DNLAX vs. MLPOX

Last updated Aug 4, 2026

DNLAX (BNY Mellon Natural Resources Fund Class A) and MLPOX (Invesco SteelPath MLP Alpha Fund) are both Energy Equities funds. Over the past 10 years, DNLAX returned 12.86%/yr vs 9.40%/yr for MLPOX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. DNLAX charges 1.14%/yr vs 1.29%/yr for MLPOX.

Performance

DNLAX vs. MLPOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Natural Resources Fund Class A (DNLAX) and Invesco SteelPath MLP Alpha Fund (MLPOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNLAX achieves a 21.57% return, which is significantly lower than MLPOX's 22.76% return. Over the past 10 years, DNLAX has outperformed MLPOX with an annualized return of 12.86%, while MLPOX has yielded a comparatively lower 9.40% annualized return.

DNLAX

• 1D: -0.68%
• 1M: 5.96%
• 6M: 7.88%
• YTD: 21.57%
• 1Y: 43.31%
• 3Y*: 10.24%
• 5Y*: 17.55%
• 10Y*: 12.86%
• ALL TIME*: 10.06%

MLPOX

• 1D: 0.75%
• 1M: 4.21%
• 6M: 16.78%
• YTD: 22.76%
• 1Y: 24.37%
• 3Y*: 24.31%
• 5Y*: 23.92%
• 10Y*: 9.40%
• ALL TIME*: 7.67%

*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)
DNLAX BNY Mellon Natural Resources Fund Class A	$0.00	$0.00	$0.00
MLPOX Invesco SteelPath MLP Alpha Fund	$0.00	$0.00	$0.00

DNLAX vs. MLPOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNLAX BNY Mellon Natural Resources Fund Class A	21.57%	14.75%	0.86%	1.33%	33.83%	38.00%	6.30%	16.33%	-17.78%	13.69%
MLPOX Invesco SteelPath MLP Alpha Fund	22.76%	4.47%	40.63%	20.44%	29.45%	39.81%	-30.40%	6.71%	-14.77%	-6.96%

Correlation

The correlation between DNLAX and MLPOX is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Apr 5, 2010	0.64

Over the past year, the correlation between DNLAX and MLPOX has dropped to 0.42 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

DNLAX vs. MLPOX — Risk / Return Rank

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

DNLAX

DNLAX Risk / Return Rank: 85
DNLAX Sharpe Ratio Rank: 87
DNLAX Sortino Ratio Rank: 80
DNLAX Omega Ratio Rank: 78
DNLAX Calmar Ratio Rank: 91
DNLAX Martin Ratio Rank: 86

MLPOX

MLPOX Risk / Return Rank: 80
MLPOX Sharpe Ratio Rank: 81
MLPOX Sortino Ratio Rank: 78
MLPOX Omega Ratio Rank: 73
MLPOX Calmar Ratio Rank: 93
MLPOX Martin Ratio Rank: 75

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.

DNLAX vs. MLPOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Natural Resources Fund Class A (DNLAX) and Invesco SteelPath MLP Alpha Fund (MLPOX). 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	MLPOX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.99	+0.19
Sortino ratio: Return per unit of downside risk	2.84	2.75	+0.09
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	3.66	3.94	-0.28
Martin ratio: Return relative to average drawdown	11.47	9.74	+1.73

DNLAX vs. MLPOX - Sharpe Ratio Comparison

The current DNLAX Sharpe Ratio is 2.18, which is comparable to the MLPOX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DNLAX and MLPOX, 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. MLPOX - Drawdown Comparison

The maximum DNLAX drawdown since its inception was -69.14%, smaller than the maximum MLPOX drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for DNLAX and MLPOX.

Drawdown Indicators

	DNLAX	MLPOX	Difference
Max Drawdown Largest peak-to-trough decline	-69.14%	-76.99%	+7.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-5.93%	-5.35%
Max Drawdown (3Y) Largest decline over 3 years	-32.37%	-15.18%	-17.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.37%	-21.17%	-11.20%
Max Drawdown (10Y) Largest decline over 10 years	-54.45%	-72.41%	+17.96%
Current Drawdown Current decline from peak	-4.78%	-0.74%	-4.04%
Average Drawdown Average peak-to-trough decline	-21.45%	-16.29%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	2.46%	+1.14%

Volatility

DNLAX vs. MLPOX - Volatility Comparison

BNY Mellon Natural Resources Fund Class A (DNLAX) has a higher volatility of 4.44% compared to Invesco SteelPath MLP Alpha Fund (MLPOX) at 3.82%. This indicates that DNLAX's price experiences larger fluctuations and is considered to be riskier than MLPOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNLAX	MLPOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	3.82%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	9.22%	+4.99%
Volatility (1Y) Calculated over the trailing 1-year period	18.96%	11.74%	+7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.46%	19.05%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.49%	25.95%	-0.46%

DNLAX vs. MLPOX - Expense Ratio Comparison

DNLAX has a 1.14% expense ratio, which is lower than MLPOX's 1.29% expense ratio.

Dividends

DNLAX vs. MLPOX - Dividend Comparison

DNLAX's dividend yield for the trailing twelve months is around 1.80%, less than MLPOX's 4.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNLAX BNY Mellon Natural Resources Fund Class A	1.80%	2.19%	7.75%	12.54%	9.80%	5.04%	0.91%	1.95%	1.53%	0.40%	1.26%	0.98%
MLPOX Invesco SteelPath MLP Alpha Fund	4.72%	5.31%	4.26%	5.55%	6.19%	7.52%	13.39%	10.42%	10.08%	8.00%	7.18%	7.85%

Frequently Asked Questions

Can I hold both DNLAX and MLPOX in my portfolio?

DNLAX and MLPOX 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, DNLAX or MLPOX?

DNLAX has higher volatility (4.44%) compared to MLPOX (3.82%). In terms of maximum drawdown, DNLAX dropped -69.14% vs MLPOX's -76.99%.

Which has better risk-adjusted returns?

DNLAX currently has the higher Sharpe Ratio (2.18 vs 1.99), 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.