Dreyfus New Correlations

PNYCX Fund

USD 13.75 0.04 0.29%

The current 90-days correlation between Dreyfus New York and Ab High Income is 0.41 (i.e., Very weak diversification). The correlation of Dreyfus New 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 New Correlation With Market

Average diversification

The correlation between Dreyfus New York and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus New York 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 New York. 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

0.76	DHGCX	Dreyfusstandish Global	Pair Corr
0.81	DHGAX	Dreyfusstandish Global	Pair Corr
0.82	DHMBX	Dreyfus High Yield	Pair Corr
0.85	DHYCX	Dreyfus High Yield	Pair Corr
0.9	DHYAX	Dreyfus High Yield	Pair Corr
0.87	DZNJX	Dreyfus New Jersey	Pair Corr
0.62	DIBCX	Dreyfus International	Pair Corr
0.63	DIBAX	Dreyfus International	Pair Corr
0.98	DITEX	Dreyfus Intermediate	Pair Corr
0.9	DMBCX	Dreyfus Municipal Bond	Pair Corr
0.88	DMBAX	Dreyfus Short Interm	Pair Corr
0.89	DMBZX	Dreyfus Municipal Bond	Pair Corr
0.99	DMUCX	Dreyfus Amt Free	Pair Corr
0.98	DMUAX	Dreyfus Amt Free	Pair Corr
0.99	DNYAX	Dnyax	Pair Corr
0.79	BYSIX	Bny Mellon Short	Pair Corr
0.8	BYSAX	Bny Mellon Short	Pair Corr

Moving against Dreyfus Mutual Fund

0.37	DLQAX	Dreyfus Large Cap	Pair Corr
0.38	DMCVX	Dreyfus Opportunistic	Pair Corr
0.35	RUDAX	Dreyfusthe Boston Pany	Pair Corr
0.34	DQICX	Dreyfus Equity Income	Pair Corr
0.34	DQIAX	Dreyfus Equity Income	Pair Corr
0.32	DNLDX	Dreyfus Active Midcap	Pair Corr

Related Correlations Analysis

	AGDAX	NEAIX	PHIAX	AWF	APDFX	CBSYX	HIMYX	SGYAX
AGDAX		0.29	0.95	0.17	0.96	0.45	0.48	0.91	AGDAX
NEAIX	0.29		0.39	0.24	0.31	0.53	0.05	0.25	NEAIX
PHIAX	0.95	0.39		0.06	0.96	0.49	0.33	0.92	PHIAX
AWF	0.17	0.24	0.06		0.04	0.66	0.66	-0.05	AWF
APDFX	0.96	0.31	0.96	0.04		0.38	0.33	0.98	APDFX
CBSYX	0.45	0.53	0.49	0.66	0.38		0.6	0.31	CBSYX
HIMYX	0.48	0.05	0.33	0.66	0.33	0.6		0.24	HIMYX
SGYAX	0.91	0.25	0.92	-0.05	0.98	0.31	0.24		SGYAX
	AGDAX	NEAIX	PHIAX	AWF	APDFX	CBSYX	HIMYX	SGYAX

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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

SGYAX	+ 0.98	APDFX
APDFX	+ 0.96	AGDAX
APDFX	+ 0.96	PHIAX
PHIAX	+ 0.95	AGDAX
SGYAX	+ 0.92	PHIAX
SGYAX	+ 0.91	AGDAX

High negative correlations

SGYAX

- 0.05

AWF

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus New 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 New'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
AGDAX	0.12	0.02	(0.45)	(1.63)	0.00	(0.23)	0.29	(0.28)	0.87
NEAIX	1.09	0.04	(0.04)	0.25	1.31	(1.16)	2.62	(2.27)	6.76
PHIAX	0.10	0.02	(0.47)	7.46	0.00	(0.15)	0.23	(0.23)	0.80
AWF	0.33	0.00	(0.26)	0.07	0.38	(0.39)	0.73	(0.74)	1.91
APDFX	0.11	0.02	(0.57)	0.53	0.00	(0.18)	0.33	(0.22)	0.90
CBSYX	0.33	0.01	(0.24)	0.64	0.35	(0.39)	0.69	(0.67)	2.27
HIMYX	0.15	0.02	(0.28)	(0.05)	0.17	(0.30)	0.33	(0.32)	1.47
SGYAX	0.14	0.02	(0.47)	0.45	0.00	(0.25)	0.28	(0.14)	1.28

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