DREQX vs. FEMS

Last updated Jun 4, 2026

DREQX (BNY Mellon Research Growth Fund, Inc.) and FEMS (First Trust Emerging Markets Small Cap AlphaDEX Fund) are both funds - DREQX is a Large Cap Growth Equities fund managed by T. Rowe Price, while FEMS is a Emerging Markets Equities fund tracking the NASDAQ AlphaDEX EM Small Cap Index. Over the past 10 years, DREQX returned 16.52%/yr vs 9.49%/yr for FEMS. A 0.51 correlation means they provide meaningful diversification when combined. DREQX charges 0.83%/yr vs 0.80%/yr for FEMS.

Performance

DREQX vs. FEMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Research Growth Fund, Inc. (DREQX) and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DREQX achieves a 9.37% return, which is significantly lower than FEMS's 12.16% return. Over the past 10 years, DREQX has outperformed FEMS with an annualized return of 16.52%, while FEMS has yielded a comparatively lower 9.49% annualized return.

DREQX

• 1D: 0.00%
• 1M: 6.39%
• YTD: 9.37%
• 6M: 8.95%
• 1Y: 28.25%
• 3Y*: 23.36%
• 5Y*: 12.78%
• 10Y*: 16.52%

FEMS

• 1D: -1.87%
• 1M: -0.95%
• YTD: 12.16%
• 6M: 11.13%
• 1Y: 24.48%
• 3Y*: 13.68%
• 5Y*: 4.43%
• 10Y*: 9.49%

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

DREQX vs. FEMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DREQX BNY Mellon Research Growth Fund, Inc.	9.37%	14.96%	33.57%	42.15%	-33.84%	19.04%	51.43%	29.31%	0.59%	23.68%
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund	12.16%	16.48%	1.88%	3.55%	1.85%	3.76%	7.85%	28.88%	-22.63%	49.02%

Correlation

The correlation between DREQX and FEMS is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Feb 21, 2012	0.51

The correlation between DREQX and FEMS has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

Return for Risk

DREQX vs. FEMS — Risk / Return Rank

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

DREQX

DREQX Risk / Return Rank: 34
DREQX Sharpe Ratio Rank: 41
DREQX Sortino Ratio Rank: 36
DREQX Omega Ratio Rank: 37
DREQX Calmar Ratio Rank: 27
DREQX Martin Ratio Rank: 31

FEMS

FEMS Risk / Return Rank: 47
FEMS Sharpe Ratio Rank: 44
FEMS Sortino Ratio Rank: 43
FEMS Omega Ratio Rank: 43
FEMS Calmar Ratio Rank: 58
FEMS Martin Ratio Rank: 46

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.

DREQX vs. FEMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Research Growth Fund, Inc. (DREQX) and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS). 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.

	DREQX	FEMS	Difference
Sharpe ratio Return per unit of total volatility	1.86	1.55	+0.31
Sortino ratio Return per unit of downside risk	2.51	2.17	+0.34
Omega ratio Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio Return relative to maximum drawdown	1.94	2.86	-0.92
Martin ratio Return relative to average drawdown	7.11	7.50	-0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DREQX vs. FEMS - Sharpe Ratio Comparison

The current DREQX Sharpe Ratio is 1.86, which is comparable to the FEMS Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DREQX and FEMS, 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

	DREQX	FEMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.55	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.25	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.48	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.27	+0.16

Drawdowns

DREQX vs. FEMS - Drawdown Comparison

The maximum DREQX drawdown since its inception was -52.06%, which is greater than FEMS's maximum drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for DREQX and FEMS.

Drawdown Indicators

	DREQX	FEMS	Difference
Max Drawdown Largest peak-to-trough decline	-52.06%	-47.85%	-4.21%
Max Drawdown (1Y) Largest decline over 1 year	-15.09%	-8.59%	-6.50%
Max Drawdown (3Y) Largest decline over 3 years	-27.51%	-21.09%	-6.42%
Max Drawdown (5Y) Largest decline over 5 years	-38.53%	-26.89%	-11.64%
Max Drawdown (10Y) Largest decline over 10 years	-38.53%	-47.85%	+9.32%
Current Drawdown Current decline from peak	0.00%	-4.88%	+4.88%
Average Drawdown Average peak-to-trough decline	-13.77%	-17.41%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.27%	+0.84%

Volatility

DREQX vs. FEMS - Volatility Comparison

The current volatility for BNY Mellon Research Growth Fund, Inc. (DREQX) is 3.76%, while First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) has a volatility of 6.37%. This indicates that DREQX experiences smaller price fluctuations and is considered to be less risky than FEMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DREQX	FEMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	6.37%	-2.61%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	12.98%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	15.84%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.83%	17.79%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.69%	19.97%	+2.72%

DREQX vs. FEMS - Expense Ratio Comparison

DREQX has a 0.83% expense ratio, which is higher than FEMS's 0.80% expense ratio.

Dividends

DREQX vs. FEMS - Dividend Comparison

DREQX's dividend yield for the trailing twelve months is around 13.79%, more than FEMS's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DREQX BNY Mellon Research Growth Fund, Inc.	13.79%	15.09%	9.19%	3.56%	15.70%	14.04%	10.57%	9.67%	18.79%	9.48%	5.68%	6.69%
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund	4.28%	4.27%	3.97%	4.65%	4.55%	6.25%	2.90%	4.37%	4.68%	3.39%	2.42%	3.28%

Frequently Asked Questions

Can I hold both DREQX and FEMS in my portfolio?

DREQX and FEMS have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DREQX or FEMS?

FEMS has higher volatility (6.37%) compared to DREQX (3.76%). In terms of maximum drawdown, DREQX dropped -52.06% vs FEMS's -47.85%.

Which has better risk-adjusted returns?

DREQX currently has the higher Sharpe Ratio (1.86 vs 1.55), 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.