Dreyfus Amt-free Correlations

DMUCX Fund

USD 13.44 0.02 0.15%

The current 90-days correlation between Dreyfus Amt Free and Biotechnology Ultrasector Profund is 0.04 (i.e., Significant 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

Average diversification

The correlation between Dreyfus Amt Free Municipal and DJI is 0.18 (i.e., Average 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

0.78	DHGCX	Dreyfusstandish Global	Pair Corr
0.8	DHGAX	Dreyfusstandish Global	Pair Corr
0.85	DHMBX	Dreyfus High Yield	Pair Corr
0.94	DHYCX	Dreyfus High Yield	Pair Corr
0.92	DHYAX	Dreyfus High Yield	Pair Corr
0.88	DZNJX	Dreyfus New Jersey	Pair Corr
0.98	DITEX	Dreyfus Intermediate	Pair Corr
0.9	DMBAX	Dreyfus Short Interm	Pair Corr
0.9	DMUAX	Dreyfus Amt Free	Pair Corr
0.88	DNYAX	Dnyax	Pair Corr
0.74	BYSAX	Bny Mellon Short	Pair Corr
0.89	PNYCX	Dreyfus New York	Pair Corr
0.91	DRCAX	Dreyfus California Amt	Pair Corr

Moving against DREYFUS Mutual Fund

0.35

DREQX

Dreyfus Research Growth

Pair Corr

Related Correlations Analysis

	BIPIX	TOWTX	DTEYX	ICTEX	TEFQX	JNGTX	PGKCX	MTCCX
BIPIX		-0.18	-0.23	0.28	-0.05	-0.12	-0.19	-0.18	BIPIX
TOWTX	-0.18		0.8	0.71	0.82	0.79	0.82	0.82	TOWTX
DTEYX	-0.23	0.8		0.76	0.93	0.98	0.98	0.99	DTEYX
ICTEX	0.28	0.71	0.76		0.8	0.8	0.77	0.8	ICTEX
TEFQX	-0.05	0.82	0.93	0.8		0.94	0.93	0.92	TEFQX
JNGTX	-0.12	0.79	0.98	0.8	0.94		0.98	0.98	JNGTX
PGKCX	-0.19	0.82	0.98	0.77	0.93	0.98		0.99	PGKCX
MTCCX	-0.18	0.82	0.99	0.8	0.92	0.98	0.99		MTCCX
	BIPIX	TOWTX	DTEYX	ICTEX	TEFQX	JNGTX	PGKCX	MTCCX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

MTCCX	+ 0.99	DTEYX
MTCCX	+ 0.99	PGKCX
JNGTX	+ 0.98	DTEYX
PGKCX	+ 0.98	DTEYX
PGKCX	+ 0.98	JNGTX
MTCCX	+ 0.98	JNGTX

High negative correlations

DTEYX	- 0.23	BIPIX
PGKCX	- 0.19	BIPIX
MTCCX	- 0.18	BIPIX
TOWTX	- 0.18	BIPIX
JNGTX	- 0.12	BIPIX
TEFQX	- 0.05	BIPIX

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
BIPIX	1.47	(0.36)	0.00	(0.11)	0.00	0.00	2.72	(3.98)	11.89
TOWTX	0.54	0.03	(0.09)	1.76	0.74	(0.56)	1.08	(1.32)	3.71
DTEYX	0.95	0.00	0.00	0.10	1.34	(0.94)	1.88	(2.49)	5.99
ICTEX	0.75	(0.06)	(0.06)	0.03	0.92	(0.84)	1.31	(1.83)	4.33
TEFQX	1.18	(0.06)	(0.01)	0.06	1.70	(1.15)	2.40	(2.66)	8.22
JNGTX	0.94	(0.04)	(0.02)	0.06	1.38	(0.91)	1.89	(2.57)	5.88
PGKCX	1.08	0.00	0.01	0.10	1.61	(1.04)	2.27	(2.67)	6.31
MTCCX	0.88	(0.01)	0.00	0.09	1.25	(0.89)	2.11	(2.31)	5.97

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC