SQMAX Performance — DWS Massachusetts Tax-Free Fund, Class A
Data updated: 2026-08-27
SQMAX returned +2.61% year to date and +6.91% over one year to Jun 2026. Annualised returns are +3.38% over 3 years and +0.25% over 5 years. Against its Intermediate Municipal Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $110, against $111 for the category, and to $107 over one year, against $106. Volatility over the past three years was 5.14% a year. In the 12 months to Jun 2026 the fund lost a net $23.1M, and assets reached $179.17M.
SQMAX Growth of $100
What $100 invested in DWS Massachusetts Tax-Free Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | SQMAX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $107 | $106 |
| 3 years (Jul 2023 – Jun 2026) | $110 | $111 |
| 5 years (Jul 2021 – Jun 2026) | $101 | $105 |
| Since data start (Jul 2019 – Jun 2026) | $109 | $112 |
SQMAX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.61% |
| 1 year | +6.91% |
| 3 years (annualised) | +3.38% |
| 5 years (annualised) | +0.25% |
SQMAX Annual Returns
Calendar-year total returns of DWS Massachusetts Tax-Free Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +2.61% |
| 2025 | +2.99% |
| 2024 | +1.27% |
| 2023 | +5.74% |
| 2022 | −10.73% |
| 2021 | +0.99% |
| 2020 | +4.40% |
| 2019 (Jul–Dec) | +2.01% |
SQMAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.5% | +1.4% | −1.9% | +1.1% | +0.5% | +1.0% | — | — | — | — | — | — |
| 2025 | +0.1% | +0.9% | −1.6% | −0.8% | −0.4% | +0.6% | −0.5% | +0.7% | +2.4% | +1.1% | +0.3% | +0.1% |
| 2024 | −0.2% | +0.1% | +0.1% | −1.2% | −0.1% | +1.5% | +0.8% | +0.8% | +0.9% | −1.3% | +1.4% | −1.3% |
| 2023 | +3.1% | −2.4% | +1.9% | −0.2% | −0.8% | +0.8% | +0.2% | −1.0% | −2.7% | −1.2% | +5.8% | +2.4% |
| 2022 | −2.8% | −0.6% | −3.1% | −3.5% | +1.2% | −2.0% | +3.0% | −2.5% | −4.4% | −1.1% | +5.1% | −0.4% |
| 2021 | +0.4% | −1.8% | +0.6% | +1.1% | +0.4% | +0.2% | +0.7% | −0.4% | −0.9% | −0.1% | +0.8% | +0.1% |
| 2020 | +1.9% | +1.4% | −4.0% | −1.6% | +3.1% | +0.8% | +1.6% | −0.6% | 0.0% | −0.2% | +1.5% | +0.6% |
| 2019 | — | — | — | — | — | — | +0.7% | +1.8% | −0.8% | 0.0% | +0.1% | +0.3% |
SQMAX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 5.14%
- 3-year Sharpe ratio: -0.22 (vs 4.5% risk-free rate)
- Best month: +5.75% (Nov 2023)
- Worst month: −2.66% (Sep 2023)
SQMAX Fund Flows
Monthly money in and out of DWS Massachusetts Tax-Free Fund, from SEC Form N-PORT.
- 12-month net flow: −$23.1M
- 12-month gross sales (incl. reinvestments): $15.6M
- Sales ÷ redemptions: 0.40×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $1.1M | $2.0M | −$844K |
| May 2026 | $1.1M | $1.3M | −$183K |
| Apr 2026 | $1.2M | $6.3M | −$5.1M |
| Mar 2026 | $856K | $1.3M | −$448K |
| Feb 2026 | $1.4M | $2.1M | −$694K |
| Jan 2026 | $1.1M | $3.9M | −$2.8M |
| Dec 2025 | $1.7M | $4.5M | −$2.8M |
| Nov 2025 | $1.5M | $5.2M | −$3.7M |
| Oct 2025 | $1.8M | $2.5M | −$780K |
| Sep 2025 | $1.5M | $2.7M | −$1.3M |
| Aug 2025 | $1.1M | $2.7M | −$1.6M |
| Jul 2025 | $1.3M | $4.1M | −$2.8M |
SQMAX Assets Under Management
Net assets of DWS Massachusetts Tax-Free Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $179.17M |
| 2026-03-31 | $182.06M |
| 2025-12-31 | $187.33M |
| 2025-09-30 | $193.15M |
| 2025-06-30 | $195.28M |
| 2025-03-31 | $202.57M |
| 2024-12-31 | $212.34M |
| 2024-09-30 | $225.79M |
| 2024-06-30 | $225.50M |
| 2024-03-31 | $231.17M |
| 2023-12-31 | $237.64M |
| 2023-09-30 | $211.95M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.