Voya Midcap Correlations

Mutual Funds . USA . 
Fund . Voya Midcap Opportunities
NMCIX Fund  USD 27.00  0.05  0.18%   
The current 90-days correlation between Voya Midcap Opportunities and Voya Bond Index is -0.1 (i.e., Good diversification). The correlation of Voya Midcap 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 Midcap Correlation With Market

Average diversification

The correlation between Voya Midcap Opportunities and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Midcap Opportunities and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Voya Midcap 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 gross domestic product.

Moving together with Voya Mutual Fund

  0.62IMOPX Voya Midcap OpportunitiesPairCorr
  0.62IMORX Voya Midcap OpportunitiesPairCorr
  0.98IMOZX Voya Midcap OpportunitiesPairCorr
  0.95IMYCX Voya High YieldPairCorr
  0.68INGIX Voya Stock IndexPairCorr
  0.98VPISX Voya Index SolutionPairCorr
  0.98VPSSX Voya Index SolutionPairCorr
  0.99IOGPX Vy Oppenheimer GlobalPairCorr
  0.94NAPIX Voya Multi ManagerPairCorr
  0.95NARCX Voya Multi ManagerPairCorr
  0.95NAWCX Voya Global EquityPairCorr
  0.96NAWGX Voya Global EquityPairCorr
  0.95NAWIX Voya Global EquityPairCorr
  0.91IPARX Voya Global PerspectivesPairCorr
  0.61IPIMX Voya High YieldPairCorr
  0.96IPMSX Voya Index PlusPairCorr
  0.71VREQX Voya Real EstatePairCorr
  0.97IPLSX Voya Index PlusPairCorr
  0.96IPMIX Voya Index PlusPairCorr

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 Midcap 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 Midcap'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 (0.45) 1.39  0.25 
(0.28)
 0.45 
(0.44)
 1.24 
ILBAX  0.24  0.01 (0.43) 0.45  0.23 
(0.28)
 0.45 
(0.55)
 1.12 
ILBPX  0.08  0.01 (1.12) 1.13  0.00 
(0.16)
 0.21 
(0.11)
 0.63 
ILMBX  0.08  0.00 (1.39) 0.00  0.00 
(0.17)
 0.21 
(0.10)
 0.63 
ILUAX  0.24  0.00 (0.51) 0.08  0.27 
(0.26)
 0.34 
(0.45)
 1.23 
IMBAX  0.09  0.00 (1.20)(1.71) 0.00 
(0.17)
 0.22 
(0.11)
 0.64 
IMCVX  0.61  0.06 (0.02) 0.26  0.51 
(0.76)
 1.58 
(0.95)
 4.50 
IMOPX  0.84  0.15  0.12  0.37  0.55 
(1.09)
 2.26 
(1.02)
 5.69 
IMORX  0.83  0.15  0.12  0.37  0.56 
(0.99)
 2.19 
(0.91)
 5.77 
IMOWX  0.79  0.23  0.07 (67.28) 0.61 
(0.94)
 2.05 
(0.93)
 5.83 

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