DNLAX vs. FFGCX

Last updated Jun 23, 2026

DNLAX (BNY Mellon Natural Resources Fund Class A) and FFGCX (Fidelity Global Commodity Stock Fund) are both mutual funds - DNLAX is a Energy Equities fund managed by BNY Mellon, while FFGCX is a Commodities fund managed by Fidelity. Over the past 10 years, DNLAX returned 12.89%/yr vs 12.08%/yr for FFGCX. Their correlation of 0.93 suggests significant overlap in exposure. DNLAX charges 1.14%/yr vs 0.94%/yr for FFGCX.

Performance

DNLAX vs. FFGCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Natural Resources Fund Class A (DNLAX) and Fidelity Global Commodity Stock Fund (FFGCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNLAX achieves a 17.88% return, which is significantly higher than FFGCX's 15.59% return. Over the past 10 years, DNLAX has outperformed FFGCX with an annualized return of 12.89%, while FFGCX has yielded a comparatively lower 12.08% annualized return.

DNLAX

• 1D: -1.50%
• 1M: -5.13%
• YTD: 17.88%
• 6M: 17.93%
• 1Y: 35.36%
• 3Y*: 12.45%
• 5Y*: 16.46%
• 10Y*: 12.89%

FFGCX

• 1D: -1.85%
• 1M: -5.89%
• YTD: 15.59%
• 6M: 15.74%
• 1Y: 35.43%
• 3Y*: 16.11%
• 5Y*: 13.72%
• 10Y*: 12.08%

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

DNLAX vs. FFGCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNLAX BNY Mellon Natural Resources Fund Class A	17.88%	14.75%	0.86%	1.33%	33.83%	38.00%	6.30%	16.33%	-17.78%	13.69%
FFGCX Fidelity Global Commodity Stock Fund	15.59%	28.66%	2.98%	-5.18%	20.69%	26.08%	6.04%	17.82%	-13.21%	17.18%

Correlation

The correlation between DNLAX and FFGCX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 26, 2009	0.93

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

Return for Risk

DNLAX vs. FFGCX — Risk / Return Rank

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

DNLAX

DNLAX Risk / Return Rank: 59
DNLAX Sharpe Ratio Rank: 46
DNLAX Sortino Ratio Rank: 41
DNLAX Omega Ratio Rank: 40
DNLAX Calmar Ratio Rank: 92
DNLAX Martin Ratio Rank: 77

FFGCX

FFGCX Risk / Return Rank: 65
FFGCX Sharpe Ratio Rank: 57
FFGCX Sortino Ratio Rank: 48
FFGCX Omega Ratio Rank: 48
FFGCX Calmar Ratio Rank: 87
FFGCX Martin Ratio Rank: 85

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.

DNLAX vs. FFGCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Natural Resources Fund Class A (DNLAX) and Fidelity Global Commodity Stock Fund (FFGCX). 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.

	DNLAX	FFGCX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.04	-0.21
Sortino ratio: Return per unit of downside risk	2.46	2.68	-0.22
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	4.55	3.98	+0.58
Martin ratio: Return relative to average drawdown	13.44	14.72	-1.28

DNLAX vs. FFGCX - Sharpe Ratio Comparison

The current DNLAX Sharpe Ratio is 1.84, which is comparable to the FFGCX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of DNLAX and FFGCX, 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

DNLAX vs. FFGCX - Drawdown Comparison

The maximum DNLAX drawdown since its inception was -69.14%, which is greater than FFGCX's maximum drawdown of -57.23%. Use the drawdown chart below to compare losses from any high point for DNLAX and FFGCX.

Drawdown Indicators

	DNLAX	FFGCX	Difference
Max Drawdown Largest peak-to-trough decline	-69.14%	-57.23%	-11.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-8.73%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-32.37%	-19.24%	-13.13%
Max Drawdown (5Y) Largest decline over 5 years	-32.37%	-27.22%	-5.15%
Max Drawdown (10Y) Largest decline over 10 years	-54.45%	-48.43%	-6.02%
Current Drawdown Current decline from peak	-7.67%	-8.73%	+1.06%
Average Drawdown Average peak-to-trough decline	-21.52%	-19.32%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.36%	+0.24%

Volatility

DNLAX vs. FFGCX - Volatility Comparison

BNY Mellon Natural Resources Fund Class A (DNLAX) has a higher volatility of 6.54% compared to Fidelity Global Commodity Stock Fund (FFGCX) at 5.35%. This indicates that DNLAX's price experiences larger fluctuations and is considered to be riskier than FFGCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNLAX	FFGCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	5.35%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	13.90%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	17.00%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.68%	21.39%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.54%	22.43%	+3.11%

DNLAX vs. FFGCX - Expense Ratio Comparison

DNLAX has a 1.14% expense ratio, which is higher than FFGCX's 0.94% expense ratio.

Dividends

DNLAX vs. FFGCX - Dividend Comparison

DNLAX's dividend yield for the trailing twelve months is around 1.86%, less than FFGCX's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNLAX BNY Mellon Natural Resources Fund Class A	1.86%	2.19%	7.75%	12.54%	9.80%	5.04%	0.91%	1.95%	1.53%	0.40%	1.26%	0.98%
FFGCX Fidelity Global Commodity Stock Fund	2.19%	2.53%	2.62%	2.01%	1.84%	3.39%	1.61%	2.98%	2.22%	0.36%	1.53%	2.86%

Frequently Asked Questions

Can I hold both DNLAX and FFGCX in my portfolio?

With a correlation of 0.91, DNLAX and FFGCX 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, DNLAX or FFGCX?

DNLAX has higher volatility (6.54%) compared to FFGCX (5.35%). In terms of maximum drawdown, DNLAX dropped -69.14% vs FFGCX's -57.23%.

Which has better risk-adjusted returns?

FFGCX currently has the higher Sharpe Ratio (2.04 vs 1.84), 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.