Voya High Correlations

Mutual Funds . USA . 
Fund . Voya High Yield
IMYCX Fund  USD 6.96  0.01  0.14%   
The current 90-days correlation between Voya High Yield and Blackrock High Yield is 0.62 (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

Good diversification

The correlation between Voya High Yield and DJI is -0.1 (i.e., Good 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 main economic indicators.

Moving together with Voya Mutual Fund

  0.79ILBPX Voya Limited MaturityPairCorr
  0.61ILMBX Voya Limited MaturityPairCorr
  0.73IMBAX Voya Limited MaturityPairCorr
  0.78IMCVX Voya Multi ManagerPairCorr
  0.64IMOPX Voya Midcap OpportunitiesPairCorr
  0.64IMORX Voya Midcap OpportunitiesPairCorr
  0.64IMOWX Voya Midcap OpportunitiesPairCorr
  0.64IMOZX Voya Midcap OpportunitiesPairCorr
  0.68INGIX Voya Stock IndexPairCorr
  0.76VPISX Voya Index SolutionPairCorr
  0.63VPRDX Voya Morgan StanleyPairCorr
  0.77VPRAX Voya T RowePairCorr
  0.72VPSSX Voya Index SolutionPairCorr
  0.75VPSAX Voya Index SolutionPairCorr
  0.76NAWGX Voya Global EquityPairCorr
  0.77NAWIX Voya Global EquityPairCorr
  0.83IPARX Voya Global PerspectivesPairCorr
  0.75IPEAX Voya Large CapPairCorr
  0.76IPEIX Voya Large CapPairCorr
  0.75IPESX Voya Large CapPairCorr
  0.75IPETX Voya Large CapPairCorr
  0.98IPIMX Voya High YieldPairCorr
  0.98IPHYX Voya High YieldPairCorr
  0.64IPLIX Voya Index PlusPairCorr

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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