Dreyfus Equity Correlations

Mutual Funds . USA . 
Fund . Dreyfus Equity Income
DQIYX Fund  USD 33.69  0.29  0.87%   
The current 90-days correlation between Dreyfus Equity Income and California Municipal Portfolio is 0.28 (i.e., Modest diversification). The correlation of Dreyfus Equity 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 Equity Correlation With Market

Almost no diversification

The correlation between Dreyfus Equity Income and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Equity Income 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 Equity Income. 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 manufacturing.

Moving together with Dreyfus Mutual Fund

  1.0DLQIX Dreyfus Large CapPairCorr
  0.99DPWRX Dreyfus Worldwide GrowthPairCorr
  0.99DTEYX Dreyfus Technology GrowthPairCorr
  0.95DGLRX Global StockPairCorr
  0.98VVIAX Vanguard Value IndexPairCorr
  0.99DOXGX Dodge Cox StockPairCorr
  0.98AMFFX American MutualPairCorr
  0.99DODGX Dodge Stock FundPairCorr
  1.0DXQLX Direxion Monthly NasdaqPairCorr
  0.99RYVLX Nasdaq 100 2xPairCorr
  0.99RYVYX Nasdaq 100 2xPairCorr
  1.0RYCCX Nasdaq 100 2xPairCorr
  1.0UOPSX Ultranasdaq 100 ProfundPairCorr
  0.61INPIX Internet UltrasectorPairCorr
  0.62INPSX Internet UltrasectorPairCorr
  0.73BIPIX Biotechnology UltrasectorPairCorr
  0.97CRF Cornerstone StrategicPairCorr
  0.63HMDYX Hartford MidcapPairCorr
  0.65ITYAX Invesco TechnologyPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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