DLDRX vs. GAGEX

Last updated Aug 4, 2026

DLDRX (BNY Mellon Natural Resources Fund) and GAGEX (Guinness Atkinson Global Energy Fund) are both Energy Equities funds. Over the past 10 years, DLDRX returned 13.12%/yr vs 8.06%/yr for GAGEX. Their correlation of 0.89 means they have usually moved in the same direction. DLDRX charges 0.91%/yr vs 1.46%/yr for GAGEX.

Performance

DLDRX vs. GAGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Natural Resources Fund (DLDRX) and Guinness Atkinson Global Energy Fund (GAGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLDRX achieves a 21.71% return, which is significantly lower than GAGEX's 37.53% return. Over the past 10 years, DLDRX has outperformed GAGEX with an annualized return of 13.12%, while GAGEX has yielded a comparatively lower 8.06% annualized return.

DLDRX

• 1D: -0.66%
• 1M: 5.99%
• 6M: 8.00%
• YTD: 21.71%
• 1Y: 43.66%
• 3Y*: 10.40%
• 5Y*: 17.76%
• 10Y*: 13.12%
• ALL TIME*: 11.08%

GAGEX

• 1D: 0.75%
• 1M: 13.87%
• 6M: 24.75%
• YTD: 37.53%
• 1Y: 49.14%
• 3Y*: 16.44%
• 5Y*: 20.58%
• 10Y*: 8.06%
• ALL TIME*: 7.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLDRX BNY Mellon Natural Resources Fund	$0.00	$0.00	$0.00
GAGEX Guinness Atkinson Global Energy Fund	$0.00	$0.00	$0.00

DLDRX vs. GAGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLDRX BNY Mellon Natural Resources Fund	21.71%	15.04%	0.81%	1.58%	34.18%	38.30%	6.58%	16.64%	-17.57%	14.05%
GAGEX Guinness Atkinson Global Energy Fund	37.53%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%

Correlation

The correlation between DLDRX and GAGEX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 30, 2004	0.89

Over the past year, the correlation between DLDRX and GAGEX has dropped to 0.59 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

DLDRX vs. GAGEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DLDRX

DLDRX Risk / Return Rank: 85
DLDRX Sharpe Ratio Rank: 88
DLDRX Sortino Ratio Rank: 81
DLDRX Omega Ratio Rank: 79
DLDRX Calmar Ratio Rank: 91
DLDRX Martin Ratio Rank: 86

GAGEX

GAGEX Risk / Return Rank: 85
GAGEX Sharpe Ratio Rank: 93
GAGEX Sortino Ratio Rank: 85
GAGEX Omega Ratio Rank: 82
GAGEX Calmar Ratio Rank: 86
GAGEX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DLDRX vs. GAGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Natural Resources Fund (DLDRX) and Guinness Atkinson Global Energy Fund (GAGEX). 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.

	DLDRX	GAGEX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.44	-0.24
Sortino ratio: Return per unit of downside risk	2.86	3.10	-0.24
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	3.70	3.14	+0.56
Martin ratio: Return relative to average drawdown	11.59	10.43	+1.16

DLDRX vs. GAGEX - Sharpe Ratio Comparison

The current DLDRX Sharpe Ratio is 2.20, which is comparable to the GAGEX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of DLDRX and GAGEX, 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

DLDRX vs. GAGEX - Drawdown Comparison

The maximum DLDRX drawdown since its inception was -69.13%, smaller than the maximum GAGEX drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for DLDRX and GAGEX.

Drawdown Indicators

	DLDRX	GAGEX	Difference
Max Drawdown Largest peak-to-trough decline	-69.13%	-78.90%	+9.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-15.14%	+3.88%
Max Drawdown (3Y) Largest decline over 3 years	-32.44%	-23.67%	-8.77%
Max Drawdown (5Y) Largest decline over 5 years	-32.44%	-26.42%	-6.02%
Max Drawdown (10Y) Largest decline over 10 years	-54.24%	-69.98%	+15.74%
Current Drawdown Current decline from peak	-4.75%	-2.27%	-2.48%
Average Drawdown Average peak-to-trough decline	-20.67%	-29.07%	+8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	4.55%	-0.96%

Volatility

DLDRX vs. GAGEX - Volatility Comparison

The current volatility for BNY Mellon Natural Resources Fund (DLDRX) is 4.44%, while Guinness Atkinson Global Energy Fund (GAGEX) has a volatility of 6.39%. This indicates that DLDRX experiences smaller price fluctuations and is considered to be less risky than GAGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLDRX	GAGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	6.39%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	16.09%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	18.94%	19.47%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.46%	23.58%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.47%	27.21%	-1.74%

DLDRX vs. GAGEX - Expense Ratio Comparison

DLDRX has a 0.91% expense ratio, which is lower than GAGEX's 1.46% expense ratio.

Dividends

DLDRX vs. GAGEX - Dividend Comparison

DLDRX's dividend yield for the trailing twelve months is around 1.92%, less than GAGEX's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLDRX BNY Mellon Natural Resources Fund	1.92%	2.33%	7.45%	12.42%	9.66%	5.07%	1.11%	2.16%	1.87%	0.63%	1.44%	1.25%
GAGEX Guinness Atkinson Global Energy Fund	2.05%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%

Frequently Asked Questions

Can I hold both DLDRX and GAGEX in my portfolio?

DLDRX and GAGEX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLDRX or GAGEX?

GAGEX has higher volatility (6.39%) compared to DLDRX (4.44%). In terms of maximum drawdown, DLDRX dropped -69.13% vs GAGEX's -78.90%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (2.44 vs 2.20), 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.