Dreyfus New Correlations

Mutual Funds . USA . 
Fund . Dreyfus New York
PNYCX Fund  USD 13.68  0.01  0.07%   
The current 90-days correlation between Dreyfus New York and Ab High Income is 0.25 (i.e., Modest 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

Average diversification

The correlation between Dreyfus New York and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus New York 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 New York. 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

  0.78DHGCX Dreyfusstandish GlobalPairCorr
  0.85DHGAX Dreyfusstandish GlobalPairCorr
  0.99DHMBX Dreyfus High YieldPairCorr
  0.99DHYCX Dreyfus High YieldPairCorr
  0.99DHYAX Dreyfus High YieldPairCorr
  0.92DZNJX Dreyfus New JerseyPairCorr
  0.88DIBCX Dreyfus InternationalPairCorr
  0.87DIBAX Dreyfus InternationalPairCorr
  0.74DISCX International StockPairCorr
  0.78DISAX International StockPairCorr
  0.97DITEX Dreyfus IntermediatePairCorr
  0.84PGROX Dreyfus Worldwide GrowthPairCorr
  0.83PGRCX Dreyfus Worldwide GrowthPairCorr
  0.83THPBX Dreyfus Balanced OppPairCorr
  0.78DLQAX Dreyfus Large CapPairCorr
  0.93DMBCX Dreyfus Municipal BondPairCorr
  1.0DMBZX Dreyfus Municipal BondPairCorr
  0.76DMCVX Dreyfus OpportunisticPairCorr
  1.0DMUCX Dreyfus Amt FreePairCorr
  0.99DMUAX Dreyfus Amt FreePairCorr
  0.81DNLDX Dreyfus Active MidcapPairCorr
  0.82DNLCX Dreyfus Active MidcapPairCorr
  0.93DNYAX DnyaxPairCorr
  0.74RUDAX Dreyfusthe Boston PanyPairCorr
  0.74DPTAX Dreyfus Tax ManagedPairCorr
  0.82AVGCX Dynamic Total ReturnPairCorr
  0.81AVGAX Dynamic Total ReturnPairCorr

Related Correlations Analysis

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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.

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