Voya Smallcap Correlations

Mutual Funds . USA . 
Fund . Voya Smallcap Opportunities
IVPOX Fund  USD 19.06  0.03  0.16%   
The current 90-days correlation between Voya Smallcap Opport and Voya Bond Index is -0.02 (i.e., Good diversification). The correlation of Voya Smallcap 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 Smallcap Correlation With Market

Very poor diversification

The correlation between Voya Smallcap Opportunities and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Smallcap Opportunities 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 Smallcap Opportunities. 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 persons.

Moving together with Voya Mutual Fund

  0.85ILBPX Voya Limited MaturityPairCorr
  0.84ILMBX Voya Limited MaturityPairCorr
  0.82IMBAX Voya Limited MaturityPairCorr
  0.96IMCVX Voya Multi ManagerPairCorr
  0.97IMOPX Voya Midcap OpportunitiesPairCorr
  0.97IMORX Voya Midcap OpportunitiesPairCorr
  0.97IMOWX Voya Midcap OpportunitiesPairCorr
  0.97IMOZX Voya Midcap OpportunitiesPairCorr
  0.95IMYCX Voya High YieldPairCorr
  0.79INGIX Voya Stock IndexPairCorr
  0.97VPISX Voya Index SolutionPairCorr
  0.92INTIX Voya International IndexPairCorr
  0.97VPSSX Voya Index SolutionPairCorr
  0.64VPRSX Voya Jpmorgan SmallPairCorr
  0.96VPSAX Voya Index SolutionPairCorr
  0.96IOGPX Vy Oppenheimer GlobalPairCorr
  0.64IOSAX Voya Global BondPairCorr
  0.64IOSIX Voya Global BondPairCorr
  0.67IOSSX Voya Global BondPairCorr
  0.96NAPIX Voya Multi ManagerPairCorr
  0.96NARCX Voya Multi ManagerPairCorr
  0.95NAWCX Voya Global EquityPairCorr
  0.93NAWGX Voya Global EquityPairCorr
  0.95NAWIX Voya Global EquityPairCorr
  0.89IPARX Voya Global PerspectivesPairCorr
  0.67IPIIX Ing Intermediate BondPairCorr
  0.96IPIMX Voya High YieldPairCorr
  0.68IPISX Voya Intermediate BondPairCorr
  0.88IPIRX Voya Global PerspectivesPairCorr
  0.95IPHYX Voya High YieldPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Smallcap 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 Smallcap'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
ILABX  0.25  0.01 (0.46) 4.32  0.27 
(0.28)
 0.45 
(0.45)
 1.24 
ILBAX  0.24 (0.01)(0.45) 0.07  0.26 
(0.27)
 0.45 
(0.55)
 1.12 
ILBPX  0.08  0.01 (1.15) 1.59  0.00 
(0.16)
 0.21 
(0.11)
 0.63 
ILMBX  0.08  0.01 (1.39) 1.16  0.00 
(0.17)
 0.21 
(0.10)
 0.63 
ILUAX  0.25 (0.01)(0.49) 0.04  0.28 
(0.26)
 0.45 
(0.45)
 1.24 
IMBAX  0.09  0.00 (1.20) 1.28  0.00 
(0.17)
 0.22 
(0.11)
 0.64 
IMCVX  0.66  0.03  0.01  0.21  0.59 
(0.80)
 1.84 
(1.17)
 4.55 
IMOPX  0.92  0.13  0.13  0.30  0.73 
(1.18)
 2.57 
(1.57)
 5.69 
IMORX  0.91  0.13  0.13  0.29  0.72 
(1.07)
 2.60 
(1.39)
 5.77 
IMOWX  0.91  0.13  0.13  0.29  0.73 
(1.08)
 2.60 
(1.39)
 5.83 

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