Dreyfus High Correlations

Mutual Funds . USA . 
Fund . Dreyfus High Yield
XDHFX Fund  USD 2.77  0.01  0.36%   
The current 90-days correlation between Dreyfus High Yield and Calamos Dynamic Convertible is 0.01 (i.e., Significant diversification). The correlation of Dreyfus High 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 High Correlation With Market

Good diversification

The correlation between Dreyfus High Yield and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus High Yield and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Dreyfus High Yield. 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 census.

Moving together with Dreyfus Mutual Fund

  0.95VTSAX Vanguard Total StockPairCorr
  0.95VFIAX Vanguard 500 IndexPairCorr
  0.95VTSMX Vanguard Total StockPairCorr
  0.95VITSX Vanguard Total StockPairCorr
  0.95VSTSX Vanguard Total StockPairCorr
  0.95VSMPX Vanguard Total StockPairCorr
  0.94VFINX Vanguard 500 IndexPairCorr
  0.95VFFSX Vanguard 500 IndexPairCorr
  0.96VGTSX Vanguard Total InterPairCorr
  0.96VTIAX Vanguard Total InterPairCorr
  0.92PFN Pimco Income StrategyPairCorr
  0.95CIF Mfs Intermediate HighPairCorr
  0.64NXJ Nuveen New JerseyPairCorr
  0.93PCF Putnam High IncomePairCorr
  0.94ASCZX Alger Smallcap GrowthPairCorr
  0.94AMFCX American MutualPairCorr
  0.93BGEFX Baillie Gifford EafePairCorr
  0.93AMTOX Ab All MarketPairCorr
  0.93ROGSX Red Oak TechnologyPairCorr
  0.91XHYIX Western Asset HighPairCorr
  0.93SBQAX Americafirst Large CapPairCorr
  0.95GGCCX Gabelli GrowthPairCorr
  0.64FIPDX Fidelity Inflation-protecPairCorr
  0.94MIGFX Massachusetts InvestorsPairCorr
  0.91QMLAX Quantified Market LeadersPairCorr
  0.88FMFIX Free Market FixedPairCorr
  0.94ROFCX Royce OpportunityPairCorr
  0.95PWTYX Ubs AllocationPairCorr
  0.95FAQTX American Funds 2035PairCorr
  0.96NTDSX Nationwide DestinationPairCorr
  0.69OWFIX Old Westbury FixedPairCorr
  0.95JFFYX Jpmorgan SmartretirementPairCorr
  0.97TBLPX T Rowe PricePairCorr
  0.72PNJRX Putnam New JerseyPairCorr
  0.95SENYX Stet New YorkPairCorr

Moving against Dreyfus Mutual Fund

  0.33XDSMX Dreyfus StrategicPairCorr
  0.41XNBHX Neuberger Berman IntPairCorr

Related Correlations Analysis

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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   
XNCVX
+ 0.99
PCNTX
LCFYX
+ 0.99
XNCVX
LCFYX
+ 0.98
PCNTX
GCV
+ 0.98
LCFYX
GCV
+ 0.97
XNCVX
GCV
+ 0.95
PCNTX
  
High negative correlations   
GCV
- 0.34
CCD
LCFYX
- 0.21
CCD
XNCVX
- 0.21
CCD
PCNTX
- 0.16
CCD

Risk-Adjusted Indicators

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