PSNYX vs. DRRIX

Last updated Jun 23, 2026

PSNYX (BNY Mellon New York AMT-Free Municipal Bond Fund) and DRRIX (BNY Mellon Global Real Return Fund - Class I) are both mutual funds - PSNYX is a Municipal Bonds fund managed by BNY Mellon, while DRRIX is a Tactical Allocation fund managed by BNY Mellon. Over the past 10 years, PSNYX returned 1.52%/yr vs 4.98%/yr for DRRIX. At a 0.07 correlation, their price movements are largely independent. PSNYX charges 0.79%/yr vs 0.95%/yr for DRRIX.

Performance

PSNYX vs. DRRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon New York AMT-Free Municipal Bond Fund (PSNYX) and BNY Mellon Global Real Return Fund - Class I (DRRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSNYX achieves a 2.08% return, which is significantly lower than DRRIX's 6.09% return. Over the past 10 years, PSNYX has underperformed DRRIX with an annualized return of 1.52%, while DRRIX has yielded a comparatively higher 4.98% annualized return.

PSNYX

• 1D: 0.07%
• 1M: 1.83%
• YTD: 2.08%
• 6M: 2.42%
• 1Y: 7.01%
• 3Y*: 3.50%
• 5Y*: 0.34%
• 10Y*: 1.52%

DRRIX

• 1D: 0.06%
• 1M: -0.51%
• YTD: 6.09%
• 6M: 6.20%
• 1Y: 17.16%
• 3Y*: 9.54%
• 5Y*: 4.48%
• 10Y*: 4.98%

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

PSNYX vs. DRRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSNYX BNY Mellon New York AMT-Free Municipal Bond Fund	2.08%	3.47%	1.93%	5.66%	-10.84%	1.91%	3.77%	7.91%	-0.39%	5.07%
DRRIX BNY Mellon Global Real Return Fund - Class I	6.09%	12.60%	6.88%	2.59%	-8.47%	6.98%	9.75%	12.29%	1.12%	4.29%

Correlation

The correlation between PSNYX and DRRIX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 12, 2010	0.07

The correlation between PSNYX and DRRIX shifts across timeframes, from 0.07 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PSNYX vs. DRRIX — Risk / Return Rank

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

PSNYX

PSNYX Risk / Return Rank: 70
PSNYX Sharpe Ratio Rank: 82
PSNYX Sortino Ratio Rank: 87
PSNYX Omega Ratio Rank: 89
PSNYX Calmar Ratio Rank: 49
PSNYX Martin Ratio Rank: 44

DRRIX

DRRIX Risk / Return Rank: 74
DRRIX Sharpe Ratio Rank: 73
DRRIX Sortino Ratio Rank: 65
DRRIX Omega Ratio Rank: 73
DRRIX Calmar Ratio Rank: 83
DRRIX Martin Ratio Rank: 75

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.

PSNYX vs. DRRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon New York AMT-Free Municipal Bond Fund (PSNYX) and BNY Mellon Global Real Return Fund - Class I (DRRIX). 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.

	PSNYX	DRRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.29	+0.18
Sortino ratio: Return per unit of downside risk	3.83	3.07	+0.77
Omega ratio: Gain probability vs. loss probability	1.60	1.43	+0.17
Calmar ratio: Return relative to maximum drawdown	2.55	3.68	-1.13
Martin ratio: Return relative to average drawdown	8.75	13.26	-4.51

PSNYX vs. DRRIX - Sharpe Ratio Comparison

The current PSNYX Sharpe Ratio is 2.47, which is comparable to the DRRIX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of PSNYX and DRRIX, 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

PSNYX vs. DRRIX - Drawdown Comparison

The maximum PSNYX drawdown since its inception was -27.64%, which is greater than DRRIX's maximum drawdown of -15.92%. Use the drawdown chart below to compare losses from any high point for PSNYX and DRRIX.

Drawdown Indicators

	PSNYX	DRRIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.64%	-15.92%	-11.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-4.64%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-5.86%	-10.55%	+4.69%
Max Drawdown (5Y) Largest decline over 5 years	-15.65%	-14.29%	-1.36%
Max Drawdown (10Y) Largest decline over 10 years	-15.65%	-15.92%	+0.27%
Current Drawdown Current decline from peak	0.00%	-1.18%	+1.18%
Average Drawdown Average peak-to-trough decline	-3.08%	-2.88%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.29%	-0.49%

Volatility

PSNYX vs. DRRIX - Volatility Comparison

The current volatility for BNY Mellon New York AMT-Free Municipal Bond Fund (PSNYX) is 0.75%, while BNY Mellon Global Real Return Fund - Class I (DRRIX) has a volatility of 2.46%. This indicates that PSNYX experiences smaller price fluctuations and is considered to be less risky than DRRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSNYX	DRRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	2.46%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	6.06%	-3.90%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	7.47%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	6.94%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	6.74%	-2.68%

PSNYX vs. DRRIX - Expense Ratio Comparison

PSNYX has a 0.79% expense ratio, which is lower than DRRIX's 0.95% expense ratio.

Dividends

PSNYX vs. DRRIX - Dividend Comparison

PSNYX's dividend yield for the trailing twelve months is around 2.92%, less than DRRIX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRRIX BNY Mellon Global Real Return Fund - Class I	3.69%	3.92%	4.35%	0.05%	9.59%	1.65%	1.39%	2.79%	3.62%	0.88%	2.98%	4.46%
PSNYX BNY Mellon New York AMT-Free Municipal Bond Fund	2.92%	3.80%	2.72%	2.12%	2.16%	2.09%	3.15%	3.13%	2.68%	2.63%	2.85%	3.00%

Frequently Asked Questions

Can I hold both PSNYX and DRRIX in my portfolio?

PSNYX and DRRIX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSNYX or DRRIX?

DRRIX has higher volatility (2.46%) compared to PSNYX (0.75%). In terms of maximum drawdown, PSNYX dropped -27.64% vs DRRIX's -15.92%.

Which has better risk-adjusted returns?

PSNYX currently has the higher Sharpe Ratio (2.47 vs 2.29), 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.