Dreyfus New Correlations

DNMIX Fund

USD 11.70 0.02 0.17%

The current 90-days correlation between Dreyfus New Jersey and Tiaa Cref Inflation Link is 0.16 (i.e., Average diversification). The correlation of Dreyfus New 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 New Correlation With Market

Significant diversification

The correlation between Dreyfus New Jersey and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus New Jersey 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 New Jersey. 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 gross domestic product.

Moving together with Dreyfus Mutual Fund

0.99	DHYYX	Dreyfus High Yield	Pair Corr
0.73	DIMIX	Dreyfus Short Interm	Pair Corr
0.82	SDGIX	Dreyfusstandish Global	Pair Corr
0.81	DLHRX	Dreyfus High Yield	Pair Corr
0.99	DMBIX	Dreyfus Amt Free	Pair Corr
0.99	DMBYX	Dreyfus Municipal Bond	Pair Corr
0.99	DMBVX	Dreyfus Municipal Bond	Pair Corr
0.99	DMUYX	Dreyfus Amt Free	Pair Corr
0.72	DMYBX	Dreyfus Short Interm	Pair Corr
1.0	DNJYX	Dreyfus New Jersey	Pair Corr
0.88	DNYIX	Dreyfus New York	Pair Corr
0.99	DNYYX	Dreyfus New York	Pair Corr

Moving against Dreyfus Mutual Fund

0.35	DLDYX	Dreyfus Natural Resources	Pair Corr
0.35	DLDRX	Dreyfus Natural Resources	Pair Corr

Related Correlations Analysis

	TIIHX	ABNZX	ABNCX	NWXNX	APISX	ABNOX
TIIHX		0.75	1.0	0.77	0.75	1.0	TIIHX
ABNZX	0.75		0.77	0.99	0.99	0.76	ABNZX
ABNCX	1.0	0.77		0.78	0.76	1.0	ABNCX
NWXNX	0.77	0.99	0.78		0.98	0.78	NWXNX
APISX	0.75	0.99	0.76	0.98		0.75	APISX
ABNOX	1.0	0.76	1.0	0.78	0.75		ABNOX
	TIIHX	ABNZX	ABNCX	NWXNX	APISX	ABNOX

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Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus New 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 New'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TIIHX	0.15	0.03	0.41	1.36	(0.18)	0.37	(0.29)	1.04
ABNZX	0.14	0.05	0.62	1.57	(0.20)	0.30	(0.29)	0.88
ABNCX	0.16	0.02	0.44	0.96	(0.20)	0.30	(0.30)	0.90
NWXNX	0.20	0.05	0.42	0.91	(0.28)	0.45	(0.34)	1.24
APISX	0.10	0.04	0.79	2.53	(0.15)	0.19	(0.10)	0.67
ABNOX	0.15	0.03	0.42	1.35	(0.20)	0.39	(0.30)	0.89

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