DHMBX vs. DNLDX

Last updated Jun 5, 2026

DHMBX (BNY Mellon High Yield Municipal Bond Fund) and DNLDX (BNY Mellon Active MidCap Fund) are both mutual funds - DHMBX is a High Yield Muni fund managed by BNY Mellon, while DNLDX is a Mid Cap Blend Equities fund managed by BNY Mellon. Over the past 10 years, DHMBX returned 2.44%/yr vs 10.00%/yr for DNLDX. At a correlation of -0.07, they often move in opposite directions. DHMBX charges 0.69%/yr vs 1.00%/yr for DNLDX.

Performance

DHMBX vs. DNLDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon High Yield Municipal Bond Fund (DHMBX) and BNY Mellon Active MidCap Fund (DNLDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHMBX achieves a 2.94% return, which is significantly lower than DNLDX's 11.62% return. Over the past 10 years, DHMBX has underperformed DNLDX with an annualized return of 2.44%, while DNLDX has yielded a comparatively higher 10.00% annualized return.

DHMBX

• 1D: -0.09%
• 1M: 0.73%
• YTD: 2.94%
• 6M: 3.21%
• 1Y: 8.64%
• 3Y*: 4.67%
• 5Y*: -0.26%
• 10Y*: 2.44%

DNLDX

• 1D: -0.09%
• 1M: 2.52%
• YTD: 11.62%
• 6M: 11.64%
• 1Y: 21.35%
• 3Y*: 18.84%
• 5Y*: 10.34%
• 10Y*: 10.00%

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

DHMBX vs. DNLDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHMBX BNY Mellon High Yield Municipal Bond Fund	2.94%	2.64%	4.41%	6.50%	-17.25%	5.58%	2.85%	10.76%	1.64%	12.78%
DNLDX BNY Mellon Active MidCap Fund	11.62%	9.79%	22.27%	16.99%	-14.34%	26.49%	9.29%	16.82%	-14.46%	16.64%

Correlation

The correlation between DHMBX and DNLDX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 3, 2005	-0.07

The correlation between DHMBX and DNLDX shifts across timeframes, from -0.07 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DHMBX vs. DNLDX — Risk / Return Rank

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

DHMBX

DHMBX Risk / Return Rank: 64
DHMBX Sharpe Ratio Rank: 67
DHMBX Sortino Ratio Rank: 78
DHMBX Omega Ratio Rank: 81
DHMBX Calmar Ratio Rank: 52
DHMBX Martin Ratio Rank: 43

DNLDX

DNLDX Risk / Return Rank: 41
DNLDX Sharpe Ratio Rank: 32
DNLDX Sortino Ratio Rank: 32
DNLDX Omega Ratio Rank: 29
DNLDX Calmar Ratio Rank: 57
DNLDX Martin Ratio Rank: 54

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.

DHMBX vs. DNLDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Municipal Bond Fund (DHMBX) and BNY Mellon Active MidCap Fund (DNLDX). 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.

	DHMBX	DNLDX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.60	+0.77
Sortino ratio: Return per unit of downside risk	3.71	2.34	+1.37
Omega ratio: Gain probability vs. loss probability	1.53	1.28	+0.26
Calmar ratio: Return relative to maximum drawdown	2.74	2.88	-0.14
Martin ratio: Return relative to average drawdown	8.95	10.82	-1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHMBX vs. DNLDX - Sharpe Ratio Comparison

The current DHMBX Sharpe Ratio is 2.37, which is higher than the DNLDX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of DHMBX and DNLDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DHMBX	DNLDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	1.60	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.56	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.51	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.55	+0.17

Drawdowns

DHMBX vs. DNLDX - Drawdown Comparison

The maximum DHMBX drawdown since its inception was -27.66%, smaller than the maximum DNLDX drawdown of -63.69%. Use the drawdown chart below to compare losses from any high point for DHMBX and DNLDX.

Drawdown Indicators

	DHMBX	DNLDX	Difference
Max Drawdown Largest peak-to-trough decline	-27.66%	-63.69%	+36.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-7.29%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-9.55%	-20.42%	+10.87%
Max Drawdown (5Y) Largest decline over 5 years	-22.90%	-23.42%	+0.52%
Max Drawdown (10Y) Largest decline over 10 years	-22.90%	-42.23%	+19.33%
Current Drawdown Current decline from peak	-3.17%	-0.09%	-3.08%
Average Drawdown Average peak-to-trough decline	-4.88%	-9.63%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.94%	-0.92%

Volatility

DHMBX vs. DNLDX - Volatility Comparison

The current volatility for BNY Mellon High Yield Municipal Bond Fund (DHMBX) is 1.39%, while BNY Mellon Active MidCap Fund (DNLDX) has a volatility of 3.34%. This indicates that DHMBX experiences smaller price fluctuations and is considered to be less risky than DNLDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHMBX	DNLDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	3.34%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	9.53%	-6.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	13.10%	-9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	18.48%	-12.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	19.51%	-13.45%

DHMBX vs. DNLDX - Expense Ratio Comparison

DHMBX has a 0.69% expense ratio, which is lower than DNLDX's 1.00% expense ratio.

Dividends

DHMBX vs. DNLDX - Dividend Comparison

DHMBX's dividend yield for the trailing twelve months is around 4.01%, less than DNLDX's 13.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHMBX BNY Mellon High Yield Municipal Bond Fund	4.01%	5.37%	3.96%	3.13%	3.09%	2.47%	3.46%	4.19%	4.13%	3.66%	4.95%	4.50%
DNLDX BNY Mellon Active MidCap Fund	13.46%	14.15%	15.24%	1.69%	8.82%	17.74%	2.77%	2.65%	11.14%	11.32%	1.00%	3.12%

Frequently Asked Questions

Can I hold both DHMBX and DNLDX in my portfolio?

DHMBX and DNLDX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHMBX or DNLDX?

DNLDX has higher volatility (3.34%) compared to DHMBX (1.39%). In terms of maximum drawdown, DHMBX dropped -27.66% vs DNLDX's -63.69%.

Which has better risk-adjusted returns?

DHMBX currently has the higher Sharpe Ratio (2.37 vs 1.60), 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.