Dreyfus Tax Correlations

DPTAX Fund

USD 26.37 0.50 1.93%

The current 90-days correlation between Dreyfus Tax Managed and Fidelity Flex Servative is 0.04 (i.e., Significant diversification). The correlation of Dreyfus Tax 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 Tax Correlation With Market

Weak diversification

The correlation between Dreyfus Tax Managed and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Tax Managed 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 Tax Managed. 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 nation.

Moving together with Dreyfus Mutual Fund

0.77	PGROX	Dreyfus Worldwide Growth	Pair Corr
0.78	PGRCX	Dreyfus Worldwide Growth	Pair Corr
0.65	THPBX	Dreyfus Balanced Opp	Pair Corr
0.72	DMCVX	Dreyfus Opportunistic	Pair Corr
0.69	DNLDX	Dreyfus Active Midcap	Pair Corr
0.68	DNLCX	Dreyfus Active Midcap	Pair Corr
0.7	AVGCX	Dynamic Total Return	Pair Corr
0.69	AVGAX	Dynamic Total Return	Pair Corr

Moving against Dreyfus Mutual Fund

0.55	DIECX	Dreyfus International	Pair Corr
0.55	DIEAX	Dreyfus International	Pair Corr
0.45	DIISX	Dreyfus International	Pair Corr
0.44	DIBAX	Dreyfus International	Pair Corr
0.42	DIBCX	Dreyfus International	Pair Corr
0.47	BYSYX	Bny Mellon Short	Pair Corr
0.45	BYSIX	Bny Mellon Short	Pair Corr
0.33	DMBAX	Dreyfus Short Interm	Pair Corr
0.32	BYSAX	Bny Mellon Short	Pair Corr

Related Correlations Analysis

	FUEMX	CMGUX	TASTX	RSDIX	SUSAX
FUEMX		0.99	0.96	0.95	0.98	FUEMX
CMGUX	0.99		0.96	0.96	0.99	CMGUX
TASTX	0.96	0.96		0.99	0.99	TASTX
RSDIX	0.95	0.96	0.99		0.98	RSDIX
SUSAX	0.98	0.99	0.99	0.98		SUSAX
	FUEMX	CMGUX	TASTX	RSDIX	SUSAX

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Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Tax 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 Tax'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
FUEMX	0.04	0.00	0.00	(1.27)	0.00	0.10	(0.10)	0.40
CMGUX	0.04	0.00	0.00	0.00	0.00	0.11	0.00	0.54
TASTX	0.08	0.02	0.64	0.93	(0.17)	0.21	(0.10)	0.62
RSDIX	0.09	0.01	0.65	1.07	(0.16)	0.21	(0.10)	0.62
SUSAX	0.06	0.01	0.72	1.31	(0.18)	0.10	(0.10)	0.51

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