SPBAX vs. AAAZX

Last updated Aug 1, 2026

SPBAX (DWS Multi-Asset Conservative Allocation Fund) and AAAZX (DWS RREEF Real Assets Fund) are both mutual funds - SPBAX is a Diversified Portfolio fund managed by DWS, while AAAZX is a Global Allocation fund managed by DWS. Over the past 10 years, SPBAX returned 4.87%/yr vs 7.15%/yr for AAAZX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. SPBAX charges 0.40%/yr vs 0.90%/yr for AAAZX.

Performance

SPBAX vs. AAAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Multi-Asset Conservative Allocation Fund (SPBAX) and DWS RREEF Real Assets Fund (AAAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPBAX achieves a 2.42% return, which is significantly lower than AAAZX's 11.24% return. Over the past 10 years, SPBAX has underperformed AAAZX with an annualized return of 4.87%, while AAAZX has yielded a comparatively higher 7.15% annualized return.

SPBAX

• 1D: 0.63%
• 1M: -1.16%
• 6M: 0.84%
• YTD: 2.42%
• 1Y: 7.51%
• 3Y*: 7.42%
• 5Y*: 2.81%
• 10Y*: 4.87%
• ALL TIME*: 4.37%

AAAZX

• 1D: 0.38%
• 1M: 2.63%
• 6M: 3.32%
• YTD: 11.24%
• 1Y: 18.05%
• 3Y*: 10.37%
• 5Y*: 5.43%
• 10Y*: 7.15%
• ALL TIME*: 4.69%

*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)
AAAZX DWS RREEF Real Assets Fund	$0.00	$0.00	$0.00
SPBAX DWS Multi-Asset Conservative Allocation Fund	$0.00	$0.00	$0.00

SPBAX vs. AAAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPBAX DWS Multi-Asset Conservative Allocation Fund	2.42%	9.25%	6.57%	11.18%	-14.64%	8.26%	8.33%	16.33%	-6.07%	10.93%
AAAZX DWS RREEF Real Assets Fund	11.24%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-5.05%	14.97%

Correlation

The correlation between SPBAX and AAAZX is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.80

Over the past year, the correlation between SPBAX and AAAZX has dropped to 0.44 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

SPBAX vs. AAAZX — Risk / Return Rank

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

SPBAX

SPBAX Risk / Return Rank: 44
SPBAX Sharpe Ratio Rank: 44
SPBAX Sortino Ratio Rank: 45
SPBAX Omega Ratio Rank: 45
SPBAX Calmar Ratio Rank: 40
SPBAX Martin Ratio Rank: 46

AAAZX

AAAZX Risk / Return Rank: 77
AAAZX Sharpe Ratio Rank: 80
AAAZX Sortino Ratio Rank: 75
AAAZX Omega Ratio Rank: 77
AAAZX Calmar Ratio Rank: 87
AAAZX 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.

SPBAX vs. AAAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Multi-Asset Conservative Allocation Fund (SPBAX) and DWS RREEF Real Assets Fund (AAAZX). 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.

	SPBAX	AAAZX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.87	-0.54
Sortino ratio: Return per unit of downside risk	1.93	2.55	-0.62
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.72	3.01	-1.29
Martin ratio: Return relative to average drawdown	6.80	8.25	-1.45

SPBAX vs. AAAZX - Sharpe Ratio Comparison

The current SPBAX Sharpe Ratio is 1.33, which is comparable to the AAAZX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of SPBAX and AAAZX, 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

SPBAX vs. AAAZX - Drawdown Comparison

The maximum SPBAX drawdown since its inception was -42.82%, which is greater than AAAZX's maximum drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for SPBAX and AAAZX.

Drawdown Indicators

	SPBAX	AAAZX	Difference
Max Drawdown Largest peak-to-trough decline	-42.82%	-40.45%	-2.37%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	-5.78%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-8.28%	-10.06%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	-22.52%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	-19.90%	-29.44%	+9.54%
Current Drawdown Current decline from peak	-1.50%	-2.32%	+0.82%
Average Drawdown Average peak-to-trough decline	-6.41%	-6.60%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.11%	-1.05%

Volatility

SPBAX vs. AAAZX - Volatility Comparison

The current volatility for DWS Multi-Asset Conservative Allocation Fund (SPBAX) is 1.62%, while DWS RREEF Real Assets Fund (AAAZX) has a volatility of 2.16%. This indicates that SPBAX experiences smaller price fluctuations and is considered to be less risky than AAAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBAX	AAAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	2.16%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	7.48%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	9.33%	-3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.88%	12.07%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.16%	12.70%	-4.54%

SPBAX vs. AAAZX - Expense Ratio Comparison

SPBAX has a 0.40% expense ratio, which is lower than AAAZX's 0.90% expense ratio.

Dividends

SPBAX vs. AAAZX - Dividend Comparison

SPBAX's dividend yield for the trailing twelve months is around 11.39%, more than AAAZX's 6.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAZX DWS RREEF Real Assets Fund	6.60%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%
SPBAX DWS Multi-Asset Conservative Allocation Fund	11.39%	10.51%	5.39%	4.26%	2.46%	7.53%	4.50%	2.23%	1.90%	1.84%	2.05%	3.48%

Frequently Asked Questions

Can I hold both SPBAX and AAAZX in my portfolio?

SPBAX and AAAZX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBAX or AAAZX?

AAAZX has higher volatility (2.16%) compared to SPBAX (1.62%). In terms of maximum drawdown, SPBAX dropped -42.82% vs AAAZX's -40.45%.

Which has better risk-adjusted returns?

AAAZX currently has the higher Sharpe Ratio (1.87 vs 1.33), 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.