Dreyfus Midcap Correlations

Mutual Funds . USA . 
Fund . Dreyfus Midcap Index
PESPX Fund  USD 28.86  0.01  0.03%   
The current 90-days correlation between Dreyfus Midcap Index and Dreyfus Smallcap Stock is 0.96 (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 0.88 (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

  0.62DZNJX Dreyfus New JerseyPairCorr
  0.93DIECX Dreyfus InternationalPairCorr
  0.93DIEAX Dreyfus InternationalPairCorr
  0.93DIISX Dreyfus InternationalPairCorr
  1.0DISSX Dreyfus Smallcap StockPairCorr
  1.0DISIX Dreyfus Smallcap StockPairCorr
  0.93DISCX International StockPairCorr
  0.93DISAX International StockPairCorr
  0.91DITEX Dreyfus IntermediatePairCorr
  0.98PGROX Dreyfus Worldwide GrowthPairCorr
  0.98PGRCX Dreyfus Worldwide GrowthPairCorr
  0.97THPBX Dreyfus Balanced OppPairCorr
  0.94DLDCX Dreyfus Natural ResourcesPairCorr
  0.98DLQAX Dreyfus Large CapPairCorr
  0.91DMBAX Dreyfus Short IntermPairCorr
  0.98DMCVX Dreyfus OpportunisticPairCorr
  1.0DNLDX Dreyfus Active MidcapPairCorr
  0.99DNLCX Dreyfus Active MidcapPairCorr
  0.94DNLAX Dreyfus Natural ResourcesPairCorr
  0.98RUDAX Dreyfusthe Boston PanyPairCorr
  0.96DPLTX Dreyfus High YieldPairCorr
  0.88BYSYX Bny Mellon ShortPairCorr
  0.89BYSIX Bny Mellon ShortPairCorr
  0.88BYSAX Bny Mellon ShortPairCorr
  0.9AVGCX Dynamic Total ReturnPairCorr
  0.9AVGAX 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 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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