Dnyax Correlations

Mutual Funds . USA . 
Fund . Dnyax
DNYAX Fund   13.75  0.05  0.36%   
The current 90-days correlation between Dnyax and Dreyfusstandish Global Fixed is 0.4 (i.e., Very weak diversification). The correlation of Dnyax 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.

Dnyax Correlation With Market

Average diversification

The correlation between Dnyax and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dnyax 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 Dnyax. 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 nation.

Moving together with Dnyax Mutual Fund

  0.72DHGCX Dreyfusstandish GlobalPairCorr
  0.74DHGAX Dreyfusstandish GlobalPairCorr
  0.85DHMBX Dreyfus High YieldPairCorr
  0.94DHYCX Dreyfus High YieldPairCorr
  0.93DHYAX Dreyfus High YieldPairCorr
  0.87DZNJX Dreyfus New JerseyPairCorr
  0.95DITEX Dreyfus IntermediatePairCorr
  0.93DMBAX Dreyfus Short IntermPairCorr
  0.99DMUCX Dreyfus Amt FreePairCorr
  0.99DMUAX Dreyfus Amt FreePairCorr
  0.8BYSAX Bny Mellon ShortPairCorr
  0.99PNYCX Dreyfus New YorkPairCorr
  0.99DRCAX Dreyfus California AmtPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Dnyax Mutual Fund performing well and Dnyax 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 Dnyax'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
DHGCX  0.15 (0.02) 0.00 (0.40) 0.00 
 0.00 
 0.30 
(0.25)
 0.96 
DHGAX  0.16 (0.02) 0.00 (0.33) 0.00 
 0.00 
 0.30 
(0.24)
 0.98 
DHMBX  0.21  0.02 (0.20)(0.02) 0.35 
(0.27)
 0.46 
(0.54)
 2.09 
DHYCX  0.20 (0.01)(0.22)(0.10) 0.35 
(0.27)
 0.54 
(0.45)
 2.18 
DHYAX  0.21 (0.01)(0.23)(0.05) 0.37 
(0.25)
 0.45 
(0.54)
 2.18 
DZNJX  0.15  0.02 (0.31)(0.03) 0.22 
(0.22)
 0.34 
(0.34)
 1.53 
DIBCX  0.33 (0.09) 0.00 (1.05) 0.00 
 0.00 
 0.59 
(0.73)
 2.42 
DIBAX  0.33 (0.09) 0.00 (0.91) 0.00 
 0.00 
 0.61 
(0.69)
 2.43 
DIECX  0.65 (0.09) 0.00  1.52  0.00 
 0.00 
 1.09 
(1.43)
 3.76 
DIEAX  0.65 (0.08) 0.00  1.53  0.00 
 0.00 
 1.06 
(1.42)
 3.75 

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