Dreyfus Midcap Correlations

DMIDX Fund

USD 34.21 0.11 0.32%

The current 90-days correlation between Dreyfus Midcap Index and Dreyfus Smallcap Stock is 0.96 (i.e., Almost no diversification). The correlation of Dreyfus Midcap 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 Midcap Correlation With Market

Almost no diversification

The correlation between Dreyfus Midcap Index and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Midcap Index 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 Midcap Index. 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 unemployment.

Moving together with Dreyfus Mutual Fund

0.98	SSETX	Dreyfusthe Boston Pany	Pair Corr
0.98	SSYGX	Dreyfusthe Boston Pany	Pair Corr
0.94	STSVX	Dreyfusthe Boston Pany	Pair Corr
0.95	DLACX	Dreyfus Large Cap	Pair Corr
0.98	SDSCX	Dreyfusthe Boston Pany	Pair Corr
0.8	DLDYX	Dreyfus Natural Resources	Pair Corr
0.79	DLDRX	Dreyfus Natural Resources	Pair Corr
0.63	DLHRX	Dreyfus High Yield	Pair Corr
0.95	DLQIX	Dreyfus Large Cap	Pair Corr
0.99	DMCYX	Dreyfus Opportunistic	Pair Corr
0.99	DNLYX	Dreyfus Active Midcap	Pair Corr
0.99	DNLRX	Dreyfus Active Midcap	Pair Corr
0.93	DOPIX	Dreyfus Opportunistic	Pair Corr
0.81	DPTRX	Dreyfus Tax Managed	Pair Corr
0.82	AVGYX	Dynamic Total Return	Pair Corr
0.81	AVGRX	Dynamic Total Return	Pair Corr
0.92	DQIYX	Dreyfus Equity Income	Pair Corr
0.92	DQIRX	Dreyfus Equity Income	Pair Corr

Moving against Dreyfus Mutual Fund

0.75	DIBRX	Dreyfus International	Pair Corr
0.75	DIBYX	Dreyfus International	Pair Corr
0.69	DIEYX	Dreyfus International	Pair Corr
0.69	DIERX	Dreyfus International	Pair Corr
0.6	DISRX	International Stock	Pair Corr
0.6	DISYX	International Stock	Pair Corr
0.58	DINIX	Dreyfus International	Pair Corr
0.51	SDGIX	Dreyfusstandish Global	Pair Corr
0.61	NIEYX	Dreyfus/newton International	Pair Corr
0.52	DSDYX	Dreyfusstandish Global	Pair Corr

Related Correlations Analysis

	DISIX	MEMKX	CIPIX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
DISIX		-0.03	0.96	0.0	0.53	0.62	0.67	0.59	0.61	0.58	DISIX
MEMKX	-0.03		-0.01	0.0	0.79	0.38	-0.51	0.53	-0.42	-0.18	MEMKX
CIPIX	0.96	-0.01		0.0	0.55	0.62	0.66	0.56	0.65	0.57	CIPIX
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.53	0.79	0.55	0.0		0.68	-0.05	0.81	0.04	0.12	MSTSX
LBHIX	0.62	0.38	0.62	0.0	0.68		0.26	0.72	0.33	0.09	LBHIX
VIASP	0.67	-0.51	0.66	0.0	-0.05	0.26		0.07	0.81	0.56	VIASP
RRTLX	0.59	0.53	0.56	0.0	0.81	0.72	0.07		0.14	0.04	RRTLX
OSHDF	0.61	-0.42	0.65	0.0	0.04	0.33	0.81	0.14		0.41	OSHDF
70082LAB3	0.58	-0.18	0.57	0.0	0.12	0.09	0.56	0.04	0.41		70082LAB3
	DISIX	MEMKX	CIPIX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

CIPIX	+ 0.96	DISIX
RRTLX	+ 0.81	MSTSX
OSHDF	+ 0.81	VIASP
MSTSX	+ 0.79	MEMKX
RRTLX	+ 0.72	LBHIX
LBHIX	+ 0.68	MSTSX

High negative correlations

VIASP	- 0.51	MEMKX
OSHDF	- 0.42	MEMKX
70082LAB3	- 0.18	MEMKX
VIASP	- 0.05	MSTSX
MEMKX	- 0.03	DISIX
CIPIX	- 0.01	MEMKX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Midcap 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 Midcap'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
DISIX	0.91	(0.03)	0.02	0.09	0.85	(1.05)	2.02	(1.58)	7.64
MEMKX	0.65	(0.08)	0.00	(0.05)	0.00	0.00	1.59	(1.12)	3.99
CIPIX	0.66	0.02	0.01	0.14	0.70	(0.70)	1.23	(1.27)	4.04
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.49	(0.04)	(0.13)	0.05	0.51	(0.62)	1.21	(1.02)	2.80
LBHIX	0.12	0.01	(0.39)	0.51	0.00	(0.28)	0.24	(0.24)	0.96
VIASP	0.75	0.08	(0.03)	(1.87)	1.12	(0.82)	2.28	(1.20)	7.18
RRTLX	0.23	0.01	(0.29)	0.46	0.25	(0.25)	0.48	(0.56)	1.36
OSHDF	39.65	22.52	0.00	(0.97)	0.00	0.00	0.00	0.00	1,329
70082LAB3	1.00	0.06	(0.04)	(0.11)	2.21	(1.10)	1.75	(1.69)	24.27

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