DLDRX vs. PRNEX

Last updated Jun 24, 2026

DLDRX (BNY Mellon Natural Resources Fund) and PRNEX (T. Rowe Price New Era Fund) are both Energy Equities funds. Over the past 10 years, DLDRX returned 13.45%/yr vs 8.67%/yr for PRNEX. Their correlation of 0.94 suggests significant overlap in exposure. DLDRX charges 0.91%/yr vs 0.56%/yr for PRNEX.

Performance

DLDRX vs. PRNEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Natural Resources Fund (DLDRX) and T. Rowe Price New Era Fund (PRNEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DLDRX having a 18.52% return and PRNEX slightly lower at 17.67%. Over the past 10 years, DLDRX has outperformed PRNEX with an annualized return of 13.45%, while PRNEX has yielded a comparatively lower 8.67% annualized return.

DLDRX

• 1D: 0.43%
• 1M: -4.70%
• YTD: 18.52%
• 6M: 17.70%
• 1Y: 37.86%
• 3Y*: 14.18%
• 5Y*: 15.73%
• 10Y*: 13.45%

PRNEX

• 1D: 1.27%
• 1M: -3.97%
• YTD: 17.67%
• 6M: 16.89%
• 1Y: 32.70%
• 3Y*: 15.40%
• 5Y*: 11.29%
• 10Y*: 8.67%

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

DLDRX vs. PRNEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLDRX BNY Mellon Natural Resources Fund	18.52%	15.04%	0.81%	1.58%	34.18%	38.30%	6.58%	16.64%	-17.57%	14.05%
PRNEX T. Rowe Price New Era Fund	17.67%	18.85%	4.41%	1.02%	7.14%	25.35%	-2.63%	16.91%	-16.23%	10.57%

Correlation

The correlation between DLDRX and PRNEX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 31, 2003	0.94

The correlation between DLDRX and PRNEX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

DLDRX vs. PRNEX — Risk / Return Rank

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

DLDRX

DLDRX Risk / Return Rank: 62
DLDRX Sharpe Ratio Rank: 50
DLDRX Sortino Ratio Rank: 44
DLDRX Omega Ratio Rank: 42
DLDRX Calmar Ratio Rank: 93
DLDRX Martin Ratio Rank: 80

PRNEX

PRNEX Risk / Return Rank: 69
PRNEX Sharpe Ratio Rank: 59
PRNEX Sortino Ratio Rank: 52
PRNEX Omega Ratio Rank: 51
PRNEX Calmar Ratio Rank: 93
PRNEX Martin Ratio Rank: 90

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. PRNEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Natural Resources Fund (DLDRX) and T. Rowe Price New Era Fund (PRNEX). 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	PRNEX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.08	-0.16
Sortino ratio: Return per unit of downside risk	2.55	2.80	-0.25
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	4.76	4.77	0.00
Martin ratio: Return relative to average drawdown	13.87	16.60	-2.73

DLDRX vs. PRNEX - Sharpe Ratio Comparison

The current DLDRX Sharpe Ratio is 1.92, which is comparable to the PRNEX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of DLDRX and PRNEX, 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. PRNEX - Drawdown Comparison

The maximum DLDRX drawdown since its inception was -69.13%, roughly equal to the maximum PRNEX drawdown of -66.56%. Use the drawdown chart below to compare losses from any high point for DLDRX and PRNEX.

Drawdown Indicators

	DLDRX	PRNEX	Difference
Max Drawdown Largest peak-to-trough decline	-69.13%	-66.56%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-6.59%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-32.44%	-20.19%	-12.25%
Max Drawdown (5Y) Largest decline over 5 years	-32.44%	-21.50%	-10.94%
Max Drawdown (10Y) Largest decline over 10 years	-54.24%	-49.64%	-4.60%
Current Drawdown Current decline from peak	-7.25%	-5.40%	-1.85%
Average Drawdown Average peak-to-trough decline	-20.73%	-16.28%	-4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	1.89%	+0.74%

Volatility

DLDRX vs. PRNEX - Volatility Comparison

BNY Mellon Natural Resources Fund (DLDRX) has a higher volatility of 6.54% compared to T. Rowe Price New Era Fund (PRNEX) at 5.63%. This indicates that DLDRX's price experiences larger fluctuations and is considered to be riskier than PRNEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLDRX	PRNEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	5.63%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	14.34%	12.03%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	15.16%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.65%	18.70%	+6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.53%	20.63%	+4.90%

DLDRX vs. PRNEX - Expense Ratio Comparison

DLDRX has a 0.91% expense ratio, which is higher than PRNEX's 0.56% expense ratio.

Dividends

DLDRX vs. PRNEX - Dividend Comparison

DLDRX's dividend yield for the trailing twelve months is around 1.97%, less than PRNEX's 7.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLDRX BNY Mellon Natural Resources Fund	1.97%	2.33%	7.45%	12.42%	9.66%	5.07%	1.11%	2.16%	1.87%	0.63%	1.44%	1.25%
PRNEX T. Rowe Price New Era Fund	7.68%	9.04%	4.81%	11.46%	4.47%	2.07%	2.54%	2.18%	1.69%	1.89%	1.28%	2.68%

Frequently Asked Questions

Can I hold both DLDRX and PRNEX in my portfolio?

With a correlation of 0.91, DLDRX and PRNEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DLDRX or PRNEX?

DLDRX has higher volatility (6.54%) compared to PRNEX (5.63%). In terms of maximum drawdown, DLDRX dropped -69.13% vs PRNEX's -66.56%.

Which has better risk-adjusted returns?

PRNEX currently has the higher Sharpe Ratio (2.08 vs 1.92), 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.