DBOCX vs. DSPIX

Last updated Jul 2, 2026

DBOCX (BNY Mellon Balanced Opportunity Fund Class C) and DSPIX (BNY Mellon Institutional S&P 500 Stock Index Fund) are both mutual funds - DBOCX is a Diversified Portfolio fund actively managed by BNY Mellon, while DSPIX is a S&P 500 fund tracking the S&P 500 Index. DBOCX is actively managed, while DSPIX is passively managed. Over the past 10 years, DBOCX returned 7.68%/yr vs 14.88%/yr for DSPIX. With a 0.96 correlation, they move nearly in lockstep. DBOCX charges 1.90%/yr vs 0.20%/yr for DSPIX.

Performance

DBOCX vs. DSPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Balanced Opportunity Fund Class C (DBOCX) and BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBOCX achieves a 4.64% return, which is significantly lower than DSPIX's 10.09% return. Over the past 10 years, DBOCX has underperformed DSPIX with an annualized return of 7.68%, while DSPIX has yielded a comparatively higher 14.88% annualized return.

DBOCX

• 1D: 0.28%
• 1M: -0.16%
• 6M: 4.64%
• YTD: 4.64%
• 1Y: 11.69%
• 3Y*: 10.80%
• 5Y*: 5.56%
• 10Y*: 7.68%

DSPIX

• 1D: 0.80%
• 1M: -1.24%
• 6M: 10.09%
• YTD: 10.09%
• 1Y: 22.38%
• 3Y*: 20.42%
• 5Y*: 13.04%
• 10Y*: 14.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBOCX vs. DSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBOCX BNY Mellon Balanced Opportunity Fund Class C	4.64%	11.80%	10.69%	16.12%	-16.55%	13.96%	9.51%	19.16%	-4.89%	10.67%
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	10.09%	17.81%	24.40%	26.36%	-18.51%	28.64%	14.18%	31.31%	-4.36%	21.59%

Correlation

The correlation between DBOCX and DSPIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.96

The correlation between DBOCX and DSPIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

DBOCX vs. DSPIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBOCX

DBOCX Risk / Return Rank: 32
DBOCX Sharpe Ratio Rank: 31
DBOCX Sortino Ratio Rank: 29
DBOCX Omega Ratio Rank: 32
DBOCX Calmar Ratio Rank: 27
DBOCX Martin Ratio Rank: 40

DSPIX

DSPIX Risk / Return Rank: 59
DSPIX Sharpe Ratio Rank: 57
DSPIX Sortino Ratio Rank: 52
DSPIX Omega Ratio Rank: 54
DSPIX Calmar Ratio Rank: 60
DSPIX Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBOCX vs. DSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Balanced Opportunity Fund Class C (DBOCX) and BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DBOCX	DSPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.78	-0.50
Sortino ratio: Return per unit of downside risk	1.79	2.44	-0.65
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.53	2.51	-0.97
Martin ratio: Return relative to average drawdown	7.24	11.02	-3.78

DBOCX vs. DSPIX - Sharpe Ratio Comparison

The current DBOCX Sharpe Ratio is 1.28, which is comparable to the DSPIX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of DBOCX and DSPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBOCX vs. DSPIX - Drawdown Comparison

The maximum DBOCX drawdown since its inception was -43.06%, smaller than the maximum DSPIX drawdown of -55.32%. Use the drawdown chart below to compare losses from any high point for DBOCX and DSPIX.

Drawdown Indicators

	DBOCX	DSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.06%	-55.32%	+12.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-8.92%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	-18.81%	+5.20%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-24.62%	+1.91%
Max Drawdown (10Y) Largest decline over 10 years	-26.54%	-33.79%	+7.25%
Current Drawdown Current decline from peak	-0.62%	-1.38%	+0.76%
Average Drawdown Average peak-to-trough decline	-5.41%	-9.26%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	2.02%	-0.41%

Volatility

DBOCX vs. DSPIX - Volatility Comparison

The current volatility for BNY Mellon Balanced Opportunity Fund Class C (DBOCX) is 3.67%, while BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) has a volatility of 5.00%. This indicates that DBOCX experiences smaller price fluctuations and is considered to be less risky than DSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBOCX	DSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	5.00%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	9.96%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.11%	12.55%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	17.04%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.28%	18.02%	-5.74%

DBOCX vs. DSPIX - Expense Ratio Comparison

DBOCX has a 1.90% expense ratio, which is higher than DSPIX's 0.20% expense ratio.

Dividends

DBOCX vs. DSPIX - Dividend Comparison

DBOCX's dividend yield for the trailing twelve months is around 6.94%, less than DSPIX's 30.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBOCX BNY Mellon Balanced Opportunity Fund Class C	6.94%	7.26%	4.79%	4.33%	4.90%	12.16%	3.26%	2.62%	8.78%	4.06%	0.32%	5.07%
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	30.74%	33.86%	27.60%	27.46%	18.33%	12.91%	1.15%	5.01%	6.33%	2.53%	2.91%	2.63%

Frequently Asked Questions

Can I hold both DBOCX and DSPIX in my portfolio?

With a correlation of 0.96, DBOCX and DSPIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBOCX or DSPIX?

DSPIX has higher volatility (5.00%) compared to DBOCX (3.67%). In terms of maximum drawdown, DBOCX dropped -43.06% vs DSPIX's -55.32%.

Which has better risk-adjusted returns?

DSPIX currently has the higher Sharpe Ratio (1.78 vs 1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.