Dreyfus Yield Correlations

DABJX Fund

USD 11.22 0.01 0.09%

The current 90-days correlation between Dreyfus Yield Enhancement and Pimco Income Fund is 0.52 (i.e., Very weak diversification). The correlation of Dreyfus Yield is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Dreyfus Yield Correlation With Market

Average diversification

The correlation between Dreyfus Yield Enhancement and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Yield Enhancement and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dreyfus Yield Enhancement. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Dreyfus Mutual Fund

0.67	DHYYX	Dreyfus High Yield	Pair Corr
0.64	SSETX	Dreyfusthe Boston Pany	Pair Corr
0.7	DIMIX	Dreyfus Short Interm	Pair Corr
0.78	SDGIX	Dreyfusstandish Global	Pair Corr
0.66	SDSCX	Dreyfusthe Boston Pany	Pair Corr
0.79	DLHRX	Dreyfus High Yield	Pair Corr
0.75	DMBIX	Dreyfus Amt Free	Pair Corr
0.75	DMBYX	Dreyfus Municipal Bond	Pair Corr
0.74	DMBVX	Dreyfus Municipal Bond	Pair Corr
0.77	DMUYX	Dreyfus Amt Free	Pair Corr
0.68	DMYBX	Dreyfus Short Interm	Pair Corr
0.79	DNJYX	Dreyfus New Jersey	Pair Corr
0.65	DNLRX	Dreyfus Active Midcap	Pair Corr
0.79	DNMIX	Dreyfus New Jersey	Pair Corr
0.75	DNYIX	Dreyfus New York	Pair Corr
0.74	DNYYX	Dreyfus New York	Pair Corr
0.63	DOPIX	Dreyfus Opportunistic	Pair Corr

Related Correlations Analysis

	PONAX	PONPX	PIMIX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	VIASP
PONAX		0.93	1.0	-0.05	0.25	-0.09	0.47	0.74	0.79	-0.22	PONAX
PONPX	0.93		0.92	0.12	0.43	-0.35	0.64	0.76	0.83	-0.51	PONPX
PIMIX	1.0	0.92		-0.03	0.24	-0.07	0.45	0.76	0.8	-0.18	PIMIX
444859BR2	-0.05	0.12	-0.03		0.13	-0.27	0.18	0.12	0.16	-0.33	444859BR2
AQUI	0.25	0.43	0.24	0.13		-0.34	0.91	0.52	0.48	-0.58	AQUI
BRRAY	-0.09	-0.35	-0.07	-0.27	-0.34		-0.47	-0.18	-0.26	0.67	BRRAY
MSTSX	0.47	0.64	0.45	0.18	0.91	-0.47		0.65	0.64	-0.69	MSTSX
LBHIX	0.74	0.76	0.76	0.12	0.52	-0.18	0.65		0.77	-0.23	LBHIX
ABHYX	0.79	0.83	0.8	0.16	0.48	-0.26	0.64	0.77		-0.35	ABHYX
VIASP	-0.22	-0.51	-0.18	-0.33	-0.58	0.67	-0.69	-0.23	-0.35		VIASP
	PONAX	PONPX	PIMIX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	VIASP

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PIMIX	+ 1.0	PONAX
PONPX	+ 0.93	PONAX
PIMIX	+ 0.92	PONPX
MSTSX	+ 0.91	AQUI
ABHYX	+ 0.83	PONPX
ABHYX	+ 0.8	PIMIX

High negative correlations

VIASP	- 0.69	MSTSX
VIASP	- 0.58	AQUI
VIASP	- 0.51	PONPX
MSTSX	- 0.47	BRRAY
VIASP	- 0.35	ABHYX
BRRAY	- 0.35	PONPX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Yield Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Dreyfus Yield's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PONAX	0.17	(0.03)	0.00	(0.62)	0.00	0.29	(0.38)	1.13
PONPX	0.16	(0.04)	0.00	(0.67)	0.00	0.28	(0.38)	1.04
PIMIX	0.16	(0.03)	0.00	(0.53)	0.00	0.38	(0.38)	1.13
444859BR2	1.28	(0.02)	0.00	0.06	0.00	5.79	(4.02)	14.38
AQUI	2.79	(1.42)	0.00	(55.41)	0.00	0.00	0.00	93.33
BRRAY	2.93	0.98	0.00	(22.70)	0.00	9.47	0.00	53.93
MSTSX	0.57	(0.21)	0.00	(1.59)	0.00	0.85	(1.18)	6.73
LBHIX	0.11	(0.02)	0.00	(1.20)	0.00	0.24	(0.24)	0.71
ABHYX	0.21	(0.03)	0.00	(2.56)	0.00	0.34	(0.55)	1.91
VIASP	0.66	0.29	0.47	(1.79)	(0.85)	2.01	(1.06)	4.48

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