Dreyfus Midcap Correlations

Mutual Funds . USA . 
Fund . Dreyfus Midcap Index
PESPX Fund  USD 29.28  0.26  0.90%   
The current 90-days correlation between Dreyfus Midcap Index and Dreyfus Smallcap Stock is 0.95 (i.e., Almost no diversification). 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

Very poor diversification

The correlation between Dreyfus Midcap Index and DJI is 0.89 (i.e., Very poor 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

  0.9DIECX Dreyfus InternationalPairCorr
  0.91DIISX Dreyfus InternationalPairCorr
  0.99DISSX Dreyfus Smallcap StockPairCorr
  0.99DISIX Dreyfus Smallcap StockPairCorr
  0.9DISCX International StockPairCorr
  0.84DISAX International StockPairCorr
  0.62DITEX Dreyfus IntermediatePairCorr
  0.97PGROX Dreyfus Worldwide GrowthPairCorr
  0.97PGRCX Dreyfus Worldwide GrowthPairCorr
  0.61THPBX Dreyfus Balanced OppPairCorr
  0.93DLDCX Dreyfus Natural ResourcesPairCorr
  0.97DLQAX Dreyfus Large CapPairCorr
  0.92DMBAX Dreyfus Short IntermPairCorr
  0.94DMCVX Dreyfus OpportunisticPairCorr
  0.96DNLDX Dreyfus Active MidcapPairCorr
  0.92DNLAX Dreyfus Natural ResourcesPairCorr
  0.97RUDAX Dreyfusthe Boston PanyPairCorr
  0.95DPLTX Dreyfus High YieldPairCorr
  0.86BYSYX Bny Mellon ShortPairCorr
  0.89AVGAX Dynamic Total ReturnPairCorr
  0.95DQICX Dreyfus Equity IncomePairCorr
  0.95DQIAX Dreyfus Equity IncomePairCorr
  0.62DREQX Dreyfus Research GrowthPairCorr
  0.8DRLAX Dreyfus Global RealPairCorr

Related Correlations Analysis

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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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