Dreyfus Active Correlations

DNLRX Fund

USD 60.29 0.09 0.15%

The current 90-days correlation between Dreyfus Active Midcap and Doubleline Emerging Markets is 0.13 (i.e., Average 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 0.68 (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 metropolitan statistical area.

Moving together with DREYFUS Mutual Fund

0.67	DIBYX	Dreyfus International	Pair Corr
0.97	DLQIX	Dreyfus Large Cap	Pair Corr
0.91	DMIDX	Dreyfus Midcap Index	Pair Corr
0.93	DPWRX	Dreyfus Worldwide Growth	Pair Corr
0.88	DRLYX	Dreyfus Global Real	Pair Corr
0.94	DGLRX	Global Stock	Pair Corr
0.83	VIMAX	Vanguard Mid Cap	Pair Corr
0.83	VIMSX	Vanguard Mid Cap	Pair Corr
0.83	VMCPX	Vanguard Mid Cap	Pair Corr
0.83	VMCIX	Vanguard Mid Cap	Pair Corr
0.82	VEXAX	Vanguard Extended Market	Pair Corr
0.82	VEMPX	Vanguard Extended Market	Pair Corr
0.82	VIEIX	Vanguard Extended Market	Pair Corr
0.82	VSEMX	Vanguard Extended Market	Pair Corr
0.82	VEXMX	Vanguard Extended Market	Pair Corr
0.82	FSMAX	Fidelity Extended Market	Pair Corr

Moving against DREYFUS Mutual Fund

0.87	SRPSX	Short Real Estate	Pair Corr
0.51	0P0001GXZ7	Oaktree (lux)	Pair Corr
0.35	TAAQX	Transam Short Term	Pair Corr
0.31	QRPNX	Aqr Alternative Risk	Pair Corr
0.74	NOM	Nuveen Missouri Quality	Pair Corr
0.65	RYIFX	Guggenheim Managed	Pair Corr

Related Correlations Analysis

	DLENX	GAGPX	TEDMX	JDJRX	ZEMIX	IGIEX
DLENX		0.8	0.83	0.71	0.86	0.83	DLENX
GAGPX	0.8		0.89	0.41	0.85	0.78	GAGPX
TEDMX	0.83	0.89		0.36	0.87	0.8	TEDMX
JDJRX	0.71	0.41	0.36		0.65	0.4	JDJRX
ZEMIX	0.86	0.85	0.87	0.65		0.73	ZEMIX
IGIEX	0.83	0.78	0.8	0.4	0.73		IGIEX
	DLENX	GAGPX	TEDMX	JDJRX	ZEMIX	IGIEX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DLENX	0.11	0.02	0.08	(4.63)	0.00	(0.16)	0.22	(0.11)	0.67
GAGPX	0.55	0.07	0.07	2.93	0.74	(0.55)	1.29	(1.43)	3.42
TEDMX	0.62	0.06	0.07	0.17	0.70	(0.71)	1.46	(1.59)	3.66
JDJRX	0.36	0.06	0.14	1.55	0.23	(0.46)	0.88	(0.64)	2.40
ZEMIX	0.64	0.08	0.08	0.31	0.75	(0.71)	1.58	(1.44)	4.37
IGIEX	0.27	0.05	0.11	0.70	0.20	(0.33)	0.72	(0.48)	1.70

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