PTEBX vs. DNLAX

Last updated Jun 3, 2026

PTEBX (BNY Mellon Opportunistic Municipal Securities Fund) and DNLAX (BNY Mellon Natural Resources Fund Class A) are both mutual funds - PTEBX is a Municipal Bonds fund managed by BNY Mellon, while DNLAX is a Energy Equities fund managed by BNY Mellon. Over the past 10 years, PTEBX returned 2.06%/yr vs 14.01%/yr for DNLAX. At a correlation of -0.10, they often move in opposite directions. PTEBX charges 0.72%/yr vs 1.14%/yr for DNLAX.

Performance

PTEBX vs. DNLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Opportunistic Municipal Securities Fund (PTEBX) 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, PTEBX achieves a 1.81% return, which is significantly lower than DNLAX's 27.67% return. Over the past 10 years, PTEBX has underperformed DNLAX with an annualized return of 2.06%, while DNLAX has yielded a comparatively higher 14.01% annualized return.

PTEBX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.81%
• 6M: 2.12%
• 1Y: 7.39%
• 3Y*: 3.96%
• 5Y*: 0.74%
• 10Y*: 2.06%

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%

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

PTEBX vs. DNLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTEBX BNY Mellon Opportunistic Municipal Securities Fund	1.81%	4.03%	2.31%	6.13%	-10.18%	1.53%	5.02%	8.51%	0.51%	5.75%
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%

Correlation

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

Return for Risk

PTEBX vs. DNLAX — Risk / Return Rank

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

PTEBX

PTEBX Risk / Return Rank: 68
PTEBX Sharpe Ratio Rank: 74
PTEBX Sortino Ratio Rank: 84
PTEBX Omega Ratio Rank: 87
PTEBX Calmar Ratio Rank: 50
PTEBX Martin Ratio Rank: 47

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

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.

PTEBX vs. DNLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Opportunistic Municipal Securities Fund (PTEBX) 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.

	PTEBX	DNLAX	Difference
Sharpe ratio Return per unit of total volatility	2.49	3.08	-0.59
Sortino ratio Return per unit of downside risk	3.97	3.93	+0.04
Omega ratio Gain probability vs. loss probability	1.59	1.51	+0.09
Calmar ratio Return relative to maximum drawdown	2.69	7.45	-4.76
Martin ratio Return relative to average drawdown	9.73	23.48	-13.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTEBX vs. DNLAX - Sharpe Ratio Comparison

The current PTEBX Sharpe Ratio is 2.49, which is comparable to the DNLAX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of PTEBX 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.

Sharpe Ratios by Period

	PTEBX	DNLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	3.08	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.64	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.55	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.37	+0.61

Drawdowns

PTEBX vs. DNLAX - Drawdown Comparison

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

Drawdown Indicators

	PTEBX	DNLAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.35%	-69.14%	+43.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-7.51%	+4.81%
Max Drawdown (3Y) Largest decline over 3 years	-6.36%	-32.37%	+26.01%
Max Drawdown (5Y) Largest decline over 5 years	-15.08%	-32.37%	+17.29%
Max Drawdown (10Y) Largest decline over 10 years	-15.08%	-54.45%	+39.37%
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-2.91%	-21.56%	+18.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	2.38%	-1.63%

Volatility

PTEBX vs. DNLAX - Volatility Comparison

The current volatility for BNY Mellon Opportunistic Municipal Securities Fund (PTEBX) is 1.05%, while BNY Mellon Natural Resources Fund Class A (DNLAX) has a volatility of 4.59%. This indicates that PTEBX 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

	PTEBX	DNLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	4.59%	-3.54%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	13.48%	-11.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	18.16%	-15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.07%	25.65%	-21.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	25.50%	-21.44%

PTEBX vs. DNLAX - Expense Ratio Comparison

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

Dividends

PTEBX vs. DNLAX - Dividend Comparison

PTEBX's dividend yield for the trailing twelve months is around 3.46%, more than DNLAX's 1.72% 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 PTEBX and DNLAX in my portfolio?

PTEBX and DNLAX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTEBX or DNLAX?

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

Which has better risk-adjusted returns?

DNLAX currently has the higher Sharpe Ratio (3.08 vs 2.49), 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.