PTEBX vs. DSPIX

Last updated Jun 24, 2026

PTEBX (BNY Mellon Opportunistic Municipal Securities Fund) and DSPIX (BNY Mellon Institutional S&P 500 Stock Index Fund) are both mutual funds - PTEBX is a Municipal Bonds fund managed by BNY Mellon, while DSPIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PTEBX returned 1.97%/yr vs 15.21%/yr for DSPIX. At a correlation of -0.03, they often move in opposite directions. PTEBX charges 0.72%/yr vs 0.20%/yr for DSPIX.

Performance

PTEBX vs. DSPIX - 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 Institutional S&P 500 Stock Index Fund (DSPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PTEBX achieves a 2.15% return, which is significantly lower than DSPIX's 9.69% return. Over the past 10 years, PTEBX has underperformed DSPIX with an annualized return of 1.97%, while DSPIX has yielded a comparatively higher 15.21% annualized return.

PTEBX

• 1D: 0.00%
• 1M: 1.65%
• YTD: 2.15%
• 6M: 2.55%
• 1Y: 7.29%
• 3Y*: 3.93%
• 5Y*: 0.79%
• 10Y*: 1.97%

DSPIX

• 1D: -0.37%
• 1M: 0.08%
• YTD: 9.69%
• 6M: 8.69%
• 1Y: 25.45%
• 3Y*: 21.21%
• 5Y*: 13.38%
• 10Y*: 15.21%

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

PTEBX vs. DSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTEBX BNY Mellon Opportunistic Municipal Securities Fund	2.15%	4.03%	2.31%	6.13%	-10.18%	1.53%	5.02%	8.51%	0.51%	5.75%
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	9.69%	17.81%	24.40%	26.36%	-18.51%	28.64%	14.18%	31.31%	-4.36%	21.59%

Correlation

The correlation between PTEBX and DSPIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Sep 30, 1993	-0.03

The correlation between PTEBX and DSPIX shifts across timeframes, from -0.03 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PTEBX vs. DSPIX — Risk / Return Rank

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

PTEBX

PTEBX Risk / Return Rank: 75
PTEBX Sharpe Ratio Rank: 87
PTEBX Sortino Ratio Rank: 91
PTEBX Omega Ratio Rank: 92
PTEBX Calmar Ratio Rank: 56
PTEBX Martin Ratio Rank: 51

DSPIX

DSPIX Risk / Return Rank: 65
DSPIX Sharpe Ratio Rank: 63
DSPIX Sortino Ratio Rank: 57
DSPIX Omega Ratio Rank: 59
DSPIX Calmar Ratio Rank: 67
DSPIX 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.

PTEBX vs. DSPIX - 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 Institutional S&P 500 Stock Index Fund (DSPIX). 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.

	PTEBX	DSPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.14	+0.48
Sortino ratio: Return per unit of downside risk	4.18	2.90	+1.28
Omega ratio: Gain probability vs. loss probability	1.64	1.39	+0.25
Calmar ratio: Return relative to maximum drawdown	2.74	3.00	-0.26
Martin ratio: Return relative to average drawdown	9.93	13.53	-3.61

PTEBX vs. DSPIX - Sharpe Ratio Comparison

The current PTEBX Sharpe Ratio is 2.62, which is comparable to the DSPIX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of PTEBX and DSPIX, 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

PTEBX vs. DSPIX - Drawdown Comparison

The maximum PTEBX drawdown since its inception was -25.35%, smaller than the maximum DSPIX drawdown of -55.32%. Use the drawdown chart below to compare losses from any high point for PTEBX and DSPIX.

Drawdown Indicators

	PTEBX	DSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.35%	-55.32%	+29.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-8.92%	+6.22%
Max Drawdown (3Y) Largest decline over 3 years	-6.36%	-18.81%	+12.45%
Max Drawdown (5Y) Largest decline over 5 years	-15.08%	-24.62%	+9.54%
Max Drawdown (10Y) Largest decline over 10 years	-15.08%	-33.79%	+18.71%
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-2.90%	-9.27%	+6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.98%	-1.24%

Volatility

PTEBX vs. DSPIX - Volatility Comparison

The current volatility for BNY Mellon Opportunistic Municipal Securities Fund (PTEBX) is 0.69%, while BNY Mellon Institutional S&P 500 Stock Index Fund (DSPIX) has a volatility of 4.66%. This indicates that PTEBX experiences smaller price fluctuations and is considered to be less risky than DSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTEBX	DSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	4.66%	-3.97%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	9.85%	-7.81%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	12.51%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.07%	17.02%	-12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	18.08%	-14.03%

PTEBX vs. DSPIX - Expense Ratio Comparison

PTEBX has a 0.72% expense ratio, which is higher than DSPIX's 0.20% expense ratio.

Dividends

PTEBX vs. DSPIX - Dividend Comparison

PTEBX's dividend yield for the trailing twelve months is around 3.45%, less than DSPIX's 30.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSPIX BNY Mellon Institutional S&P 500 Stock Index Fund	30.85%	33.86%	27.60%	27.46%	18.33%	12.91%	1.15%	5.01%	6.33%	2.53%	2.91%	2.63%
PTEBX BNY Mellon Opportunistic Municipal Securities Fund	3.45%	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 DSPIX in my portfolio?

PTEBX and DSPIX have a correlation of 0.18, 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 DSPIX?

DSPIX has higher volatility (4.66%) compared to PTEBX (0.69%). In terms of maximum drawdown, PTEBX dropped -25.35% vs DSPIX's -55.32%.

Which has better risk-adjusted returns?

PTEBX currently has the higher Sharpe Ratio (2.62 vs 2.14), 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.