DGIEX vs. DSPIX

Last updated Jun 24, 2026

DGIEX (BNY Mellon Global Emerging Markets Fund) and DSPIX (BNY Mellon Institutional S&P 500 Stock Index Fund) are both mutual funds - DGIEX is a Emerging Markets Diversified fund managed by BNY Mellon, while DSPIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, DGIEX returned 10.62%/yr vs 15.21%/yr for DSPIX. A 0.64 correlation means they provide meaningful diversification when combined. DGIEX charges 1.00%/yr vs 0.20%/yr for DSPIX.

Performance

DGIEX vs. DSPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Global Emerging Markets Fund (DGIEX) 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, DGIEX achieves a 21.28% return, which is significantly higher than DSPIX's 9.69% return. Over the past 10 years, DGIEX has underperformed DSPIX with an annualized return of 10.62%, while DSPIX has yielded a comparatively higher 15.21% annualized return.

DGIEX

• 1D: -0.06%
• 1M: 4.38%
• YTD: 21.28%
• 6M: 22.28%
• 1Y: 41.26%
• 3Y*: 15.92%
• 5Y*: 4.14%
• 10Y*: 10.62%

DSPIX

• 1D: -0.37%
• 1M: 0.08%
• YTD: 9.69%
• 6M: 8.69%
• 1Y: 25.45%
• 3Y*: 21.21%
• 5Y*: 13.38%
• 10Y*: 15.21%

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

DGIEX vs. DSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGIEX BNY Mellon Global Emerging Markets Fund	21.28%	22.65%	4.34%	7.01%	-23.34%	-3.12%	58.75%	23.34%	-23.67%	46.01%
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	9.69%	17.81%	24.40%	26.36%	-18.51%	28.64%	14.18%	31.31%	-4.36%	21.59%

Correlation

The correlation between DGIEX and DSPIX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.64

The correlation between DGIEX and DSPIX has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.

Return for Risk

DGIEX vs. DSPIX — Risk / Return Rank

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

DGIEX

DGIEX Risk / Return Rank: 77
DGIEX Sharpe Ratio Rank: 78
DGIEX Sortino Ratio Rank: 70
DGIEX Omega Ratio Rank: 74
DGIEX Calmar Ratio Rank: 89
DGIEX Martin Ratio Rank: 76

DSPIX

DSPIX Risk / Return Rank: 65
DSPIX Sharpe Ratio Rank: 63
DSPIX Sortino Ratio Rank: 57
DSPIX Omega Ratio Rank: 59
DSPIX Calmar Ratio Rank: 67
DSPIX Martin Ratio Rank: 78

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.

DGIEX vs. DSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Global Emerging Markets Fund (DGIEX) 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.

	DGIEX	DSPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.14	+0.25
Sortino ratio: Return per unit of downside risk	3.17	2.90	+0.27
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	4.19	3.00	+1.18
Martin ratio: Return relative to average drawdown	13.40	13.53	-0.13

DGIEX vs. DSPIX - Sharpe Ratio Comparison

The current DGIEX Sharpe Ratio is 2.39, which is comparable to the DSPIX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of DGIEX 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

DGIEX vs. DSPIX - Drawdown Comparison

The maximum DGIEX drawdown since its inception was -42.97%, smaller than the maximum DSPIX drawdown of -55.32%. Use the drawdown chart below to compare losses from any high point for DGIEX and DSPIX.

Drawdown Indicators

	DGIEX	DSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.97%	-55.32%	+12.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-8.92%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-20.39%	-18.81%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-37.32%	-24.62%	-12.70%
Max Drawdown (10Y) Largest decline over 10 years	-42.97%	-33.79%	-9.18%
Current Drawdown Current decline from peak	-0.99%	-1.74%	+0.75%
Average Drawdown Average peak-to-trough decline	-17.28%	-9.27%	-8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	1.98%	+1.10%

Volatility

DGIEX vs. DSPIX - Volatility Comparison

BNY Mellon Global Emerging Markets Fund (DGIEX) has a higher volatility of 8.22% compared to BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) at 4.66%. This indicates that DGIEX's price experiences larger fluctuations and is considered to be riskier than DSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGIEX	DSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	4.66%	+3.56%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	9.85%	+4.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	12.51%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	17.02%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	18.08%	+0.60%

DGIEX vs. DSPIX - Expense Ratio Comparison

DGIEX has a 1.00% expense ratio, which is higher than DSPIX's 0.20% expense ratio.

Dividends

DGIEX vs. DSPIX - Dividend Comparison

DGIEX's dividend yield for the trailing twelve months is around 0.32%, less than DSPIX's 30.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGIEX BNY Mellon Global Emerging Markets Fund	0.32%	0.38%	0.00%	0.07%	0.25%	6.74%	0.30%	2.32%	1.32%	1.21%	0.04%	0.45%
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	30.85%	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 DGIEX and DSPIX in my portfolio?

DGIEX and DSPIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGIEX or DSPIX?

DGIEX has higher volatility (8.22%) compared to DSPIX (4.66%). In terms of maximum drawdown, DGIEX dropped -42.97% vs DSPIX's -55.32%.

Which has better risk-adjusted returns?

DGIEX currently has the higher Sharpe Ratio (2.39 vs 2.14), 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.