Voya Index Correlations

Mutual Funds . USA . 
Fund . Voya Index Plus
IPLSX Fund  USD 29.87  0.31  1.03%   
The current 90-days correlation between Voya Index Plus and Voya Midcap Opportunities is 0.02 (i.e., Significant 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

Poor diversification

The correlation between Voya Index Plus and DJI is 0.79 (i.e., 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 main economic indicators.

Moving together with Voya Mutual Fund

  0.62ILMBX Voya Limited MaturityPairCorr
  0.61IMBAX Voya Limited MaturityPairCorr
  0.61IMCVX Voya Multi ManagerPairCorr
  0.64IMOWX Voya Midcap OpportunitiesPairCorr
  0.64IMOZX Voya Midcap OpportunitiesPairCorr
  0.75IMYCX Voya High YieldPairCorr
  0.98INGIX Voya Stock IndexPairCorr
  0.62INGBX Voya Global BondPairCorr
  0.79VPISX Voya Index SolutionPairCorr
  0.71INTIX Voya International IndexPairCorr
  0.68VPRAX Voya T RowePairCorr
  0.79VPSSX Voya Index SolutionPairCorr
  0.69VPRSX Voya Jpmorgan SmallPairCorr
  0.79VPSAX Voya Index SolutionPairCorr
  0.92IOGPX Vy Oppenheimer GlobalPairCorr
  0.65IOSAX Voya Global BondPairCorr
  0.68IOSIX Voya Global BondPairCorr
  0.65IOSSX Voya Global BondPairCorr
  0.65NAPIX Voya Multi ManagerPairCorr
  0.65NARCX Voya Multi ManagerPairCorr
  0.62NAWCX Voya Global EquityPairCorr
  0.63NAWGX Voya Global EquityPairCorr
  0.62NAWIX Voya Global EquityPairCorr
  0.75IPARX Voya Global PerspectivesPairCorr
  0.72IPEAX Voya Large CapPairCorr
  0.71IPEIX Voya Large CapPairCorr
  0.78IPESX Voya Large CapPairCorr
  0.78IPETX Voya Large CapPairCorr
  0.76IPIMX Voya High YieldPairCorr
  0.75IPIRX Voya Global PerspectivesPairCorr
  0.72IPHYX Voya High YieldPairCorr

Related Correlations Analysis


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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ILABX  0.13 (0.01)(0.31)(0.18) 0.16 
(0.17)
 0.22 
(0.33)
 0.76 
ILBAX  0.13 (0.01)(0.30)(0.14) 0.15 
(0.17)
 0.22 
(0.33)
 0.66 
ILBPX  0.07  0.01 (0.42) 7.02  0.00 
(0.15)
 0.11 
(0.10)
 0.53 
ILMBX  0.06  0.01 (0.45) 0.47  0.00 
(0.16)
 0.10 
(0.10)
 0.52 
ILUAX  0.13 (0.01)(0.30)(0.16) 0.15 
(0.16)
 0.22 
(0.33)
 0.66 
IMBAX  0.06  0.00 (0.45) 0.24  0.00 
(0.15)
 0.11 
(0.11)
 0.43 
IMCVX  0.71  0.25  0.34  0.47  0.00 
(0.94)
 1.60 
(0.96)
 9.72 
IMOPX  0.86 (0.14) 0.00 (0.08) 0.00 
 0.00 
 1.52 
(2.04)
 3.95 
IMORX  1.24  0.30  0.23  0.59  0.86 
(1.63)
 1.42 
(2.10)
 27.67 
IMOWX  1.04  0.11  0.08  0.21  1.04 
(1.23)
 1.44 
(2.11)
 16.18 

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