DHF vs DMA: Correlation
BNY Mellon High Yield Strategies Fund (DHF) and Destra Multi-Alternative Fund (DMA) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHF and DMA?
Over the past 3 years, DHF and DMA moved with a correlation of 0.48, which is moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.48). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 96.4 %².
Within DHF's tracked universe of 15 assets, DMA comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at -0.6% for DHF and -3.3% for DMA. One caveat on sizing: DMA is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DHF vs DMA: side by side
| DHF (BNY Mellon High Yield Strategies Fund) | DMA (Destra Multi-Alternative Fund) | |
|---|---|---|
| 1-year return | -0.6% | -3.3% |
| 5-year return | +7.9% | +19.8% |
| Volatility (ann.) | 11.4% | 17.6% |
| Beta vs S&P 500 | 0.52 | 0.47 |
| Max drawdown (3Y) | -11.8% | -19.4% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 8.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHF | DMA |
|---|---|---|
| 2022 | -22.5% | – |
| 2023 | +15.0% | -3.8% |
| 2024 | +21.4% | +41.1% |
| 2025 | +5.9% | +12.0% |
| 2026 | -0.2% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHF and DMA good diversifiers for each other?
Reasonably. At 0.48, DHF and DMA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DHF and DMA?
As of 2026-08-27, the correlation of weekly returns between DHF and DMA is 0.48 over 3 years, 0.31 over 1 year and 0.34 over 5 years.
Is DMA a good diversifier for DHF?
Reasonably. At 0.48, DHF and DMA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dhf-vs-dma.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhf-vs-dma/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DHF correlations · DMA correlations
