Dreyfus Strategic Correlations

XLEOX Fund  USD 6.99  0.02  0.29%   
The correlation of Dreyfus Strategic 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Dreyfus Strategic moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Dreyfus Strategic Municipals moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Good diversification

The correlation between Dreyfus Strategic Municipals and NYA is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Strategic Municipals and NYA 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 Strategic Municipals. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in persons.
  
The ability to find closely correlated positions to Dreyfus Strategic could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dreyfus Strategic when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Dreyfus Strategic - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Dreyfus Strategic Municipals to buy it.

Moving together with Dreyfus Mutual Fund

  0.61BRUFX Bruce Fund BrucePairCorr
  0.68KF Korea ClosedPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Dreyfus Mutual Fund performing well and Dreyfus Strategic 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 Strategic'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
VTSAX  0.56  0.00  0.03  0.13  0.42 
 1.26 
 3.14 
VFIAX  0.52  0.03  0.04  0.15  0.31 
 1.24 
 3.13 
VTSMX  0.55  0.00  0.03  0.13  0.42 
 1.26 
 3.16 
VITSX  0.55  0.00  0.03  0.13  0.42 
 1.26 
 3.15 
VSTSX  0.55  0.01  0.03  0.13  0.42 
 1.26 
 3.15 
VSMPX  0.55  0.01  0.03  0.13  0.42 
 1.26 
 3.15 
VFINX  0.53  0.02  0.04  0.15  0.31 
 1.24 
 3.13 
VFFSX  0.53  0.02  0.04  0.15  0.32 
 1.24 
 3.13 
VGTSX  0.47 (0.04)(0.06) 0.08  0.55 
 1.00 
 2.40 
VTIAX  0.47 (0.04)(0.06) 0.09  0.54 
 0.99 
 2.41 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Dreyfus Strategic without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Already Invested in Dreyfus Strategic Municipals?

The danger of trading Dreyfus Strategic Municipals is mainly related to its market volatility and Mutual Fund specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Dreyfus Strategic is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Dreyfus Strategic. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Dreyfus Strategic is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Dreyfus Strategic Municipals. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in persons.
You can also try the Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.

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Please note, there is a significant difference between Dreyfus Strategic's value and its price as these two are different measures arrived at by different means. Investors typically determine if Dreyfus Strategic is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Dreyfus Strategic's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.