Voya High Correlations

Mutual Funds . USA . 
Fund . Voya High Yield
IPIMX Fund  USD 8.88  0.02  0.23%   
The current 90-days correlation between Voya High Yield and Ab Municipal Bond is 0.1 (i.e., Average 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

Almost no diversification

The correlation between Voya High Yield and DJI is 0.91 (i.e., Almost no 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

  0.94ILBPX Voya Limited MaturityPairCorr
  0.96ILMBX Voya Limited MaturityPairCorr
  0.94IMBAX Voya Limited MaturityPairCorr
  0.88IMCVX Voya Multi ManagerPairCorr
  0.84IMORX Voya Midcap OpportunitiesPairCorr
  0.85IMOWX Voya Midcap OpportunitiesPairCorr
  0.85IMOZX Voya Midcap OpportunitiesPairCorr
  1.0IMYCX Voya High YieldPairCorr
  0.86INGIX Voya Stock IndexPairCorr
  0.89VPISX Voya Index SolutionPairCorr
  0.86INTIX Voya International IndexPairCorr
  0.89VPSSX Voya Index SolutionPairCorr
  0.91VPRSX Voya Jpmorgan SmallPairCorr
  0.89VPSAX Voya Index SolutionPairCorr
  0.88IOGPX Vy Oppenheimer GlobalPairCorr
  0.69IOSAX Voya Global BondPairCorr
  0.72IOSIX Voya Global BondPairCorr
  0.67IOSSX Voya Global BondPairCorr
  0.88NAPIX Voya Multi ManagerPairCorr
  0.88NARCX Voya Multi ManagerPairCorr
  0.87NAWCX Voya Global EquityPairCorr
  0.87NAWGX Voya Global EquityPairCorr
  0.87NAWIX Voya Global EquityPairCorr
  0.88IPARX Voya Global PerspectivesPairCorr
  0.7IPEAX Voya Large CapPairCorr
  0.76IPEIX Voya Large CapPairCorr
  0.73IPESX Voya Large CapPairCorr
  0.73IPETX Voya Large CapPairCorr
  0.65IPIIX Ing Intermediate BondPairCorr
  0.88IPIRX Voya Global PerspectivesPairCorr
  1.0IPHYX 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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