Dreyfus Municipal Correlations

XDMBX Fund

USD 12.28 0.01 0.08%

The current 90-days correlation between Dreyfus Municipal Bond and Vanguard Total Stock is -0.26 (i.e., Very good diversification). The correlation of Dreyfus Municipal 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 Municipal Correlation With Market

Very good diversification

The correlation between Dreyfus Municipal Bond and DJI is -0.32 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Municipal Bond 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 Municipal Bond. 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 bureau of labor statistics.

Moving together with Dreyfus Mutual Fund

0.62

BXEAX

Barings Emerging Markets

Pair Corr

Moving against Dreyfus Mutual Fund

0.5	CPLIX	Calamos Phineus Longshort	Pair Corr
0.45	KMKNX	Kinetics Market Oppo Steady Growth	Pair Corr
0.4	SDGTX	Deutsche Capital Growth	Pair Corr
0.4	AMEIX	Equity Growth	Pair Corr
0.37	VTSAX	Vanguard Total Stock	Pair Corr
0.37	VTSMX	Vanguard Total Stock	Pair Corr
0.37	VITSX	Vanguard Total Stock	Pair Corr
0.37	VSTSX	Vanguard Total Stock	Pair Corr
0.37	VSMPX	Vanguard Total Stock	Pair Corr
0.37	VFFSX	Vanguard 500 Index	Pair Corr
0.36	VFIAX	Vanguard 500 Index	Pair Corr
0.36	VFINX	Vanguard 500 Index	Pair Corr
0.34	NAESX	Vanguard Small Cap	Pair Corr
0.31	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.51	FSRBX	Banking Portfolio Banking	Pair Corr
0.46	GUMPX	Guggenheim Market Neutral	Pair Corr
0.46	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.4	LGPIX	Large Cap Growth	Pair Corr
0.4	WCEYX	Ivy E Equity	Pair Corr
0.4	WCPSX	Mobile Telecommunicatio	Pair Corr
0.36	VFMFX	Vanguard Multifactor	Pair Corr
0.36	THLCX	Thrivent Large Cap	Pair Corr
0.35	TEGYX	Mid Cap Growth	Pair Corr
0.32	VSEQX	Vanguard Strategic Equity	Pair Corr
0.32	SSMOX	Steward Small Mid	Pair Corr
0.32	TRLCX	Tiaa-cref Large-cap	Pair Corr
0.31	PRDSX	T Rowe Price	Pair Corr

Related Correlations Analysis

	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX
VTSAX		0.96	1.0	1.0	1.0	1.0	0.96	1.0	-0.22	-0.21	VTSAX
VFIAX	0.96		0.96	0.96	0.96	0.96	1.0	0.96	-0.21	-0.21	VFIAX
VTSMX	1.0	0.96		1.0	1.0	1.0	0.96	1.0	-0.21	-0.21	VTSMX
VITSX	1.0	0.96	1.0		1.0	1.0	0.96	1.0	-0.22	-0.21	VITSX
VSTSX	1.0	0.96	1.0	1.0		1.0	0.96	1.0	-0.22	-0.21	VSTSX
VSMPX	1.0	0.96	1.0	1.0	1.0		0.96	1.0	-0.22	-0.21	VSMPX
VFINX	0.96	1.0	0.96	0.96	0.96	0.96		0.96	-0.21	-0.21	VFINX
VFFSX	1.0	0.96	1.0	1.0	1.0	1.0	0.96		-0.17	-0.17	VFFSX
VGTSX	-0.22	-0.21	-0.21	-0.22	-0.22	-0.22	-0.21	-0.17		1.0	VGTSX
VTIAX	-0.21	-0.21	-0.21	-0.21	-0.21	-0.21	-0.21	-0.17	1.0		VTIAX
	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX

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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

VTSMX	+ 1.0	VTSAX
VITSX	+ 1.0	VTSAX
VSTSX	+ 1.0	VTSAX
VSMPX	+ 1.0	VTSAX
VFFSX	+ 1.0	VTSAX
VFINX	+ 1.0	VFIAX

High negative correlations

VGTSX	- 0.22	VSMPX
VGTSX	- 0.22	VSTSX
VGTSX	- 0.22	VITSX
VGTSX	- 0.22	VTSAX
VTIAX	- 0.21	VFINX
VGTSX	- 0.21	VFINX

Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Municipal 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 Municipal'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
VTSAX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VFIAX	0.54	0.09	(0.04)	(6.66)	0.66	(0.55)	1.17	(1.31)	3.84
VTSMX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VITSX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VSTSX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VSMPX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.30)	4.11
VFINX	0.54	0.09	(0.04)	(6.73)	0.66	(0.56)	1.17	(1.31)	3.84
VFFSX	0.54	0.00	(0.02)	0.12	0.66	(0.55)	1.17	(1.31)	3.84
VGTSX	0.62	(0.11)	0.00	(0.13)	0.00	0.00	1.15	(1.56)	4.09
VTIAX	0.62	(0.11)	0.00	(0.12)	0.00	0.00	1.15	(1.59)	4.11

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