Dreyfus High Correlations

Mutual Funds . USA . 
Fund . Dreyfus High Yield
DHYCX Fund  USD 11.18  0.03  0.27%   
The current 90-days correlation between Dreyfus High Yield and Icon Natural Resources is -0.35 (i.e., Very good diversification). The correlation of Dreyfus High 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 High Correlation With Market

Very good diversification

The correlation between Dreyfus High Yield and DJI is -0.31 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus High Yield 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 High Yield. 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 main economic indicators.

Moving together with Dreyfus Mutual Fund

  0.64DHGCX Dreyfusstandish GlobalPairCorr
  0.66DHGAX Dreyfusstandish GlobalPairCorr
  0.99DHMBX Dreyfus High YieldPairCorr
  0.99DHYAX Dreyfus High YieldPairCorr
  0.94DZNJX Dreyfus New JerseyPairCorr
  0.91DITEX Dreyfus IntermediatePairCorr
  0.96DMBCX Dreyfus Municipal BondPairCorr
  0.96DMBAX Dreyfus Short IntermPairCorr
  0.97DMBZX Dreyfus Municipal BondPairCorr
  0.95DMUCX Dreyfus Amt FreePairCorr
  0.97DMUAX Dreyfus Amt FreePairCorr
  0.95DNYAX DnyaxPairCorr
  0.72BYSIX Bny Mellon ShortPairCorr
  0.67BYSAX Bny Mellon ShortPairCorr
  0.94PNYCX Dreyfus New YorkPairCorr

Related Correlations Analysis

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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   
FRNRX
+ 0.94
SBMBX
ALEFX
+ 0.89
HNRGX
HNRGX
+ 0.88
ICBAX
HNRGX
+ 0.87
FRNRX
ALEFX
+ 0.85
ICBAX
GRHAX
+ 0.85
FRNRX
  
High negative correlations   
ALEFX
- 0.22
GMOWX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus High 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 High'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.

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