Dreyfus Smallcap Correlations

Mutual Funds . USA . 
Fund . Dreyfus Smallcap Stock
DISSX Fund  USD 22.73  0.57  2.57%   
The current 90-days correlation between Dreyfus Smallcap Stock and Dreyfus Midcap Index is 0.99 (i.e., No risk reduction). The correlation of Dreyfus Smallcap 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 Smallcap Correlation With Market

Weak diversification

The correlation between Dreyfus Smallcap Stock and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Smallcap Stock 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 Smallcap Stock. 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 state.

Moving together with Dreyfus Mutual Fund

  1.0DISIX Dreyfus Smallcap StockPairCorr
  0.63THPBX Dreyfus Balanced OppPairCorr
  0.68DLQAX Dreyfus Large CapPairCorr
  0.73DNLDX Dreyfus Active MidcapPairCorr
  0.74DNLCX Dreyfus Active MidcapPairCorr
  0.74RUDAX Dreyfusthe Boston PanyPairCorr
  0.66AVGCX Dynamic Total ReturnPairCorr
  0.63AVGAX Dynamic Total ReturnPairCorr

Moving against Dreyfus Mutual Fund

  0.66DIECX Dreyfus InternationalPairCorr
  0.66DIEAX Dreyfus InternationalPairCorr
  0.61DIISX Dreyfus InternationalPairCorr
  0.43DIBAX Dreyfus InternationalPairCorr
  0.4DIBCX Dreyfus InternationalPairCorr
  0.36DITEX Dreyfus IntermediatePairCorr
  0.34DHGAX Dreyfusstandish GlobalPairCorr
  0.71BYSYX Bny Mellon ShortPairCorr
  0.7BYSIX Bny Mellon ShortPairCorr
  0.69BYSAX Bny Mellon ShortPairCorr
  0.61DMBAX Dreyfus Short IntermPairCorr
  0.43DPLTX Dreyfus High YieldPairCorr

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   
PEOPX
+ 0.96
PESPX
DBMIX
+ 0.89
DIISX
DSPIX
+ 0.74
PEOPX
DSPIX
+ 0.67
PESPX
  
High negative correlations   
DBMIX
- 0.56
PESPX
DIISX
- 0.56
PESPX
DSPIX
- 0.48
DBMIX
DBMIX
- 0.46
PEOPX
PEOPX
- 0.46
DIISX
DSPIX
- 0.34
DIISX

Risk-Adjusted Indicators

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