Voya Gnma Correlations

Mutual Funds . USA . 
Fund . Voya Gnma Income
VGMBX Fund  USD 7.33  0.01  0.14%   
The current 90-days correlation between Voya Gnma Income and Legg Mason Partners is -0.1 (i.e., Good diversification). The correlation of Voya Gnma 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 Gnma Correlation With Market

Average diversification

The correlation between Voya Gnma Income and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Gnma Income and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Voya Gnma Income. 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 bureau of labor statistics.

Moving together with Voya Mutual Fund

  0.97ILABX Voya Bond IndexPairCorr
  0.97ILBAX Voya Bond IndexPairCorr
  0.96ILUAX Voya Bond IndexPairCorr
  0.95INGBX Voya Global BondPairCorr
  0.73INTIX Voya International IndexPairCorr
  0.95IOSAX Voya Global BondPairCorr
  0.97IOSIX Voya Global BondPairCorr
  0.95IOSSX Voya Global BondPairCorr
  0.97IPIIX Ing Intermediate BondPairCorr
  0.99IPISX Voya Intermediate BondPairCorr

Moving against Voya Mutual Fund

  0.72IMOPX Voya Midcap OpportunitiesPairCorr
  0.72IMORX Voya Midcap OpportunitiesPairCorr
  0.72IMOWX Voya Midcap OpportunitiesPairCorr
  0.72IMOZX Voya Midcap OpportunitiesPairCorr
  0.7INGIX Voya Stock IndexPairCorr
  0.58VPRSX Voya Jpmorgan SmallPairCorr
  0.51VPRAX Voya T RowePairCorr
  0.48VPSAX Voya Index SolutionPairCorr
  0.45VPSSX Voya Index SolutionPairCorr
  0.44IMCVX Voya Multi ManagerPairCorr
  0.44VPISX Voya Index SolutionPairCorr
  0.44NAWIX Voya Global EquityPairCorr
  0.41NAWCX Voya Global EquityPairCorr
  0.41NAWGX Voya Global EquityPairCorr
  0.72IPLIX Voya Index PlusPairCorr
  0.72IPLSX Voya Index PlusPairCorr
  0.72VRLCX Voya Large CapPairCorr
  0.67IPEIX Voya Large CapPairCorr
  0.66IPEAX Voya Large CapPairCorr
  0.66IPESX Voya Large CapPairCorr
  0.66IPETX Voya Large CapPairCorr
  0.66IPMSX Voya Index PlusPairCorr
  0.66IPMIX Voya Index PlusPairCorr
  0.64VRSCX Voya Smallcap OpportPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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