DNLAX vs. PTEBX

Last updated Jun 4, 2026

DNLAX (BNY Mellon Natural Resources Fund Class A) and PTEBX (BNY Mellon Opportunistic Municipal Securities Fund) are both mutual funds - DNLAX is a Energy Equities fund managed by BNY Mellon, while PTEBX is a Municipal Bonds fund managed by BNY Mellon. Over the past 10 years, DNLAX returned 14.01%/yr vs 2.08%/yr for PTEBX. At a correlation of -0.10, they often move in opposite directions. DNLAX charges 1.14%/yr vs 0.72%/yr for PTEBX.

Performance

DNLAX vs. PTEBX - Performance Comparison

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

Returns By Period

In the year-to-date period, DNLAX achieves a 27.67% return, which is significantly higher than PTEBX's 1.98% return. Over the past 10 years, DNLAX has outperformed PTEBX with an annualized return of 14.01%, while PTEBX has yielded a comparatively lower 2.08% annualized return.

DNLAX

• 1D: 1.81%
• 1M: 2.80%
• YTD: 27.67%
• 6M: 30.04%
• 1Y: 54.19%
• 3Y*: 16.78%
• 5Y*: 16.23%
• 10Y*: 14.01%

PTEBX

• 1D: 0.17%
• 1M: 0.81%
• YTD: 1.98%
• 6M: 2.21%
• 1Y: 7.66%
• 3Y*: 4.02%
• 5Y*: 0.77%
• 10Y*: 2.08%

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

DNLAX vs. PTEBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNLAX BNY Mellon Natural Resources Fund Class A	27.67%	14.75%	0.86%	1.33%	33.83%	38.00%	6.30%	16.33%	-17.78%	13.69%
PTEBX BNY Mellon Opportunistic Municipal Securities Fund	1.98%	4.03%	2.31%	6.13%	-10.18%	1.53%	5.02%	8.51%	0.51%	5.75%

Correlation

The correlation between DNLAX and PTEBX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 3, 2003	-0.10

The correlation between DNLAX and PTEBX shifts across timeframes, from -0.10 (all time) to 0.02 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DNLAX vs. PTEBX — Risk / Return Rank

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

DNLAX

DNLAX Risk / Return Rank: 89
DNLAX Sharpe Ratio Rank: 92
DNLAX Sortino Ratio Rank: 84
DNLAX Omega Ratio Rank: 77
DNLAX Calmar Ratio Rank: 97
DNLAX Martin Ratio Rank: 96

PTEBX

PTEBX Risk / Return Rank: 72
PTEBX Sharpe Ratio Rank: 81
PTEBX Sortino Ratio Rank: 88
PTEBX Omega Ratio Rank: 89
PTEBX Calmar Ratio Rank: 54
PTEBX Martin Ratio Rank: 50

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. PTEBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Natural Resources Fund Class A (DNLAX) and BNY Mellon Opportunistic Municipal Securities Fund (PTEBX). 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.

	DNLAX	PTEBX	Difference
Sharpe ratio: Return per unit of total volatility	3.08	2.66	+0.42
Sortino ratio: Return per unit of downside risk	3.93	4.26	-0.33
Omega ratio: Gain probability vs. loss probability	1.51	1.64	-0.14
Calmar ratio: Return relative to maximum drawdown	7.45	2.81	+4.63
Martin ratio: Return relative to average drawdown	23.48	10.18	+13.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNLAX vs. PTEBX - Sharpe Ratio Comparison

The current DNLAX Sharpe Ratio is 3.08, which is comparable to the PTEBX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of DNLAX and PTEBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DNLAX	PTEBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	2.66	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.19	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.51	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.98	-0.61

Drawdowns

DNLAX vs. PTEBX - Drawdown Comparison

The maximum DNLAX drawdown since its inception was -69.14%, which is greater than PTEBX's maximum drawdown of -25.35%. Use the drawdown chart below to compare losses from any high point for DNLAX and PTEBX.

Drawdown Indicators

	DNLAX	PTEBX	Difference
Max Drawdown Largest peak-to-trough decline	-69.14%	-25.35%	-43.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.51%	-2.70%	-4.81%
Max Drawdown (3Y) Largest decline over 3 years	-32.37%	-6.36%	-26.01%
Max Drawdown (5Y) Largest decline over 5 years	-32.37%	-15.08%	-17.29%
Max Drawdown (10Y) Largest decline over 10 years	-54.45%	-15.08%	-39.37%
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-21.56%	-2.91%	-18.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	0.75%	+1.63%

Volatility

DNLAX vs. PTEBX - Volatility Comparison

BNY Mellon Natural Resources Fund Class A (DNLAX) has a higher volatility of 4.59% compared to BNY Mellon Opportunistic Municipal Securities Fund (PTEBX) at 1.05%. This indicates that DNLAX's price experiences larger fluctuations and is considered to be riskier than PTEBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNLAX	PTEBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	1.05%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	2.05%	+11.43%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	2.87%	+15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.65%	4.07%	+21.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.50%	4.06%	+21.44%

DNLAX vs. PTEBX - Expense Ratio Comparison

DNLAX has a 1.14% expense ratio, which is higher than PTEBX's 0.72% expense ratio.

Dividends

DNLAX vs. PTEBX - Dividend Comparison

DNLAX's dividend yield for the trailing twelve months is around 1.72%, less than PTEBX's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNLAX BNY Mellon Natural Resources Fund Class A	1.72%	2.19%	7.75%	12.54%	9.80%	5.04%	0.91%	1.95%	1.53%	0.40%	1.26%	0.98%
PTEBX BNY Mellon Opportunistic Municipal Securities Fund	3.46%	4.47%	3.20%	2.31%	2.34%	2.27%	2.75%	3.25%	2.94%	2.98%	3.13%	3.28%

Frequently Asked Questions

Can I hold both DNLAX and PTEBX in my portfolio?

DNLAX and PTEBX have a correlation of -0.01, 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 PTEBX?

DNLAX has higher volatility (4.59%) compared to PTEBX (1.05%). In terms of maximum drawdown, DNLAX dropped -69.14% vs PTEBX's -25.35%.

Which has better risk-adjusted returns?

DNLAX currently has the higher Sharpe Ratio (3.08 vs 2.66), 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.