"Is there any reason we are assuming that DHT elevates mood? It may be more androgenic than testosterone but could this not also be responsible for irritability and roid rage (hardly what I would call mood enhancement). Deca doesn't convert to DHT at all yet many say they are in good spirits while on it (although high dosages and limp dick seem to be issues here)."
DHT activates the AR's, better than testosterone, in the CNS which may correlate to improved mood.
Nandrolone binds the AR stronger than testosterone (not sure in relation to DHT), so it may give similar results. The 5-alpha reduced, dihydronandrolone, is a weaker androgen than testosterone.
Methenolone is the only steroid that has been shown to have anti-depressant activity, similar in efficacy to the tri-cyclics.