Dreyfus California Correlations

Mutual Funds . USA . 
Fund . Dreyfus California Amt Free
DRCAX Fund  USD 13.26  0.05  0.38%   
The current 90-days correlation between Dreyfus California Amt and Dreyfusstandish Global Fixed is 0.39 (i.e., Weak diversification). The correlation of Dreyfus California 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 California Correlation With Market

Average diversification

The correlation between Dreyfus California Amt Free and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus California Amt Free 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 California Amt Free. 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

  0.78DHGCX Dreyfusstandish GlobalPairCorr
  0.76DHGAX Dreyfusstandish GlobalPairCorr
  0.99DHMBX Dreyfus High YieldPairCorr
  0.99DHYCX Dreyfus High YieldPairCorr
  0.92DHYAX Dreyfus High YieldPairCorr
  0.98DZNJX Dreyfus New JerseyPairCorr
  0.87DITEX Dreyfus IntermediatePairCorr
  0.98DMBCX Dreyfus Municipal BondPairCorr
  0.71DMBAX Dreyfus Short IntermPairCorr
  0.99DMBZX Dreyfus Municipal BondPairCorr
  0.98DMUCX Dreyfus Amt FreePairCorr
  0.99DMUAX Dreyfus Amt FreePairCorr
  0.91DNYAX DnyaxPairCorr
  0.7DPLTX Dreyfus High YieldPairCorr
  0.95PNYCX Dreyfus New YorkPairCorr

Moving against Dreyfus Mutual Fund

  0.33DLDCX Dreyfus Natural ResourcesPairCorr
  0.32DNLAX Dreyfus Natural ResourcesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus California 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 California'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
DHGCX  0.17  0.00  0.09  0.34  0.20 
(0.21)
 0.36 
(0.31)
 1.46 
DHGAX  0.17  0.00  0.11  0.09  0.18 
(0.20)
 0.35 
(0.30)
 1.50 
DHMBX  0.25 (0.03) 0.00 (0.46) 0.00 
 0.00 
 0.46 
(0.64)
 1.56 
DHYCX  0.24 (0.03) 0.00 (0.49) 0.00 
 0.00 
 0.47 
(0.64)
 1.48 
DHYAX  0.26 (0.04) 0.00  1.96  0.00 
 0.00 
 0.46 
(0.64)
 1.56 
DZNJX  0.19 (0.02) 0.00 (0.45) 0.00 
 0.00 
 0.34 
(0.51)
 1.11 
DIBCX  0.31  0.02  0.13  0.23  0.24 
(0.43)
 0.79 
(0.53)
 1.95 
DIBAX  0.31  0.02  0.15  0.32  0.23 
(0.43)
 0.82 
(0.50)
 1.91 
DIECX  0.61  0.17  0.24  0.29  0.52 
(0.67)
 1.63 
(1.27)
 4.24 
DIEAX  0.60  0.17  0.25  0.29  0.52 
(0.67)
 1.62 
(1.26)
 4.22 

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