Correlation Between Voya Retirement and Blackrock Managed

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Can any of the company-specific risk be diversified away by investing in both Voya Retirement and Blackrock Managed 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 Retirement and Blackrock Managed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Retirement Servative and Blackrock Managed Income, you can compare the effects of market volatilities on Voya Retirement and Blackrock Managed 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 Retirement with a short position of Blackrock Managed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Retirement and Blackrock Managed.

Diversification Opportunities for Voya Retirement and Blackrock Managed

VoyaBlackrockDiversified AwayVoyaBlackrockDiversified Away100%
0.83
  Correlation Coefficient

Very poor diversification

The 3 months correlation between Voya and Blackrock is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Voya Retirement Servative and Blackrock Managed Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Managed Income and Voya Retirement 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 Retirement Servative are associated (or correlated) with Blackrock Managed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Managed Income has no effect on the direction of Voya Retirement i.e., Voya Retirement and Blackrock Managed go up and down completely randomly.

Pair Corralation between Voya Retirement and Blackrock Managed

Assuming the 90 days horizon Voya Retirement Servative is expected to generate 1.01 times more return on investment than Blackrock Managed. However, Voya Retirement is 1.01 times more volatile than Blackrock Managed Income. It trades about 0.18 of its potential returns per unit of risk. Blackrock Managed Income is currently generating about 0.15 per unit of risk. If you would invest  790.00  in Voya Retirement Servative on November 5, 2024 and sell it today you would earn a total of  9.00  from holding Voya Retirement Servative or generate 1.14% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Voya Retirement Servative  vs.  Blackrock Managed Income

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -1.5-1.0-0.50.00.51.01.5
JavaScript chart by amCharts 3.21.15IRCAX BLADX
       Timeline  
Voya Retirement Servative 

Risk-Adjusted Performance

4 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Voya Retirement Servative are ranked lower than 4 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong basic indicators, Voya Retirement is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
JavaScript chart by amCharts 3.21.15DecJanJanFeb7.857.97.958
Blackrock Managed Income 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Blackrock Managed Income are ranked lower than 2 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong fundamental indicators, Blackrock Managed is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
JavaScript chart by amCharts 3.21.15DecJanJanFeb9.259.39.359.49.459.5

Voya Retirement and Blackrock Managed Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-0.94-0.67-0.4-0.13-0.0040340.09580.360.630.91.17 1234
JavaScript chart by amCharts 3.21.15IRCAX BLADX
       Returns  

Pair Trading with Voya Retirement and Blackrock Managed

The main advantage of trading using opposite Voya Retirement and Blackrock Managed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Retirement position performs unexpectedly, Blackrock Managed 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 Blackrock Managed will offset losses from the drop in Blackrock Managed's long position.
The idea behind Voya Retirement Servative and Blackrock Managed Income pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Global Correlations module to find global opportunities by holding instruments from different markets.

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