First impression: The radio group seems a little bit confusing (since I don't know the context).
Does that mean I can choose to "update" based on: (1) Just the year, (2) Just year and month (specifying a specific month), (3) Full date range ?
In that case, you may want to know how frequently a typical user would go for each option. Another concern may be what kind of date is usually selected for use -- Datepicker probably is great for selecting a date that's close to current date (as quick as just 2 clicks away: click datepicker, then click a date in current month). For selecting a date that's far forward or backward, datepicker is not necessarily an efficient UI (multiple clicks and even keyboard inputs).
Thus it might reach better usability if we design according to the user's actual goals.
Imagine an case in which a user, in most cases, would only go for a specific month in a specific year, and just occasionally need to pick a specific date range, and assuming that the selection range would be relatively small (a few years back or forth), then it might be possible to realize better usability by designing as such:
A "monthpicker" (or the "month-year" dropdown as in your design);
A day selection dropdown (default to none, e.g. "--");
A checkbox of "Full Year" (when checked, the day selection disabled);
A checkbox of "to range", when checked, another pair of monthpicker and day selection dropdown appears.
Or something like that. The point is, we need to know the user's common tasks or goals in order to optimize the UI accordingly.