Voya High Correlations

Mutual Funds . USA . 
Fund . Voya High Yield
IPIMX Fund  USD 8.78  0.01  0.11%   
The current 90-days correlation between Voya High Yield and Jhancock Global Equity is 0.6 (i.e., Poor diversification). The correlation of Voya High 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.

Voya High Correlation With Market

Very weak diversification

The correlation between Voya High Yield and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya High Yield and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Voya High Yield. 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 population.

Moving together with Voya Mutual Fund

  0.89ILBPX Voya Limited MaturityPairCorr
  0.91ILMBX Voya Limited MaturityPairCorr
  0.88IMBAX Voya Limited MaturityPairCorr
  0.91IMCVX Voya Multi ManagerPairCorr
  0.97IMOPX Voya Midcap OpportunitiesPairCorr
  0.97IMORX Voya Midcap OpportunitiesPairCorr
  0.97IMOWX Voya Midcap OpportunitiesPairCorr
  0.97IMOZX Voya Midcap OpportunitiesPairCorr
  1.0IMYCX Voya High YieldPairCorr
  0.89INGIX Voya Stock IndexPairCorr
  0.61INGBX Voya Global BondPairCorr
  0.97VPISX Voya Index SolutionPairCorr
  0.96INTIX Voya International IndexPairCorr
  0.97VPSSX Voya Index SolutionPairCorr
  0.78VPRSX Voya Jpmorgan SmallPairCorr
  0.97VPSAX Voya Index SolutionPairCorr
  0.96IOGPX Vy Oppenheimer GlobalPairCorr
  0.72IOSAX Voya Global BondPairCorr
  0.73IOSIX Voya Global BondPairCorr
  0.75IOSSX Voya Global BondPairCorr
  0.96NAPIX Voya Multi ManagerPairCorr
  0.96NARCX Voya Multi ManagerPairCorr
  0.96NAWCX Voya Global EquityPairCorr
  0.96NAWGX Voya Global EquityPairCorr
  0.96NAWIX Voya Global EquityPairCorr
  0.96IPARX Voya Global PerspectivesPairCorr
  0.72IPIIX Ing Intermediate BondPairCorr
  0.72IPISX Voya Intermediate BondPairCorr
  0.96IPIRX Voya Global PerspectivesPairCorr
  1.0IPHYX Voya High YieldPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya High 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 Voya High'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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