Voya High Correlations

Mutual Funds . USA . 
Fund . Voya High Yield
IPIMX Fund  USD 8.79  0.01  0.11%   
The current 90-days correlation between Voya High Yield and Auer Growth Fund is 0.41 (i.e., Very weak 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 0.49 (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 industry.

Moving together with Voya Mutual Fund

  0.89ILABX Voya Bond IndexPairCorr
  0.87ILBAX Voya Bond IndexPairCorr
  0.84ILBPX Voya Limited MaturityPairCorr
  0.84ILMBX Voya Limited MaturityPairCorr
  0.87ILUAX Voya Bond IndexPairCorr
  0.84IMBAX Voya Limited MaturityPairCorr
  0.7IMOPX Voya Midcap OpportunitiesPairCorr
  0.97IMYCX Voya High YieldPairCorr
  0.87INGIX Voya Stock IndexPairCorr
  0.66INGBX Voya Global BondPairCorr
  0.83VPISX Voya Index SolutionPairCorr
  0.62INTIX Voya International IndexPairCorr
  0.76VPRDX Voya Morgan StanleyPairCorr
  0.67VPRAX Voya T RowePairCorr
  0.88VPSSX Voya Index SolutionPairCorr
  0.88VPSAX Voya Index SolutionPairCorr
  0.84IOGPX Vy Oppenheimer GlobalPairCorr
  0.75IOSAX Voya Global BondPairCorr
  0.79IOSIX Voya Global BondPairCorr
  0.76IOSSX Voya Global BondPairCorr
  0.81NAPIX Voya Multi ManagerPairCorr
  0.79NARCX Voya Multi ManagerPairCorr
  0.93IPARX Voya Global Perspectives Potential GrowthPairCorr
  0.66IPEAX Voya Large CapPairCorr
  0.67IPEIX Voya Large Cap Potential GrowthPairCorr
  0.67IPESX Voya Large CapPairCorr
  0.66IPETX Voya Large CapPairCorr
  0.88IPIIX Ing Intermediate BondPairCorr
  0.88IPISX Voya Intermediate BondPairCorr
  0.93IPIRX Voya Global PerspectivesPairCorr
  0.94IPHYX Voya High YieldPairCorr

Related Correlations Analysis


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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