Correlation Between Nasdaq 100 and Voya High
Can any of the company-specific risk be diversified away by investing in both Nasdaq 100 and Voya High at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Nasdaq 100 and Voya High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nasdaq 100 Index Fund and Voya High Yield, you can compare the effects of market volatilities on Nasdaq 100 and Voya High and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Nasdaq 100 with a short position of Voya High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nasdaq 100 and Voya High.
Diversification Opportunities for Nasdaq 100 and Voya High
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Nasdaq and Voya is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Index Fund and Voya High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya High Yield and Nasdaq 100 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Nasdaq 100 Index Fund are associated (or correlated) with Voya High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya High Yield has no effect on the direction of Nasdaq 100 i.e., Nasdaq 100 and Voya High go up and down completely randomly.
Pair Corralation between Nasdaq 100 and Voya High
Assuming the 90 days horizon Nasdaq 100 Index Fund is expected to generate 6.11 times more return on investment than Voya High. However, Nasdaq 100 is 6.11 times more volatile than Voya High Yield. It trades about 0.11 of its potential returns per unit of risk. Voya High Yield is currently generating about 0.08 per unit of risk. If you would invest 5,835 in Nasdaq 100 Index Fund on September 4, 2025 and sell it today you would earn a total of 429.00 from holding Nasdaq 100 Index Fund or generate 7.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nasdaq 100 Index Fund vs. Voya High Yield
Performance |
| Timeline |
| Nasdaq 100 Index |
| Voya High Yield |
Nasdaq 100 and Voya High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nasdaq 100 and Voya High
The main advantage of trading using opposite Nasdaq 100 and Voya High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nasdaq 100 position performs unexpectedly, Voya High can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Voya High will offset losses from the drop in Voya High's long position.| Nasdaq 100 vs. Tfa Alphagen Growth | Nasdaq 100 vs. Templeton Growth Fund | Nasdaq 100 vs. Eagle Growth Income | Nasdaq 100 vs. The Hartford Growth |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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