Fund Evaluator:
DWS GNMA R6 (GRRGX)
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Best Performing in Government Mortgage-Backed Bond Over the Last Year
| 4.4% | Fidelity Mortgage Securities (FMSFX) |
| 4.4% | Fidelity Advisor Mortgage Securities Z (FIKUX) |
| 4.3% | Fidelity GNMA (FGMNX) |
| 4.3% | Vanguard Mortgage-Backed Secs Idx Adm (VMBSX) |
| 4.2% | Vanguard GNMA Adm (VFIJX) |
Fund Details
DWS GNMA R6 Overview
DWS GNMA R6 (GRRGX) is an actively managed Taxable Bond Government Mortgage-Backed Bond fund. DWS launched the fund in 2015.
The investment seeks to produce a high level of income. The fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "Ginnie Maes," which are mortgage-backed securities that are issued or guaranteed by the Government National Mortgage Association (GNMA). It may also purchase or sell securities on a when-issued, delayed delivery or forward commitment basis, including U.S. government agency mortgage-backed to-be-announced securities (TBAs).
About DWS GNMA R6 (GRRGX)
There are 3 members of the management team with an average tenure of 1.89 years: Thomas Sweeney (2023), James Kole (2024), Vikram Saxena (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg GNMA TR USD index with a weighting of 100%. DWS GNMA R6 has 416 securities in its portfolio. The top 10 holdings constitute 73.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DWS GNMA R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. DWS GNMA R6 has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.3% (93.1% domestic bond, 0.2% foreign bond and 0.0% convertible bond). DWS GNMA R6 has 6.8% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $337 million average for the Government Mortgage-Backed Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GRRGX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DWS GNMA R6 expense ratio is average compared to funds in the Government Mortgage-Backed Bond category. DWS GNMA R6 has an expense ratio of 0.53%, which is 40% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DWS GNMA R6 has a portfolio turnover rate of 1040%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 367% for the Government Mortgage-Backed Bond category.
Recently, in the month of July 2026, DWS GNMA R6 returned -1.3%, which earned it a grade of C, as the Government Mortgage-Backed Bond category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DWS GNMA R6 has a trailing yield of 5.33%, which is above the 3.87% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DWS GNMA R6 Grades
Year to date, the fund has returned -0.0%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 4.3% over the past year (grade of A), 4.0% over the past three years (grade of B) and 0.1% per year over the past five years (grade of C) and 1.1% per year over the past 10 years (grade of C).
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GRRGX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GRRGX Return (NAV) | -1.3% | -0.7% | 4.3% | 4.0% | 0.1% | 1.1% |
| GRRGX Grade | C | B | A | B | C | C |
| +/- Category | -0.1% | 0.2% | 1.0% | 0.2% | 0.0% | 0.1% |
| Government Mortgage-Backed Bond Avg | -1.2% | -0.9% | 3.4% | 3.8% | 0.1% | 1.0% |
| GRRGX Tax Cost Ratio | na | na | 2.1% | 1.7% | 1.4% | 1.3% |
GRRGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GRRGX Return (NAV) | -0.0% | 8.4% | 0.7% | 5.0% | -11.7% | -1.0% | 3.4% | 6.7% | 0.4% | 1.4% | 1.3% |
| GRRGX Grade | A | B | D | B | C | B | F | A | C | C | C |
| +/- Category | 0.4% | 0.8% | -0.5% | 0.5% | -1.2% | 0.4% | -1.0% | 1.5% | -0.0% | 0.1% | -0.0% |
| Government Mortgage-Backed Bond Avg | -0.4% | 7.6% | 1.2% | 4.4% | -10.5% | -1.4% | 4.4% | 5.2% | 0.5% | 1.3% | 1.3% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.51 - Below Average |
| Category Risk Index: | 1.11 - Above Average |
| Category Risk Grade: | D (66% Rank) |
| Beta: | 1.11 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $620 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 1040% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Sweeney Thomas (2023), Kole James (2024), Saxena Vikram (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 416 |
| % in Top 10 Holdings: | 73.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.1% |
| Foreign Bond: | 0.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.8% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | February 2, 2015 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.89% |
| Share Class: | DWS GNMA S |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
