SSDAX vs. SEMGX

Last updated Jun 4, 2026

SSDAX (DWS Small Cap Growth Fund) and SEMGX (DWS Emerging Markets Equity Fund) are both mutual funds - SSDAX is a Small Cap Growth Equities fund managed by DWS, while SEMGX is a Emerging Markets Diversified fund managed by DWS. Over the past 10 years, SSDAX returned 8.13%/yr vs 9.78%/yr for SEMGX. A 0.63 correlation means they provide meaningful diversification when combined. SSDAX charges 1.21%/yr vs 0.98%/yr for SEMGX.

Performance

SSDAX vs. SEMGX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSDAX achieves a 14.10% return, which is significantly lower than SEMGX's 33.80% return. Over the past 10 years, SSDAX has underperformed SEMGX with an annualized return of 8.13%, while SEMGX has yielded a comparatively higher 9.78% annualized return.

SSDAX

• 1D: 1.11%
• 1M: 3.22%
• YTD: 14.10%
• 6M: 12.94%
• 1Y: 29.98%
• 3Y*: 13.10%
• 5Y*: 3.65%
• 10Y*: 8.13%

SEMGX

• 1D: 1.42%
• 1M: 10.48%
• YTD: 33.80%
• 6M: 37.41%
• 1Y: 59.84%
• 3Y*: 24.98%
• 5Y*: 5.61%
• 10Y*: 9.78%

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

SSDAX vs. SEMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSDAX DWS Small Cap Growth Fund	14.10%	8.60%	5.94%	14.61%	-26.05%	12.53%	27.31%	20.87%	-13.77%	20.81%
SEMGX DWS Emerging Markets Equity Fund	33.80%	28.85%	7.48%	6.32%	-21.66%	-11.60%	18.65%	19.23%	-12.25%	37.71%

Correlation

The correlation between SSDAX and SEMGX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.63

The correlation between SSDAX and SEMGX shifts across timeframes, from 0.49 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SSDAX vs. SEMGX — Risk / Return Rank

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

SSDAX

SSDAX Risk / Return Rank: 37
SSDAX Sharpe Ratio Rank: 36
SSDAX Sortino Ratio Rank: 33
SSDAX Omega Ratio Rank: 34
SSDAX Calmar Ratio Rank: 44
SSDAX Martin Ratio Rank: 40

SEMGX

SEMGX Risk / Return Rank: 84
SEMGX Sharpe Ratio Rank: 91
SEMGX Sortino Ratio Rank: 81
SEMGX Omega Ratio Rank: 83
SEMGX Calmar Ratio Rank: 82
SEMGX Martin Ratio Rank: 82

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.

SSDAX vs. SEMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Small Cap Growth Fund (SSDAX) and DWS Emerging Markets Equity Fund (SEMGX). 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.

	SSDAX	SEMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	3.05	-1.31
Sortino ratio: Return per unit of downside risk	2.42	3.85	-1.42
Omega ratio: Gain probability vs. loss probability	1.31	1.55	-0.25
Calmar ratio: Return relative to maximum drawdown	2.52	3.80	-1.27
Martin ratio: Return relative to average drawdown	8.65	15.35	-6.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSDAX vs. SEMGX - Sharpe Ratio Comparison

The current SSDAX Sharpe Ratio is 1.74, which is lower than the SEMGX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of SSDAX and SEMGX, 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

	SSDAX	SEMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	3.05	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.30	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.54	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.28	+0.04

Drawdowns

SSDAX vs. SEMGX - Drawdown Comparison

The maximum SSDAX drawdown since its inception was -66.10%, roughly equal to the maximum SEMGX drawdown of -67.21%. Use the drawdown chart below to compare losses from any high point for SSDAX and SEMGX.

Drawdown Indicators

	SSDAX	SEMGX	Difference
Max Drawdown Largest peak-to-trough decline	-66.10%	-67.21%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-16.11%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-24.95%	-18.37%	-6.58%
Max Drawdown (5Y) Largest decline over 5 years	-35.45%	-41.42%	+5.97%
Max Drawdown (10Y) Largest decline over 10 years	-41.56%	-45.82%	+4.26%
Current Drawdown Current decline from peak	-0.65%	0.00%	-0.65%
Average Drawdown Average peak-to-trough decline	-13.23%	-25.25%	+12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	3.97%	-0.35%

Volatility

SSDAX vs. SEMGX - Volatility Comparison

The current volatility for DWS Small Cap Growth Fund (SSDAX) is 5.28%, while DWS Emerging Markets Equity Fund (SEMGX) has a volatility of 8.31%. This indicates that SSDAX experiences smaller price fluctuations and is considered to be less risky than SEMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSDAX	SEMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	8.31%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	16.81%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	20.04%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.39%	18.68%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.99%	18.32%	+3.67%

SSDAX vs. SEMGX - Expense Ratio Comparison

SSDAX has a 1.21% expense ratio, which is higher than SEMGX's 0.98% expense ratio.

Dividends

SSDAX vs. SEMGX - Dividend Comparison

SSDAX's dividend yield for the trailing twelve months is around 3.97%, more than SEMGX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMGX DWS Emerging Markets Equity Fund	2.24%	3.00%	0.15%	2.16%	2.16%	1.71%	1.23%	1.94%	0.71%	0.62%	0.54%	0.23%
SSDAX DWS Small Cap Growth Fund	3.97%	4.53%	2.55%	0.83%	0.39%	10.30%	0.00%	0.00%	23.84%	4.34%	0.00%	6.05%

Frequently Asked Questions

Can I hold both SSDAX and SEMGX in my portfolio?

SSDAX and SEMGX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSDAX or SEMGX?

SEMGX has higher volatility (8.31%) compared to SSDAX (5.28%). In terms of maximum drawdown, SSDAX dropped -66.10% vs SEMGX's -67.21%.

Which has better risk-adjusted returns?

SEMGX currently has the higher Sharpe Ratio (3.05 vs 1.74), 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.