Dreyfus Active Correlations

Mutual Funds . USA . 
Fund . Dreyfus Active Midcap
DNLDX Fund  USD 59.04  1.38  2.39%   
The current 90-days correlation between Dreyfus Active Midcap and Health Care Ultrasector is 0.38 (i.e., Weak diversification). The correlation of Dreyfus Active 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 Active Correlation With Market

Poor diversification

The correlation between Dreyfus Active Midcap and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Active Midcap 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 Active Midcap. 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

  0.73DISSX Dreyfus Smallcap StockPairCorr
  0.73DISIX Dreyfus Smallcap StockPairCorr
  0.65PGROX Dreyfus Worldwide GrowthPairCorr
  0.84PGRCX Dreyfus Worldwide GrowthPairCorr
  0.97THPBX Dreyfus Balanced OppPairCorr
  0.77DLDCX Dreyfus Natural ResourcesPairCorr
  0.84DLQAX Dreyfus Large CapPairCorr
  0.93DMCVX Dreyfus OpportunisticPairCorr
  0.82DNLCX Dreyfus Active MidcapPairCorr
  0.77DNLAX Dreyfus Natural ResourcesPairCorr
  0.98RUDAX Dreyfusthe Boston PanyPairCorr
  0.84AVGCX Dynamic Total ReturnPairCorr
  0.84AVGAX Dynamic Total ReturnPairCorr

Moving against Dreyfus Mutual Fund

  0.44DIECX Dreyfus InternationalPairCorr
  0.44DIEAX Dreyfus InternationalPairCorr
  0.34DIBAX Dreyfus InternationalPairCorr
  0.34DIISX Dreyfus InternationalPairCorr
  0.33DIBCX Dreyfus InternationalPairCorr
  0.39DMBAX Dreyfus Short IntermPairCorr
  0.39BYSYX Bny Mellon ShortPairCorr
  0.37BYSIX Bny Mellon ShortPairCorr
  0.37BYSAX Bny Mellon ShortPairCorr

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   
LYFCX
+ 0.9
HCPIX
LYFCX
+ 0.88
XXGRX
XXGRX
+ 0.77
HCPIX
BGHDX
+ 0.5
VGHCX
XXGRX
+ 0.37
VGHCX
LYFCX
+ 0.37
VGHCX
  
High negative correlations   
BGHDX
- 0.21
HCPIX
LYFCX
- 0.07
BGHDX

Risk-Adjusted Indicators

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