Voya Index Correlations

Mutual Funds . USA . 
Fund . Voya Index Plus
IPLIX Fund  USD 30.65  0.12  0.39%   
The current 90-days correlation between Voya Index Plus and Acm Tactical Income is 0.46 (i.e., Very weak diversification). The correlation of Voya Index 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 Index Correlation With Market

Very poor diversification

The correlation between Voya Index Plus and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Index Plus 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 Index Plus. 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

  0.91IMCVX Voya Multi ManagerPairCorr
  0.97IMOPX Voya Midcap OpportunitiesPairCorr
  0.97IMORX Voya Midcap OpportunitiesPairCorr
  0.97IMOWX Voya Midcap OpportunitiesPairCorr
  0.97IMOZX Voya Midcap OpportunitiesPairCorr
  0.64IMYCX Voya High YieldPairCorr
  0.99INGIX Voya Stock IndexPairCorr
  0.89VPISX Voya Index SolutionPairCorr
  0.95VPRAX Voya T RowePairCorr
  0.89VPSSX Voya Index SolutionPairCorr
  0.93VPRSX Voya Jpmorgan SmallPairCorr
  0.89VPSAX Voya Index SolutionPairCorr
  0.86NAWCX Voya Global EquityPairCorr
  0.88NAWGX Voya Global EquityPairCorr
  0.88NAWIX Voya Global EquityPairCorr
  0.62IPARX Voya Global PerspectivesPairCorr
  0.97IPEAX Voya Large CapPairCorr
  0.97IPEIX Voya Large CapPairCorr
  0.97IPESX Voya Large CapPairCorr
  0.97IPETX Voya Large CapPairCorr
  0.73IPIMX Voya High YieldPairCorr
  0.64IPIRX Voya Global PerspectivesPairCorr
  0.7IPHYX Voya High YieldPairCorr

Moving against Voya Mutual Fund

  0.81INGBX Voya Global BondPairCorr
  0.81IOSAX Voya Global BondPairCorr
  0.81IOSIX Voya Global BondPairCorr
  0.81IOSSX Voya Global BondPairCorr
  0.79ILABX Voya Bond IndexPairCorr
  0.79ILBAX Voya Bond IndexPairCorr
  0.79ILUAX Voya Bond IndexPairCorr
  0.58INTIX Voya International IndexPairCorr
  0.77IPISX Voya Intermediate BondPairCorr
  0.76IPIIX Ing Intermediate BondPairCorr
  0.49VREQX Voya Real EstatePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Index 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 Index'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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