SPBAX vs. MGHYX

Last updated Jun 6, 2026

SPBAX (DWS Multi-Asset Conservative Allocation Fund) and MGHYX (DWS Global High Income Fund) are both mutual funds - SPBAX is a Diversified Portfolio fund managed by DWS, while MGHYX is a High Yield Bonds fund managed by DWS. Over the past 10 years, SPBAX returned 5.28%/yr vs 4.93%/yr for MGHYX. At a 0.40 correlation, their price movements are largely independent. SPBAX charges 0.40%/yr vs 0.60%/yr for MGHYX.

Performance

SPBAX vs. MGHYX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPBAX achieves a 3.82% return, which is significantly higher than MGHYX's 1.43% return. Over the past 10 years, SPBAX has outperformed MGHYX with an annualized return of 5.28%, while MGHYX has yielded a comparatively lower 4.93% annualized return.

SPBAX

• 1D: 0.15%
• 1M: 0.54%
• YTD: 3.82%
• 6M: 3.98%
• 1Y: 11.43%
• 3Y*: 8.87%
• 5Y*: 3.32%
• 10Y*: 5.28%

MGHYX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.43%
• 6M: 2.26%
• 1Y: 7.41%
• 3Y*: 8.19%
• 5Y*: 3.54%
• 10Y*: 4.93%

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

SPBAX vs. MGHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPBAX DWS Multi-Asset Conservative Allocation Fund	3.82%	9.25%	6.57%	11.18%	-14.64%	8.26%	8.33%	16.33%	-6.07%	10.93%
MGHYX DWS Global High Income Fund	1.43%	9.82%	6.99%	11.17%	-11.67%	3.22%	6.83%	16.36%	-1.85%	6.49%

Correlation

The correlation between SPBAX and MGHYX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 17, 1998	0.40

Over the past year, SPBAX and MGHYX have become more correlated (0.64) than their long-term average of 0.40, meaning their price movements have been converging.

Return for Risk

SPBAX vs. MGHYX — Risk / Return Rank

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

SPBAX

SPBAX Risk / Return Rank: 59
SPBAX Sharpe Ratio Rank: 60
SPBAX Sortino Ratio Rank: 64
SPBAX Omega Ratio Rank: 64
SPBAX Calmar Ratio Rank: 52
SPBAX Martin Ratio Rank: 58

MGHYX

MGHYX Risk / Return Rank: 72
MGHYX Sharpe Ratio Rank: 71
MGHYX Sortino Ratio Rank: 87
MGHYX Omega Ratio Rank: 84
MGHYX Calmar Ratio Rank: 56
MGHYX Martin Ratio Rank: 63

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.

SPBAX vs. MGHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Multi-Asset Conservative Allocation Fund (SPBAX) and DWS Global High Income Fund (MGHYX). 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.

	SPBAX	MGHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.39	-0.18
Sortino ratio: Return per unit of downside risk	3.26	4.14	-0.88
Omega ratio: Gain probability vs. loss probability	1.43	1.56	-0.14
Calmar ratio: Return relative to maximum drawdown	2.66	2.78	-0.12
Martin ratio: Return relative to average drawdown	11.13	11.89	-0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBAX vs. MGHYX - Sharpe Ratio Comparison

The current SPBAX Sharpe Ratio is 2.21, which is comparable to the MGHYX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPBAX and MGHYX, 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

	SPBAX	MGHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.39	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.70	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.84	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.03	+0.41

Drawdowns

SPBAX vs. MGHYX - Drawdown Comparison

The maximum SPBAX drawdown since its inception was -42.82%, smaller than the maximum MGHYX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for SPBAX and MGHYX.

Drawdown Indicators

	SPBAX	MGHYX	Difference
Max Drawdown Largest peak-to-trough decline	-42.82%	-53.47%	+10.65%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	-2.69%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-8.28%	-4.33%	-3.95%
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	-15.93%	-3.78%
Max Drawdown (10Y) Largest decline over 10 years	-19.90%	-21.84%	+1.94%
Current Drawdown Current decline from peak	-0.15%	-0.32%	+0.17%
Average Drawdown Average peak-to-trough decline	-6.44%	-24.12%	+17.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.63%	+0.37%

Volatility

SPBAX vs. MGHYX - Volatility Comparison

DWS Multi-Asset Conservative Allocation Fund (SPBAX) has a higher volatility of 1.82% compared to DWS Global High Income Fund (MGHYX) at 0.90%. This indicates that SPBAX's price experiences larger fluctuations and is considered to be riskier than MGHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBAX	MGHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	0.90%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	2.30%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	3.12%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	5.08%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.14%	5.89%	+2.25%

SPBAX vs. MGHYX - Expense Ratio Comparison

SPBAX has a 0.40% expense ratio, which is lower than MGHYX's 0.60% expense ratio.

Dividends

SPBAX vs. MGHYX - Dividend Comparison

SPBAX's dividend yield for the trailing twelve months is around 10.90%, more than MGHYX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGHYX DWS Global High Income Fund	5.69%	7.17%	5.58%	4.35%	5.81%	4.20%	5.81%	5.63%	6.96%	3.76%	0.00%	0.00%
SPBAX DWS Multi-Asset Conservative Allocation Fund	10.90%	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 MGHYX in my portfolio?

SPBAX and MGHYX have a correlation of 0.64, 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 MGHYX?

SPBAX has higher volatility (1.82%) compared to MGHYX (0.90%). In terms of maximum drawdown, SPBAX dropped -42.82% vs MGHYX's -53.47%.

Which has better risk-adjusted returns?

MGHYX currently has the higher Sharpe Ratio (2.39 vs 2.21), 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.