Dreyfus Amt-free Correlations

DMUCX Fund

USD 12.76 0.03 0.24%

The current 90-days correlation between Dreyfus Amt Free and Dreyfusstandish Global Fixed is 0.55 (i.e., Very weak diversification). The correlation of Dreyfus Amt-free 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 Amt-free Correlation With Market

Good diversification

The correlation between Dreyfus Amt Free Municipal and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Amt Free Municipal and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dreyfus Amt Free Municipal. 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

0.83	DHMBX	Dreyfus High Yield	Pair Corr
0.95	DHYCX	Dreyfus High Yield	Pair Corr
0.96	DHYAX	Dreyfus High Yield	Pair Corr
0.88	DZNJX	Dreyfus New Jersey	Pair Corr
0.99	DMBCX	Dreyfus Municipal Bond	Pair Corr
0.88	DMBZX	Dreyfus Municipal Bond	Pair Corr
0.88	DMUAX	Dreyfus Amt Free	Pair Corr
0.98	DNYAX	Dnyax	Pair Corr
0.95	PNYCX	Dreyfus New York	Pair Corr

Related Correlations Analysis

	DHGCX	DHGAX	DHMBX	DHYCX	DHYAX	DZNJX	DIBCX	DIBAX	DIECX	DIEAX
DHGCX		0.99	0.29	0.23	0.27	0.56	0.75	0.84	0.42	0.43	DHGCX
DHGAX	0.99		0.25	0.19	0.24	0.56	0.78	0.86	0.5	0.5	DHGAX
DHMBX	0.29	0.25		0.88	0.88	0.61	-0.01	0.06	0.11	0.11	DHMBX
DHYCX	0.23	0.19	0.88		0.99	0.72	-0.12	0.0	0.06	0.05	DHYCX
DHYAX	0.27	0.24	0.88	0.99		0.76	-0.06	0.05	0.16	0.16	DHYAX
DZNJX	0.56	0.56	0.61	0.72	0.76		0.19	0.35	0.48	0.48	DZNJX
DIBCX	0.75	0.78	-0.01	-0.12	-0.06	0.19		0.89	0.48	0.48	DIBCX
DIBAX	0.84	0.86	0.06	0.0	0.05	0.35	0.89		0.56	0.56	DIBAX
DIECX	0.42	0.5	0.11	0.06	0.16	0.48	0.48	0.56		1.0	DIECX
DIEAX	0.43	0.5	0.11	0.05	0.16	0.48	0.48	0.56	1.0		DIEAX
	DHGCX	DHGAX	DHMBX	DHYCX	DHYAX	DZNJX	DIBCX	DIBAX	DIECX	DIEAX

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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

DIEAX	+ 1.0	DIECX
DHGAX	+ 0.99	DHGCX
DHYAX	+ 0.99	DHYCX
DIBAX	+ 0.89	DIBCX
DHYCX	+ 0.88	DHMBX
DHYAX	+ 0.88	DHMBX

High negative correlations

DIBCX	- 0.12	DHYCX
DIBCX	- 0.06	DHYAX
DIBCX	- 0.01	DHMBX
DIBAX	- 0.0	DHYCX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Amt-free 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 Amt-free'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
DHGCX	0.18	0.00	(0.61)	0.64	0.18	(0.20)	0.31	(0.36)	1.09
DHGAX	0.18	0.01	(0.62)	1.11	0.16	(0.21)	0.35	(0.35)	1.05
DHMBX	0.23	(0.04)	0.00	(0.32)	0.00	0.00	0.49	(0.49)	1.66
DHYCX	0.24	(0.02)	0.00	0.72	0.00	0.00	0.58	(0.49)	1.66
DHYAX	0.23	(0.01)	0.00	0.32	0.00	0.00	0.49	(0.49)	1.66
DZNJX	0.17	0.00	(0.61)	0.01	0.19	(0.21)	0.44	(0.35)	1.24
DIBCX	0.38	0.04	(0.31)	(0.14)	0.43	(0.42)	0.83	(0.58)	2.42
DIBAX	0.38	0.02	(0.27)	0.59	0.43	(0.43)	0.85	(0.62)	2.59
DIECX	0.46	0.18	0.00	(2.76)	0.25	(0.50)	1.22	(0.98)	2.91
DIEAX	0.46	0.18	0.00	(2.78)	0.26	(0.50)	1.23	(0.98)	2.92

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