- ISIN
- US05587E3071
- CUSIP
- 05587E307
- Issuer
- BNY Mellon
- Inception Date
- Jul 25, 1983
- Category
- Municipal Bonds
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
DRCAX Performance Chart
BNY MellonCalifornia AMT-Free Municipal Bond Fund (DRCAX) is up 1.5% since the beginning of the year. DRCAX is currently trading at $14 per share. Investors who bought $1,000 worth of DRCAX shares 5 years ago would now be looking at an investment worth $1,021.
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Returns By Period
BNY MellonCalifornia AMT-Free Municipal Bond Fund (DRCAX) has returned 1.46% so far this year and 6.72% over the past 12 months. Over the last ten years, DRCAX has returned 1.57% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
BNY MellonCalifornia AMT-Free Municipal Bond Fund
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 1.46%
- 6M
- 1.65%
- 1Y
- 6.72%
- 3Y*
- 3.62%
- 5Y*
- 0.42%
- 10Y*
- 1.57%
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
DRCAX Monthly Returns History
Based on dividend-adjusted daily data since Jul 26, 1983, DRCAX's average daily return is +0.02%, while the average monthly return is +0.32%. At this rate, an investment would double in approximately 18.1 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +6.6%, while the worst month was Apr 1987 at -6.3%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 4 months.
On a daily basis, DRCAX closed higher 41% of trading days. The best single day was Sep 28, 1983 with a return of +4.6%, while the worst single day was May 31, 1984 at -6.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.62% | 1.48% | -2.16% | 1.07% | 0.48% | 0.00% | 1.46% | ||||||
| 2025 | 0.36% | 1.26% | -1.46% | -0.49% | -0.57% | 0.47% | -0.73% | 0.73% | 3.00% | 1.38% | 0.08% | -0.11% | 3.90% |
| 2024 | -0.08% | 0.06% | -0.15% | -1.19% | 0.10% | 1.28% | 0.82% | 0.61% | 1.09% | -1.29% | 1.67% | -0.90% | 1.98% |
| 2023 | 2.97% | -2.38% | 1.89% | 0.05% | -0.80% | 0.90% | 0.23% | -1.35% | -2.89% | -1.96% | 6.64% | 2.49% | 5.53% |
| 2022 | -2.91% | -0.70% | -3.23% | -3.29% | 1.12% | -2.42% | 2.78% | -2.18% | -4.05% | -1.02% | 4.98% | -0.02% | -10.78% |
| 2021 | 0.53% | -1.96% | 0.63% | 1.08% | 0.32% | 0.36% | 0.86% | -0.38% | -0.92% | -0.14% | 1.07% | 0.14% | 1.55% |
Benchmark Metrics
BNY MellonCalifornia AMT-Free Municipal Bond Fund has an annualized alpha of 3.75%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since July 27, 1983.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (14.84%) than losses (4.85%) - typical of diversified or defensive assets.
- Beta of 0.01 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.75%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 14.84%
- Downside Capture
- 4.85%
Expense Ratio
DRCAX has an expense ratio of 0.72%, placing it in the medium range.
Return for Risk
Risk / Return Rank
DRCAX ranks 53 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for BNY MellonCalifornia AMT-Free Municipal Bond Fund (DRCAX) and compare them to S&P 500 Index.
| DRCAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.19 | 2.39 | -0.20 |
Sortino ratioReturn per unit of downside risk | 3.43 | 3.25 | +0.18 |
Omega ratioGain probability vs. loss probability | 1.50 | 1.43 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 2.20 | 3.11 | -0.91 |
Martin ratioReturn relative to average drawdown | 7.50 | 14.38 | -6.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
BNY MellonCalifornia AMT-Free Municipal Bond Fund provided a 2.94% dividend yield over the last twelve months, with an annual payout of $0.40 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.40 | $0.52 | $0.37 | $0.30 | $0.30 | $0.33 | $0.42 | $0.55 | $0.54 | $0.59 | $0.52 | $0.54 |
Dividend yield | 2.94% | 3.84% | 2.77% | 2.20% | 2.29% | 2.20% | 2.78% | 3.68% | 3.71% | 3.91% | 3.53% | 3.52% |
Monthly Dividends
The table displays the monthly dividend distributions for BNY MellonCalifornia AMT-Free Municipal Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.17 | ||||||
| 2025 | $0.07 | $0.06 | $0.06 | $0.06 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.52 |
| 2024 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.07 | $0.37 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.00 | $0.03 | $0.03 | $0.30 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.30 |
| 2021 | $0.00 | $0.00 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.05 | $0.33 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the BNY MellonCalifornia AMT-Free Municipal Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the BNY MellonCalifornia AMT-Free Municipal Bond Fund was 18.57%, occurring on Oct 19, 1987. Recovery took 881 trading sessions.
The current BNY MellonCalifornia AMT-Free Municipal Bond Fund drawdown is 0.64%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Black Monday1987 | -18.57%Oct 1987 | 7mo 17d | 3y 5mo | 4y 1moMar 1987 - Apr 1991 |
Bear market2022 | -15.74%Oct 2022 | 1y 2mo | 3y 2mo | 4y 5moAug 2021 - Jan 2026 |
Financial crisis2007–2009 | -12.38%Oct 2008 | 8mo 26d | 7mo 5d | 1y 3moJan 2008 - May 2009 |
1994 correction1994 | -11.82%Nov 1994 | 9mo 23d | 6mo 11d | 1y 3moFeb 1994 - May 1995 |
COVID crash2020 | -11.24%Mar 2020 | 10d | 8mo 15d | 8mo 25dMar 2020 - Nov 2020 |
Drawdown Indicators
| DRCAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.57% | -56.78% | +38.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -9.10% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.35% | -18.90% | +12.55% |
Max Drawdown (5Y)Largest decline over 5 years | -15.74% | -25.43% | +9.69% |
Max Drawdown (10Y)Largest decline over 10 years | -15.74% | -33.92% | +18.18% |
Current DrawdownCurrent decline from peak | -0.64% | 0.00% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -2.90% | -10.72% | +7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.97% | -1.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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