Dreyfus Municipal Correlations

DMBCX Fund

USD 12.23 0.02 0.16%

The correlation of Dreyfus Municipal 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 Municipal Correlation With Market

Good diversification

The correlation between Dreyfus Municipal Bond and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Municipal Bond 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 Municipal Bond. 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

0.75	DHGCX	Dreyfusstandish Global	Pair Corr
0.79	DHGAX	Dreyfusstandish Global	Pair Corr
0.93	DHMBX	Dreyfus High Yield	Pair Corr
0.94	DHYCX	Dreyfus High Yield	Pair Corr
0.94	DHYAX	Dreyfus High Yield	Pair Corr
0.99	DZNJX	Dreyfus New Jersey	Pair Corr
0.82	DIBCX	Dreyfus International	Pair Corr
0.8	DIBAX	Dreyfus International	Pair Corr
0.61	DISSX	Dreyfus Smallcap Stock	Pair Corr
0.61	DISIX	Dreyfus Smallcap Stock	Pair Corr
0.73	DISCX	International Stock	Pair Corr
0.77	DISAX	International Stock	Pair Corr
0.88	DITEX	Dreyfus Intermediate	Pair Corr
0.83	PGROX	Dreyfus Worldwide Growth	Pair Corr
0.82	PGRCX	Dreyfus Worldwide Growth	Pair Corr
0.83	THPBX	Dreyfus Balanced Opp	Pair Corr
0.75	DLQAX	Dreyfus Large Cap	Pair Corr
0.92	DMBZX	Dreyfus Municipal Bond	Pair Corr
0.63	DMCVX	Dreyfus Opportunistic	Pair Corr
0.93	DMUCX	Dreyfus Amt Free	Pair Corr
0.91	DMUAX	Dreyfus Amt Free	Pair Corr
0.72	DNLDX	Dreyfus Active Midcap	Pair Corr
0.8	DNLCX	Dreyfus Active Midcap	Pair Corr
0.99	DNYAX	Dnyax	Pair Corr
0.72	RUDAX	Dreyfusthe Boston Pany	Pair Corr
0.64	DPTAX	Dreyfus Tax Managed	Pair Corr
0.69	AVGCX	Dynamic Total Return	Pair Corr
0.68	AVGAX	Dynamic Total Return	Pair Corr
0.93	PNYCX	Dreyfus New York	Pair Corr

Related Correlations Analysis

	PRRXX	PBCAX	AUNTX	CGTCX	ACASX	SSAGX
PRRXX		0.0	0.0	0.0	0.0	0.0	PRRXX
PBCAX	0.0		0.66	0.74	0.92	-0.15	PBCAX
AUNTX	0.0	0.66		0.74	0.53	0.57	AUNTX
CGTCX	0.0	0.74	0.74		0.73	0.22	CGTCX
ACASX	0.0	0.92	0.53	0.73		-0.3	ACASX
SSAGX	0.0	-0.15	0.57	0.22	-0.3		SSAGX
	PRRXX	PBCAX	AUNTX	CGTCX	ACASX	SSAGX

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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

ACASX	+ 0.92	PBCAX
CGTCX	+ 0.74	PBCAX
CGTCX	+ 0.74	AUNTX
ACASX	+ 0.73	CGTCX
AUNTX	+ 0.66	PBCAX
SSAGX	+ 0.57	AUNTX

High negative correlations

SSAGX	- 0.3	ACASX
SSAGX	- 0.15	PBCAX
SSAGX	- 0.0	PRRXX
ACASX	- 0.0	PRRXX
CGTCX	- 0.0	PRRXX
AUNTX	- 0.0	PRRXX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Municipal 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 Municipal'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
PRRXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBCAX	0.11	(0.01)	(0.01)	(0.36)	0.16	(0.16)	0.30	(0.40)	0.81
AUNTX	0.12	0.01	0.05	0.36	0.10	(0.17)	0.28	(0.28)	1.03
CGTCX	0.25	0.02	0.09	0.27	0.22	(0.31)	0.60	(0.43)	1.64
ACASX	0.28	0.00	0.00	0.22	0.33	(0.34)	0.66	(0.66)	1.61
SSAGX	0.06	0.01	0.18	(1.55)	0.00	(0.18)	0.10	(0.10)	0.51

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