FFGCX vs. DNLAX

Last updated Jun 24, 2026

FFGCX (Fidelity Global Commodity Stock Fund) and DNLAX (BNY Mellon Natural Resources Fund Class A) are both mutual funds - FFGCX is a Commodities fund managed by Fidelity, while DNLAX is a Energy Equities fund managed by BNY Mellon. Over the past 10 years, FFGCX returned 12.49%/yr vs 13.19%/yr for DNLAX. Their correlation of 0.93 suggests significant overlap in exposure. FFGCX charges 0.94%/yr vs 1.14%/yr for DNLAX.

Performance

FFGCX vs. DNLAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FFGCX achieves a 15.94% return, which is significantly lower than DNLAX's 18.41% return. Over the past 10 years, FFGCX has underperformed DNLAX with an annualized return of 12.49%, while DNLAX has yielded a comparatively higher 13.19% annualized return.

FFGCX

• 1D: 0.31%
• 1M: -5.60%
• YTD: 15.94%
• 6M: 15.33%
• 1Y: 36.54%
• 3Y*: 17.56%
• 5Y*: 12.96%
• 10Y*: 12.49%

DNLAX

• 1D: 0.45%
• 1M: -4.71%
• YTD: 18.41%
• 6M: 17.56%
• 1Y: 37.54%
• 3Y*: 14.02%
• 5Y*: 15.52%
• 10Y*: 13.19%

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

FFGCX vs. DNLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFGCX Fidelity Global Commodity Stock Fund	15.94%	28.66%	2.98%	-5.18%	20.69%	26.08%	6.04%	17.82%	-13.21%	17.18%
DNLAX BNY Mellon Natural Resources Fund Class A	18.41%	14.75%	0.86%	1.33%	33.83%	38.00%	6.30%	16.33%	-17.78%	13.69%

Correlation

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

Return for Risk

FFGCX vs. DNLAX — Risk / Return Rank

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

FFGCX

FFGCX Risk / Return Rank: 68
FFGCX Sharpe Ratio Rank: 62
FFGCX Sortino Ratio Rank: 51
FFGCX Omega Ratio Rank: 52
FFGCX Calmar Ratio Rank: 88
FFGCX Martin Ratio Rank: 85

DNLAX

DNLAX Risk / Return Rank: 61
DNLAX Sharpe Ratio Rank: 49
DNLAX Sortino Ratio Rank: 43
DNLAX Omega Ratio Rank: 42
DNLAX Calmar Ratio Rank: 92
DNLAX Martin Ratio Rank: 78

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.

FFGCX vs. DNLAX - Risk-Adjusted Trends Comparison

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

	FFGCX	DNLAX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.90	+0.22
Sortino ratio: Return per unit of downside risk	2.77	2.53	+0.23
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	4.13	4.71	-0.59
Martin ratio: Return relative to average drawdown	14.91	13.73	+1.19

FFGCX vs. DNLAX - Sharpe Ratio Comparison

The current FFGCX Sharpe Ratio is 2.12, which is comparable to the DNLAX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FFGCX and DNLAX, 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

FFGCX vs. DNLAX - Drawdown Comparison

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

Drawdown Indicators

	FFGCX	DNLAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.23%	-69.14%	+11.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-7.67%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-19.24%	-32.37%	+13.13%
Max Drawdown (5Y) Largest decline over 5 years	-27.22%	-32.37%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	-48.43%	-54.45%	+6.02%
Current Drawdown Current decline from peak	-8.45%	-7.25%	-1.20%
Average Drawdown Average peak-to-trough decline	-19.32%	-21.51%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.63%	-0.22%

Volatility

FFGCX vs. DNLAX - Volatility Comparison

The current volatility for Fidelity Global Commodity Stock Fund (FFGCX) is 5.37%, while BNY Mellon Natural Resources Fund Class A (DNLAX) has a volatility of 6.55%. This indicates that FFGCX experiences smaller price fluctuations and is considered to be less risky than DNLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFGCX	DNLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	6.55%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	14.35%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	19.05%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.37%	25.65%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	25.54%	-3.10%

FFGCX vs. DNLAX - Expense Ratio Comparison

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

Dividends

FFGCX vs. DNLAX - Dividend Comparison

FFGCX's dividend yield for the trailing twelve months is around 2.18%, more than DNLAX's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNLAX BNY Mellon Natural Resources Fund Class A	1.85%	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	2.18%	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 FFGCX and DNLAX in my portfolio?

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

DNLAX has higher volatility (6.55%) compared to FFGCX (5.37%). In terms of maximum drawdown, FFGCX dropped -57.23% vs DNLAX's -69.14%.

Which has better risk-adjusted returns?

FFGCX currently has the higher Sharpe Ratio (2.12 vs 1.90), 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.