRX Sharpe Ratio Rank: 34
SKIRX Sortino Ratio Rank: 30
SKIRX Omega Ratio Rank: 42
SKIRX Calmar Ratio Rank: 35
SKIRX Martin Ratio Rank: 30

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

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.

SKIRX vs. SCPIX - Risk-Adjusted Trends Comparison

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

	SKIRX	SCPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.38	-0.23
Sortino ratio: Return per unit of downside risk	1.53	1.96	-0.43
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.57	1.94	-0.37
Martin ratio: Return relative to average drawdown	4.67	8.33	-3.66

SKIRX vs. SCPIX - Sharpe Ratio Comparison

The current SKIRX Sharpe Ratio is 1.15, which is comparable to the SCPIX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SKIRX and SCPIX, 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

SKIRX vs. SCPIX - Drawdown Comparison

The maximum SKIRX drawdown since its inception was -88.19%, which is greater than SCPIX's maximum drawdown of -55.46%. Use the drawdown chart below to compare losses from any high point for SKIRX and SCPIX.

Drawdown Indicators

	SKIRX	SCPIX	Difference
Max Drawdown Largest peak-to-trough decline	-88.19%	-55.46%	-32.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	-9.17%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-12.82%	-18.99%	+6.17%
Max Drawdown (5Y) Largest decline over 5 years	-24.34%	-24.66%	+0.32%
Max Drawdown (10Y) Largest decline over 10 years	-32.33%	-33.85%	+1.52%
Current Drawdown Current decline from peak	-73.86%	-2.16%	-71.70%
Average Drawdown Average peak-to-trough decline	-67.91%	-10.58%	-57.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	2.13%	+2.22%

Volatility

SKIRX vs. SCPIX - Volatility Comparison

DWS Enhanced Commodity Strategy Fund (SKIRX) and DWS S&P 500 Index Fund (SCPIX) have volatilities of 3.29% and 3.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKIRX	SCPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.43%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	15.36%	10.01%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.52%	12.87%	+4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	16.96%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	18.12%	-4.87%

SKIRX vs. SCPIX - Expense Ratio Comparison

SKIRX has a 0.89% expense ratio, which is higher than SCPIX's 0.29% expense ratio.

Dividends

SKIRX vs. SCPIX - Dividend Comparison

SKIRX's dividend yield for the trailing twelve months is around 6.27%, more than SCPIX's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SKIRX DWS Enhanced Commodity Strategy Fund	6.27%	5.39%	3.03%	1.93%	50.74%	43.89%	1.53%	1.74%	12.16%	0.41%	7.04%	0.40%

Frequently Asked Questions

Can I hold both SKIRX and SCPIX in my portfolio?

SKIRX and SCPIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKIRX or SCPIX?

SCPIX has higher volatility (3.43%) compared to SKIRX (3.29%). In terms of maximum drawdown, SKIRX dropped -88.19% vs SCPIX's -55.46%.

Which has better risk-adjusted returns?

SCPIX currently has the higher Sharpe Ratio (1.38 vs 1.15), 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.