Dreyfus Midcap Correlations

PESPX Fund  USD 29.02  0.26  0.89%   
The current 90-days correlation between Dreyfus Midcap Index and Dreyfus Smallcap Stock is -0.11 (i.e., Good 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

Poor diversification

The correlation between Dreyfus Midcap Index and DJI is 0.7 (i.e., 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

  0.87DIECX Dreyfus InternationalPairCorr
  0.69DIEAX Dreyfus InternationalPairCorr
  0.69DIISX Dreyfus InternationalPairCorr
  0.83DISSX Dreyfus Smallcap StockPairCorr
  0.99DISIX Dreyfus Smallcap StockPairCorr
  0.87DISCX International StockPairCorr
  0.72DISAX International StockPairCorr
  0.81DITEX Dreyfus IntermediatePairCorr
  0.96PGROX Dreyfus Worldwide GrowthPairCorr
  0.82PGRCX Dreyfus Worldwide GrowthPairCorr
  0.81THPBX Dreyfus Balanced OppPairCorr
  0.91DLDCX Dreyfus Natural ResourcesPairCorr
  0.82DMCVX Dreyfus OpportunisticPairCorr
  0.83DNLDX Dreyfus Active MidcapPairCorr
  0.99DNLCX Dreyfus Active MidcapPairCorr
  0.98RUDAX Dreyfusthe Boston PanyPairCorr
  0.92DPLTX Dreyfus High YieldPairCorr
  0.8BYSYX Bny Mellon ShortPairCorr
  0.81BYSIX Bny Mellon ShortPairCorr
  0.73BYSAX Bny Mellon ShortPairCorr
  0.76AVGCX Dynamic Total ReturnPairCorr
  0.76AVGAX Dynamic Total ReturnPairCorr

Moving against Dreyfus Mutual Fund

  0.48DHYCX Dreyfus High YieldPairCorr
  0.36DMBCX Dreyfus Municipal BondPairCorr
  0.35DNYAX DnyaxPairCorr
  0.31PNYCX Dreyfus New YorkPairCorr

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.