We employ the functional renormalization group approach formulated on the Schwinger-Keldysh contour to calculate real-time correlation functions in scalar field theories. We provide a detailed description of the formalism, discuss suitable truncation schemes for real-time calculations as well as the numerical procedure to self-consistently solve the flow equations for the spectral function. Subsequently, we discuss the relations to other perturbative and non-perturbative approaches to calculate spectral functions, and present a detailed comparison and benchmark in $d=0+1$ dimensions.
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