Dreyfus Midcap Correlations

Mutual Funds USA . 
Fund . Dreyfus Midcap Index
PESPX Fund  USD 28.04  0.28  1.01%   
The current 90-days correlation between Dreyfus Midcap Index and Dreyfus Smallcap Stock is 0.99 (i.e., No risk reduction). The correlation of Dreyfus Midcap 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 Midcap Correlation With Market

Modest diversification

The correlation between Dreyfus Midcap Index and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Midcap Index and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Dreyfus Midcap Index. 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 american community survey.

Moving together with Dreyfus Mutual Fund

  0.62DHMBX Dreyfus High YieldPairCorr
  0.66DHYCX Dreyfus High YieldPairCorr
  0.63DHYAX Dreyfus High YieldPairCorr
  1.0DISSX Dreyfus Smallcap StockPairCorr
  1.0DISIX Dreyfus Smallcap StockPairCorr
  0.84PGROX Dreyfus Worldwide GrowthPairCorr
  0.85PGRCX Dreyfus Worldwide GrowthPairCorr
  0.87THPBX Dreyfus Balanced OppPairCorr
  0.72DLDCX Dreyfus Natural ResourcesPairCorr
  0.92DLQAX Dreyfus Large CapPairCorr
  0.64DMBCX Dreyfus Municipal BondPairCorr
  0.81DMCVX Dreyfus OpportunisticPairCorr
  0.63DMUCX Dreyfus Amt FreePairCorr
  0.91DNLDX Dreyfus Active MidcapPairCorr
  0.92DNLCX Dreyfus Active MidcapPairCorr
  0.71DNLAX Dreyfus Natural ResourcesPairCorr
  0.92RUDAX Dreyfusthe Boston PanyPairCorr
  0.79DPTAX Dreyfus Tax ManagedPairCorr
  0.64PNYCX Dreyfus New YorkPairCorr

Moving against Dreyfus Mutual Fund

  0.44BYSYX Bny Mellon ShortPairCorr
  0.43BYSIX Bny Mellon ShortPairCorr
  0.42BYSAX Bny Mellon ShortPairCorr

Related Correlations Analysis

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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   
PEOPX
+ 0.97
DISSX
REREX
+ 0.7
DIISX
REREX
+ 0.68
DSPIX
REREX
+ 0.64
PEOPX
DSPIX
+ 0.64
DIISX
REREX
+ 0.52
DISSX
  
High negative correlations   
DIISX
- 0.21
DISSX
DIISX
- 0.05
PEOPX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Midcap 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 Midcap'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.

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