Dreyfus New Correlations

DCNJX Fund

USD 11.91 0.02 0.17%

The current 90-days correlation between Dreyfus New Jersey and Dreyfusstandish Global Fixed is 0.48 (i.e., Very weak diversification). The correlation of Dreyfus New 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 New Correlation With Market

Very good diversification

The correlation between Dreyfus New Jersey and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus New Jersey 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 New Jersey. 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

0.78	DHGCX	Dreyfusstandish Global	Pair Corr
0.8	DHGAX	Dreyfusstandish Global	Pair Corr
0.91	DHMBX	Dreyfus High Yield	Pair Corr
0.94	DHYCX	Dreyfus High Yield	Pair Corr
0.92	DHYAX	Dreyfus High Yield	Pair Corr
0.99	DZNJX	Dreyfus New Jersey	Pair Corr
0.88	DITEX	Dreyfus Intermediate	Pair Corr
0.88	DMBCX	Dreyfus Municipal Bond	Pair Corr
0.78	DMBAX	Dreyfus Short Interm	Pair Corr
0.99	DMUCX	Dreyfus Amt Free	Pair Corr
0.99	DMUAX	Dreyfus Amt Free	Pair Corr
0.99	DNYAX	Dnyax	Pair Corr
0.99	PNYCX	Dreyfus New York	Pair Corr
0.99	DRCAX	Dreyfus California Amt	Pair Corr
0.69	DRGMX	Dreyfus Gnma	Pair Corr
0.98	DRMBX	Dreyfus Amt Free	Pair Corr

Moving against Dreyfus Mutual Fund

0.32	DTCCX	The Dreyfus Sustainable	Pair Corr
0.32	DTCAX	The Dreyfus Sustainable	Pair Corr

Related Correlations Analysis

	DHGCX	DHGAX	DHMBX	DHYCX	DHYAX	DZNJX	DIBCX	DIBAX	DIECX	DIEAX
DHGCX		1.0	0.56	0.64	0.56	0.75	0.88	0.88	0.7	0.7	DHGCX
DHGAX	1.0		0.57	0.65	0.58	0.77	0.86	0.86	0.67	0.67	DHGAX
DHMBX	0.56	0.57		0.99	1.0	0.92	0.34	0.34	0.21	0.22	DHMBX
DHYCX	0.64	0.65	0.99		0.99	0.94	0.43	0.44	0.3	0.31	DHYCX
DHYAX	0.56	0.58	1.0	0.99		0.92	0.35	0.35	0.22	0.22	DHYAX
DZNJX	0.75	0.77	0.92	0.94	0.92		0.51	0.52	0.3	0.3	DZNJX
DIBCX	0.88	0.86	0.34	0.43	0.35	0.51		1.0	0.92	0.92	DIBCX
DIBAX	0.88	0.86	0.34	0.44	0.35	0.52	1.0		0.92	0.92	DIBAX
DIECX	0.7	0.67	0.21	0.3	0.22	0.3	0.92	0.92		1.0	DIECX
DIEAX	0.7	0.67	0.22	0.31	0.22	0.3	0.92	0.92	1.0		DIEAX
	DHGCX	DHGAX	DHMBX	DHYCX	DHYAX	DZNJX	DIBCX	DIBAX	DIECX	DIEAX

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Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus New 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 New'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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DHGCX	0.15	(0.01)	(0.64)	0.63	0.17	(0.18)	0.31	(0.25)	0.96
DHGAX	0.16	0.00	(0.63)	0.37	0.17	(0.19)	0.34	(0.24)	0.98
DHMBX	0.21	0.04	(0.17)	(0.14)	0.32	(0.26)	0.46	(0.45)	2.09
DHYCX	0.20	0.03	(0.18)	(0.10)	0.32	(0.27)	0.54	(0.44)	2.18
DHYAX	0.21	0.03	(0.19)	(0.13)	0.33	(0.26)	0.45	(0.45)	2.18
DZNJX	0.16	0.02	(0.28)	(0.08)	0.21	(0.22)	0.34	(0.34)	1.53
DIBCX	0.34	(0.06)	0.00	0.56	0.00	0.00	0.59	(0.73)	2.26
DIBAX	0.34	(0.05)	0.00	0.59	0.00	0.00	0.61	(0.69)	2.28
DIECX	0.65	(0.16)	0.00	(0.31)	0.00	0.00	1.00	(1.43)	3.76
DIEAX	0.65	(0.16)	0.00	(0.30)	0.00	0.00	1.03	(1.42)	3.75

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