Dreyfus Active Correlations

DNLYX Fund

USD 57.14 0.07 0.12%

The current 90-days correlation between Dreyfus Active Midcap and Pace International Emerging is 0.53 (i.e., Very 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 0.77 (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 manufacturing.

Moving together with Dreyfus Mutual Fund

0.87	SSETX	Dreyfusthe Boston Pany	Pair Corr
0.91	SSYGX	Dreyfusthe Boston Pany	Pair Corr
0.94	STSVX	Dreyfusthe Boston Pany	Pair Corr
0.94	DLACX	Dreyfus Large Cap	Pair Corr
0.93	SDSCX	Dreyfusthe Boston Pany	Pair Corr
0.83	DLDYX	Dreyfus Natural Resources	Pair Corr
0.82	DLDRX	Dreyfus Natural Resources	Pair Corr
0.98	DLQIX	Dreyfus Large Cap	Pair Corr
0.98	DMCYX	Dreyfus Opportunistic	Pair Corr
0.92	DMIDX	Dreyfus Midcap Index	Pair Corr
0.97	DNLRX	Dreyfus Active Midcap	Pair Corr
0.94	DOPIX	Dreyfus Opportunistic	Pair Corr
0.84	DPRIX	Dreyfus Worldwide Growth	Pair Corr
0.63	DPTRX	Dreyfus Tax Managed	Pair Corr
0.84	DPWRX	Dreyfus Worldwide Growth	Pair Corr
0.81	AVGYX	Dynamic Total Return	Pair Corr
0.85	AVGRX	Dynamic Total Return	Pair Corr
0.93	DQIYX	Dreyfus Equity Income	Pair Corr

Moving against Dreyfus Mutual Fund

0.47	DIEYX	Dreyfus International	Pair Corr
0.45	DIERX	Dreyfus International	Pair Corr
0.44	DIBRX	Dreyfus International	Pair Corr
0.44	DIBYX	Dreyfus International	Pair Corr
0.38	DIMIX	Dreyfus Short Interm	Pair Corr
0.35	DINIX	Dreyfus International	Pair Corr
0.39	DMYBX	Dreyfus Short Interm	Pair Corr
0.41	DQEIX	Dreyfus Global Equity	Pair Corr

Related Correlations Analysis

	PCEMX	FHKFX	REMVX	DBELX	SMSDX	SEDAX
PCEMX		0.99	0.93	0.92	0.83	0.86	PCEMX
FHKFX	0.99		0.93	0.9	0.83	0.85	FHKFX
REMVX	0.93	0.93		0.96	0.86	0.86	REMVX
DBELX	0.92	0.9	0.96		0.88	0.93	DBELX
SMSDX	0.83	0.83	0.86	0.88		0.95	SMSDX
SEDAX	0.86	0.85	0.86	0.93	0.95		SEDAX
	PCEMX	FHKFX	REMVX	DBELX	SMSDX	SEDAX

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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
PCEMX	0.70	0.05	0.05	0.15	0.86	(0.79)	1.47	(1.61)	5.81
FHKFX	0.83	0.07	0.06	0.15	1.07	(0.87)	1.94	(1.91)	5.94
REMVX	0.80	0.07	0.07	(0.77)	0.94	(0.86)	1.67	(1.56)	5.76
DBELX	0.33	0.03	0.06	(9.02)	0.28	(0.44)	0.71	(0.58)	1.78
SMSDX	0.23	0.01	0.03	(0.15)	0.27	(0.26)	0.43	(0.51)	1.30
SEDAX	0.24	0.03	0.08	0.64	0.16	(0.33)	0.59	(0.36)	1.30

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