Dreyfus Tax Correlations

Mutual Funds . USA . 
Fund . Dreyfus Tax Managed
DPTRX Fund  USD 43.49  0.21  0.49%   
The current 90-days correlation between Dreyfus Tax Managed and T Rowe Price is -0.12 (i.e., Good diversification). The correlation of Dreyfus Tax 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 Tax Correlation With Market

Poor diversification

The correlation between Dreyfus Tax Managed and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Tax Managed 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 Tax Managed. 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 metropolitan statistical area.

Moving together with Dreyfus Mutual Fund

  0.77SSETX Dreyfusthe Boston Pany Steady GrowthPairCorr
  0.77SSYGX Dreyfusthe Boston PanyPairCorr
  0.8STSVX Dreyfusthe Boston PanyPairCorr
  0.79DLACX Dreyfus Large CapPairCorr
  0.77SDSCX Dreyfusthe Boston PanyPairCorr
  0.66DLDYX Dreyfus Natural ResourcesPairCorr
  0.66DLDRX Dreyfus Natural ResourcesPairCorr
  0.79DLQIX Dreyfus Large CapPairCorr
  0.79DMCYX Dreyfus OpportunisticPairCorr
  0.81DMIDX Dreyfus Midcap IndexPairCorr
  0.8DNLYX Dreyfus Active MidcapPairCorr
  0.8DNLRX Dreyfus Active MidcapPairCorr
  0.86DOPIX Dreyfus OpportunisticPairCorr
  0.8DPRIX Dreyfus Worldwide GrowthPairCorr
  0.8DPWRX Dreyfus Worldwide GrowthPairCorr
  0.78AVGYX Dynamic Total ReturnPairCorr
  0.78AVGRX Dynamic Total ReturnPairCorr
  0.77DQIYX Dreyfus Equity IncomePairCorr

Moving against Dreyfus Mutual Fund

  0.43DIBRX Dreyfus InternationalPairCorr
  0.43DIBYX Dreyfus InternationalPairCorr
  0.34DIEYX Dreyfus InternationalPairCorr
  0.34DIERX Dreyfus InternationalPairCorr

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   
PRFHX
+ 1.0
PATFX
PRINX
+ 0.98
PRFHX
PRINX
+ 0.97
PATFX
FHYVX
+ 0.93
PRFHX
PRINX
+ 0.93
FHYVX
FHYVX
+ 0.91
PATFX
  
High negative correlations   
IMLXX
- 0.16
PRINX
IMLXX
- 0.1
PATFX
IMLXX
- 0.06
PRFHX
PRINX
- 0.04
GTCAX
GTCAX
- 0.02
PATFX

Risk-Adjusted Indicators

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