Dreyfus Gnma Correlations

GPNCX Fund

USD 12.55 0.03 0.24%

The current 90-days correlation between Dreyfus Gnma and Icon Natural Resources is 0.05 (i.e., Significant diversification). The correlation of Dreyfus Gnma 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 Gnma Correlation With Market

Average diversification

The correlation between Dreyfus Gnma Fund 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 Gnma Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Dreyfus Gnma Fund. 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 main economic indicators.

Moving together with Dreyfus Mutual Fund

0.77	DHMBX	Dreyfus High Yield	Pair Corr
0.62	DLQAX	Dreyfus Large Cap	Pair Corr
0.68	DNLAX	Dreyfus Natural Resources	Pair Corr
0.93	DBIRX	Dreyfus Bond Market	Pair Corr
0.74	DGEAX	Dreyfus Global Emerging	Pair Corr
0.99	VFIJX	Vanguard Gnma	Pair Corr
0.91	VSIGX	Vanguard Intermediate-ter	Pair Corr
0.92	UGSFX	Us Government Securities	Pair Corr
0.96	AMUSX	Us Government Securities	Pair Corr
0.93	FSUGX	American Funds Government	Pair Corr
0.98	UGSCX	Us Government Securities	Pair Corr
0.96	FSUUX	American Funds Government	Pair Corr
0.97	VMBSX	Vanguard Mortgage-backed	Pair Corr
0.99	VFIIX	Vanguard Gnma	Pair Corr
0.98	FUTBX	Fidelity Sai Treasury	Pair Corr
0.79	BRUFX	Bruce Fund Bruce	Pair Corr
0.72	KF	Korea Closed	Pair Corr
0.79	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.83	VZ	Verizon Communications Fiscal Year End 28th of January 2025	Pair Corr
0.61	HD	Home Depot	Pair Corr
0.68	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.86	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr

Moving against Dreyfus Mutual Fund

0.59	CSCO	Cisco Systems	Pair Corr
0.53	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.5	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.45	DIS	Walt Disney	Pair Corr
0.44	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.35	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr

Related Correlations Analysis

	ICBAX	TMCLX	PNRCX	BACIX	VENAX	ENPSX	GRHAX	ALTEX
ICBAX		0.82	0.33	0.39	0.72	0.62	0.39	0.01	ICBAX
TMCLX	0.82		-0.02	0.12	0.47	0.32	0.07	-0.4	TMCLX
PNRCX	0.33	-0.02		0.93	0.76	0.82	0.93	0.61	PNRCX
BACIX	0.39	0.12	0.93		0.86	0.91	0.89	0.38	BACIX
VENAX	0.72	0.47	0.76	0.86		0.98	0.77	0.23	VENAX
ENPSX	0.62	0.32	0.82	0.91	0.98		0.81	0.29	ENPSX
GRHAX	0.39	0.07	0.93	0.89	0.77	0.81		0.43	GRHAX
ALTEX	0.01	-0.4	0.61	0.38	0.23	0.29	0.43		ALTEX
	ICBAX	TMCLX	PNRCX	BACIX	VENAX	ENPSX	GRHAX	ALTEX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ENPSX	+ 0.98	VENAX
BACIX	+ 0.93	PNRCX
GRHAX	+ 0.93	PNRCX
ENPSX	+ 0.91	BACIX
GRHAX	+ 0.89	BACIX
VENAX	+ 0.86	BACIX

High negative correlations

ALTEX	- 0.4	TMCLX
PNRCX	- 0.02	TMCLX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Gnma 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 Gnma'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
ICBAX	0.74	(0.01)	(0.03)	(0.03)	0.90	(0.88)	1.46	(1.10)	8.78
TMCLX	0.82	0.14	0.11	0.61	0.95	(0.91)	1.81	(1.92)	5.58
PNRCX	0.87	(0.07)	0.00	(0.30)	0.00	0.00	1.53	(1.85)	5.65
BACIX	0.77	(0.07)	0.00	(0.35)	0.00	0.00	1.21	(1.93)	4.24
VENAX	0.87	(0.02)	0.00	(0.05)	0.00	0.00	1.39	(2.32)	7.68
ENPSX	1.21	(0.11)	0.00	(0.19)	0.00	0.00	2.36	(3.55)	9.91
GRHAX	1.09	(0.08)	0.00	(0.32)	0.00	0.00	2.36	(2.02)	8.49
ALTEX	1.28	(0.05)	0.00	(0.41)	0.00	0.00	2.04	(2.18)	7.20

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