DGAGX vs. CHAIX

Last updated Jun 25, 2026

DGAGX (BNY Mellon Appreciation Fund, Inc.) and CHAIX (Chase Growth Fund Institutional Class) are both Large Cap Growth Equities funds. Over the past 10 years, DGAGX returned 12.72%/yr vs 18.43%/yr for CHAIX. Their correlation of 0.88 suggests significant overlap in exposure. DGAGX charges 0.88%/yr vs 1.00%/yr for CHAIX.

Performance

DGAGX vs. CHAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Appreciation Fund, Inc. (DGAGX) and Chase Growth Fund Institutional Class (CHAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGAGX achieves a -0.13% return, which is significantly lower than CHAIX's 24.13% return. Over the past 10 years, DGAGX has underperformed CHAIX with an annualized return of 12.72%, while CHAIX has yielded a comparatively higher 18.43% annualized return.

DGAGX

• 1D: -1.25%
• 1M: -4.26%
• YTD: -0.13%
• 6M: -0.72%
• 1Y: 6.52%
• 3Y*: 10.39%
• 5Y*: 6.59%
• 10Y*: 12.72%

CHAIX

• 1D: -1.93%
• 1M: 2.68%
• YTD: 24.13%
• 6M: 21.91%
• 1Y: 45.63%
• 3Y*: 32.95%
• 5Y*: 17.92%
• 10Y*: 18.43%

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

DGAGX vs. CHAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGAGX BNY Mellon Appreciation Fund, Inc.	-0.13%	10.14%	12.35%	21.37%	-17.86%	27.10%	23.96%	35.22%	-6.59%	26.60%
CHAIX Chase Growth Fund Institutional Class	24.13%	20.67%	38.77%	26.00%	-20.32%	22.36%	18.41%	41.69%	-3.87%	24.73%

Correlation

The correlation between DGAGX and CHAIX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 29, 2007	0.88

The correlation between DGAGX and CHAIX shifts across timeframes, from 0.72 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DGAGX vs. CHAIX — Risk / Return Rank

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

DGAGX

DGAGX Risk / Return Rank: 9
DGAGX Sharpe Ratio Rank: 8
DGAGX Sortino Ratio Rank: 8
DGAGX Omega Ratio Rank: 8
DGAGX Calmar Ratio Rank: 8
DGAGX Martin Ratio Rank: 10

CHAIX

CHAIX Risk / Return Rank: 88
CHAIX Sharpe Ratio Rank: 90
CHAIX Sortino Ratio Rank: 82
CHAIX Omega Ratio Rank: 79
CHAIX Calmar Ratio Rank: 94
CHAIX Martin Ratio Rank: 96

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.

DGAGX vs. CHAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Appreciation Fund, Inc. (DGAGX) and Chase Growth Fund Institutional Class (CHAIX). 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.

	DGAGX	CHAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.63	-2.01
Sortino ratio: Return per unit of downside risk	0.92	3.41	-2.49
Omega ratio: Gain probability vs. loss probability	1.12	1.44	-0.33
Calmar ratio: Return relative to maximum drawdown	0.69	4.87	-4.19
Martin ratio: Return relative to average drawdown	2.65	19.99	-17.34

DGAGX vs. CHAIX - Sharpe Ratio Comparison

The current DGAGX Sharpe Ratio is 0.62, which is lower than the CHAIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of DGAGX and CHAIX, 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

DGAGX vs. CHAIX - Drawdown Comparison

The maximum DGAGX drawdown since its inception was -48.80%, roughly equal to the maximum CHAIX drawdown of -50.61%. Use the drawdown chart below to compare losses from any high point for DGAGX and CHAIX.

Drawdown Indicators

	DGAGX	CHAIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.80%	-50.61%	+1.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-9.86%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-23.40%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.13%	-24.58%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	-31.99%	-30.36%	-1.63%
Current Drawdown Current decline from peak	-5.22%	-2.11%	-3.11%
Average Drawdown Average peak-to-trough decline	-7.12%	-10.37%	+3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.40%	+0.50%

Volatility

DGAGX vs. CHAIX - Volatility Comparison

The current volatility for BNY Mellon Appreciation Fund, Inc. (DGAGX) is 4.74%, while Chase Growth Fund Institutional Class (CHAIX) has a volatility of 6.91%. This indicates that DGAGX experiences smaller price fluctuations and is considered to be less risky than CHAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGAGX	CHAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	6.91%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	14.39%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	18.31%	-5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	18.72%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	19.09%	-1.29%

DGAGX vs. CHAIX - Expense Ratio Comparison

DGAGX has a 0.88% expense ratio, which is lower than CHAIX's 1.00% expense ratio.

Dividends

DGAGX vs. CHAIX - Dividend Comparison

DGAGX's dividend yield for the trailing twelve months is around 20.18%, more than CHAIX's 6.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAIX Chase Growth Fund Institutional Class	6.61%	8.20%	18.32%	5.36%	5.09%	18.78%	7.39%	21.65%	12.33%	11.44%	8.83%	9.93%
DGAGX BNY Mellon Appreciation Fund, Inc.	20.18%	21.12%	17.23%	7.44%	9.16%	3.91%	5.29%	10.52%	21.70%	16.17%	27.17%	31.89%

Frequently Asked Questions

Can I hold both DGAGX and CHAIX in my portfolio?

DGAGX and CHAIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGAGX or CHAIX?

CHAIX has higher volatility (6.91%) compared to DGAGX (4.74%). In terms of maximum drawdown, DGAGX dropped -48.80% vs CHAIX's -50.61%.

Which has better risk-adjusted returns?

CHAIX currently has the higher Sharpe Ratio (2.63 vs 0.62), 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.