Correlation Between Voya Us and Voya Global
Can any of the company-specific risk be diversified away by investing in both Voya Us and Voya Global at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Voya Us and Voya Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Bond Index and Voya Global Multi Asset, you can compare the effects of market volatilities on Voya Us and Voya Global and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Voya Us with a short position of Voya Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Us and Voya Global.
Diversification Opportunities for Voya Us and Voya Global
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Voya and Voya is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Voya Bond Index and Voya Global Multi Asset in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Global Multi and Voya Us is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Voya Bond Index are associated (or correlated) with Voya Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Global Multi has no effect on the direction of Voya Us i.e., Voya Us and Voya Global go up and down completely randomly.
Pair Corralation between Voya Us and Voya Global
Assuming the 90 days horizon Voya Bond Index is expected to under-perform the Voya Global. But the mutual fund apears to be less risky and, when comparing its historical volatility, Voya Bond Index is 1.02 times less risky than Voya Global. The mutual fund trades about -0.14 of its potential returns per unit of risk. The Voya Global Multi Asset is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,168 in Voya Global Multi Asset on August 30, 2024 and sell it today you would earn a total of 14.00 from holding Voya Global Multi Asset or generate 1.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.73% |
| Values | Daily Returns |
Voya Bond Index vs. Voya Global Multi Asset
Performance |
| Timeline |
| Voya Bond Index |
| Voya Global Multi |
Voya Us and Voya Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Us and Voya Global
The main advantage of trading using opposite Voya Us and Voya Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Us position performs unexpectedly, Voya Global can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Voya Global will offset losses from the drop in Voya Global's long position.| Voya Us vs. Putnam Convertible Incm Gwth | Voya Us vs. Calamos Dynamic Convertible | Voya Us vs. Absolute Convertible Arbitrage | Voya Us vs. Lord Abbett Convertible |
| Voya Global vs. Voya Bond Index | Voya Global vs. Voya Bond Index | Voya Global vs. Voya Limited Maturity | Voya Global vs. Voya Limited Maturity |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |