DLDRX vs. MELIX

Last updated Jul 14, 2026

DLDRX (BNY Mellon Natural Resources Fund) and MELIX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio) are both mutual funds - DLDRX is a Energy Equities fund managed by Dreyfus, while MELIX is a Emerging Markets Diversified fund managed by T. Rowe Price. Over the past 10 years, DLDRX returned 12.44%/yr vs 7.47%/yr for MELIX. A 0.51 correlation means they provide meaningful diversification when combined. DLDRX charges 0.91%/yr vs 1.15%/yr for MELIX.

Performance

DLDRX vs. MELIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Natural Resources Fund (DLDRX) and Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLDRX achieves a 16.16% return, which is significantly higher than MELIX's 11.75% return. Over the past 10 years, DLDRX has outperformed MELIX with an annualized return of 12.44%, while MELIX has yielded a comparatively lower 7.47% annualized return.

DLDRX

• 1D: 0.81%
• 1M: -5.75%
• 6M: 9.06%
• YTD: 16.16%
• 1Y: 29.63%
• 3Y*: 10.85%
• 5Y*: 15.62%
• 10Y*: 12.44%

MELIX

• 1D: 0.43%
• 1M: 1.25%
• 6M: 9.26%
• YTD: 11.75%
• 1Y: 18.20%
• 3Y*: 10.30%
• 5Y*: -2.16%
• 10Y*: 7.47%

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

DLDRX vs. MELIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLDRX BNY Mellon Natural Resources Fund	16.16%	15.04%	0.81%	1.58%	34.18%	38.30%	6.58%	16.64%	-17.57%	14.05%
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	11.75%	10.61%	2.24%	12.17%	-33.49%	1.84%	59.43%	31.26%	-14.12%	26.01%

Correlation

The correlation between DLDRX and MELIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.51

The correlation between DLDRX and MELIX has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

Return for Risk

DLDRX vs. MELIX — Risk / Return Rank

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

DLDRX

DLDRX Risk / Return Rank: 52
DLDRX Sharpe Ratio Rank: 49
DLDRX Sortino Ratio Rank: 44
DLDRX Omega Ratio Rank: 44
DLDRX Calmar Ratio Rank: 72
DLDRX Martin Ratio Rank: 53

MELIX

MELIX Risk / Return Rank: 18
MELIX Sharpe Ratio Rank: 17
MELIX Sortino Ratio Rank: 16
MELIX Omega Ratio Rank: 19
MELIX Calmar Ratio Rank: 18
MELIX Martin Ratio Rank: 23

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.

DLDRX vs. MELIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Natural Resources Fund (DLDRX) and Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX). 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	MELIX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	0.84	+0.73
Sortino ratio: Return per unit of downside risk	2.13	1.24	+0.89
Omega ratio: Gain probability vs. loss probability	1.27	1.17	+0.11
Calmar ratio: Return relative to maximum drawdown	2.62	1.13	+1.49
Martin ratio: Return relative to average drawdown	8.56	4.08	+4.48

DLDRX vs. MELIX - Sharpe Ratio Comparison

The current DLDRX Sharpe Ratio is 1.57, which is higher than the MELIX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of DLDRX and MELIX, 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. MELIX - Drawdown Comparison

The maximum DLDRX drawdown since its inception was -69.13%, which is greater than MELIX's maximum drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for DLDRX and MELIX.

Drawdown Indicators

	DLDRX	MELIX	Difference
Max Drawdown Largest peak-to-trough decline	-69.13%	-46.84%	-22.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-15.14%	+3.88%
Max Drawdown (3Y) Largest decline over 3 years	-32.44%	-21.85%	-10.59%
Max Drawdown (5Y) Largest decline over 5 years	-32.44%	-44.63%	+12.19%
Max Drawdown (10Y) Largest decline over 10 years	-54.24%	-46.84%	-7.40%
Current Drawdown Current decline from peak	-9.09%	-19.17%	+10.08%
Average Drawdown Average peak-to-trough decline	-20.71%	-17.87%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	4.18%	-0.73%

Volatility

DLDRX vs. MELIX - Volatility Comparison

The current volatility for BNY Mellon Natural Resources Fund (DLDRX) is 5.08%, while Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) has a volatility of 9.87%. This indicates that DLDRX experiences smaller price fluctuations and is considered to be less risky than MELIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLDRX	MELIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	9.87%	-4.79%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	18.53%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.82%	20.38%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.59%	20.01%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.46%	19.82%	+5.64%

DLDRX vs. MELIX - Expense Ratio Comparison

DLDRX has a 0.91% expense ratio, which is lower than MELIX's 1.15% expense ratio.

Dividends

DLDRX vs. MELIX - Dividend Comparison

DLDRX's dividend yield for the trailing twelve months is around 2.01%, while MELIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLDRX BNY Mellon Natural Resources Fund	2.01%	2.33%	7.45%	12.42%	9.66%	5.07%	1.11%	2.16%	1.87%	0.63%	1.44%	1.25%
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	4.04%	6.90%	0.47%	0.97%	0.12%	1.30%

Frequently Asked Questions

Can I hold both DLDRX and MELIX in my portfolio?

DLDRX and MELIX have a correlation of 0.42, 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 MELIX?

MELIX has higher volatility (9.87%) compared to DLDRX (5.08%). In terms of maximum drawdown, DLDRX dropped -69.13% vs MELIX's -46.84%.

Which has better risk-adjusted returns?

DLDRX currently has the higher Sharpe Ratio (1.57 vs 0.84), 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.