Dreyfus Municipal Correlations

DMBVX Fund

USD 12.08 0.04 0.33%

The current 90-days correlation between Dreyfus Municipal Bond and Dreyfus High Yield is 0.97 (i.e., Almost no diversification). 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 -0.13 (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 real.

Moving together with Dreyfus Mutual Fund

0.98	DHYYX	Dreyfus High Yield	Pair Corr
0.97	DIMIX	Dreyfus Short Interm	Pair Corr
0.77	SDGIX	Dreyfusstandish Global	Pair Corr
0.73	DLHRX	Dreyfus High Yield	Pair Corr
1.0	DMBIX	Dreyfus Amt Free	Pair Corr
1.0	DMBYX	Dreyfus Municipal Bond	Pair Corr
1.0	DMUYX	Dreyfus Amt Free	Pair Corr
0.97	DMYBX	Dreyfus Short Interm	Pair Corr
0.99	DNJYX	Dreyfus New Jersey	Pair Corr
0.99	DNMIX	Dreyfus New Jersey	Pair Corr
1.0	DNYIX	Dreyfus New York	Pair Corr
1.0	DNYYX	Dreyfus New York	Pair Corr

Related Correlations Analysis

	DHYYX	SSETX	DIBRX	DIBYX	DIEYX	DIERX	DIMIX	DINIX	DISRX	DISYX
DHYYX		0.08	0.52	0.52	0.38	0.38	0.97	0.44	0.42	0.42	DHYYX
SSETX	0.08		-0.61	-0.61	-0.7	-0.7	0.1	-0.65	-0.69	-0.69	SSETX
DIBRX	0.52	-0.61		1.0	0.95	0.95	0.51	0.94	0.9	0.9	DIBRX
DIBYX	0.52	-0.61	1.0		0.95	0.95	0.51	0.94	0.9	0.9	DIBYX
DIEYX	0.38	-0.7	0.95	0.95		1.0	0.36	0.99	0.96	0.95	DIEYX
DIERX	0.38	-0.7	0.95	0.95	1.0		0.36	0.99	0.96	0.95	DIERX
DIMIX	0.97	0.1	0.51	0.51	0.36	0.36		0.43	0.38	0.37	DIMIX
DINIX	0.44	-0.65	0.94	0.94	0.99	0.99	0.43		0.95	0.95	DINIX
DISRX	0.42	-0.69	0.9	0.9	0.96	0.96	0.38	0.95		1.0	DISRX
DISYX	0.42	-0.69	0.9	0.9	0.95	0.95	0.37	0.95	1.0		DISYX
	DHYYX	SSETX	DIBRX	DIBYX	DIEYX	DIERX	DIMIX	DINIX	DISRX	DISYX

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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

DIBYX	+ 1.0	DIBRX
DIERX	+ 1.0	DIEYX
DISYX	+ 1.0	DISRX
DINIX	+ 0.99	DIEYX
DINIX	+ 0.99	DIERX
DIMIX	+ 0.97	DHYYX

High negative correlations

DIERX	- 0.7	SSETX
DIEYX	- 0.7	SSETX
DISYX	- 0.69	SSETX
DISRX	- 0.69	SSETX
DINIX	- 0.65	SSETX
DIBYX	- 0.61	SSETX

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
DHYYX	0.25	(0.04)	0.00	0.60	0.00	0.00	0.45	(0.63)	2.18
SSETX	0.94	0.06	0.05	0.07	1.25	(0.91)	1.92	(1.63)	8.86
DIBRX	0.35	(0.14)	0.00	(1.34)	0.00	0.00	0.60	(0.84)	4.00
DIBYX	0.35	(0.14)	0.00	(1.28)	0.00	0.00	0.57	(0.90)	3.98
DIEYX	0.64	(0.16)	0.00	(0.48)	0.00	0.00	1.06	(1.42)	3.88
DIERX	0.64	(0.16)	0.00	(0.48)	0.00	0.00	1.03	(1.42)	3.91
DIMIX	0.06	(0.02)	0.00	1.23	0.00	0.00	0.08	(0.16)	0.55
DINIX	0.64	(0.15)	0.00	(0.44)	0.00	0.00	1.10	(1.70)	4.31
DISRX	0.72	(0.21)	0.00	(0.57)	0.00	0.00	1.22	(1.92)	6.60
DISYX	0.72	(0.21)	0.00	(0.56)	0.00	0.00	1.23	(1.90)	6.69

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