SZMAX Performance — DWS Intermediate Tax-Free Fund, Class A
Data updated: 2026-09-24
SZMAX returned +1.31% year to date and +5.97% over one year to May 2026. Annualised returns are +3.80% over 3 years and +1.03% over 5 years. Against its Intermediate Municipal Bond category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $112, against $111 for the category, and to $106 over one year, against $106. Volatility over the past three years was 4.47% a year. In the 12 months to May 2026 the fund lost a net $62.0M, and assets reached $683.93M.
SZMAX Growth of $100
What $100 invested in DWS Intermediate 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 | SZMAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $106 | $106 |
| 3 years (Jun 2023 – May 2026) | $112 | $111 |
| 5 years (Jun 2021 – May 2026) | $105 | $104 |
| Since data start (Sep 2019 – May 2026) | $111 | $109 |
SZMAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.31% |
| 1 year | +5.97% |
| 3 years (annualised) | +3.80% |
| 5 years (annualised) | +1.03% |
SZMAX Annual Returns
Calendar-year total returns of DWS Intermediate Tax-Free Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.31% |
| 2025 | +4.27% |
| 2024 | +1.81% |
| 2023 | +5.52% |
| 2022 | −7.70% |
| 2021 | +1.33% |
| 2020 | +4.58% |
| 2019 (Sep–Dec) | −0.32% |
SZMAX 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 | +1.0% | +1.2% | −2.3% | +1.0% | +0.4% | — | — | — | — | — | — | — |
| 2025 | +0.6% | +1.0% | −1.5% | −0.4% | 0.0% | +0.7% | −0.3% | +0.7% | +1.8% | +1.1% | +0.4% | +0.1% |
| 2024 | −0.1% | +0.3% | +0.1% | −0.9% | −0.1% | +1.5% | +0.7% | +0.8% | +0.9% | −1.4% | +1.2% | −1.0% |
| 2023 | +2.6% | −2.1% | +1.8% | 0.0% | −0.9% | +0.7% | +0.2% | −0.8% | −2.2% | −0.8% | +4.7% | +2.3% |
| 2022 | −2.4% | −0.5% | −2.8% | −2.5% | +1.2% | −1.2% | +2.2% | −2.0% | −3.1% | −0.5% | +3.7% | +0.2% |
| 2021 | +0.6% | −1.5% | +0.5% | +0.8% | +0.4% | +0.3% | +0.7% | −0.3% | −0.8% | −0.3% | +0.7% | +0.1% |
| 2020 | +1.6% | +1.1% | −3.4% | −1.3% | +2.8% | +1.0% | +1.5% | −0.2% | −0.1% | −0.1% | +1.2% | +0.7% |
| 2019 | — | — | — | — | — | — | — | — | −0.8% | +0.1% | +0.1% | +0.3% |
SZMAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 4.47%
- 3-year Sharpe ratio: -0.16 (vs 4.5% risk-free rate)
- Best month: +4.69% (Nov 2023)
- Worst month: −2.33% (Mar 2026)
SZMAX Fund Flows
Monthly money in and out of DWS Intermediate Tax-Free Fund, from SEC Form N-PORT.
- 12-month net flow: −$62.0M
- 12-month gross sales (incl. reinvestments): $156.7M
- Sales ÷ redemptions: 0.72×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $21.4M | $30.3M | −$8.9M |
| Apr 2026 | $11.4M | $16.8M | −$5.4M |
| Mar 2026 | $12.7M | $16.8M | −$4.2M |
| Feb 2026 | $11.8M | $27.0M | −$15.2M |
| Jan 2026 | $14.0M | $9.8M | $4.2M |
| Dec 2025 | $13.5M | $10.9M | $2.6M |
| Nov 2025 | $9.2M | $8.9M | $283K |
| Oct 2025 | $19.5M | $25.1M | −$5.6M |
| Sep 2025 | $11.3M | $10.9M | $386K |
| Aug 2025 | $7.3M | $15.9M | −$8.6M |
| Jul 2025 | $14.4M | $16.8M | −$2.5M |
| Jun 2025 | $10.3M | $29.4M | −$19.1M |
SZMAX Assets Under Management
Net assets of DWS Intermediate Tax-Free Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $683.93M |
| 2026-02-28 | $714.93M |
| 2025-11-30 | $712.01M |
| 2025-08-31 | $699.69M |
| 2025-05-31 | $727.20M |
| 2025-02-28 | $763.41M |
| 2024-11-30 | $783.11M |
| 2024-08-31 | $748.71M |
| 2024-05-31 | $734.01M |
| 2024-02-29 | $769.89M |
| 2023-11-30 | $771.87M |
| 2023-08-31 | $768.25M |
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.