Voya Index Correlations

IPMIX Fund

USD 20.11 0.46 2.34%

The current 90-days correlation between Voya Index Plus and Inverse High Yield is -0.8 (i.e., Pay attention - limited upside). 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

Almost no diversification

The correlation between Voya Index Plus and DJI is 0.91 (i.e., Almost no 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. 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

0.93	IMCVX	Voya Multi Manager	Pair Corr
0.92	IMOPX	Voya Midcap Opportunities	Pair Corr
0.91	IMORX	Voya Midcap Opportunities	Pair Corr
0.91	IMOWX	Voya Midcap Opportunities	Pair Corr
0.91	IMOZX	Voya Midcap Opportunities	Pair Corr
0.81	IMYCX	Voya High Yield	Pair Corr
0.95	INGIX	Voya Stock Index	Pair Corr
0.89	VPRDX	Voya Morgan Stanley	Pair Corr
0.91	VPRAX	Voya T Rowe	Pair Corr
0.93	VPSSX	Voya Index Solution	Pair Corr
0.94	VPRSX	Voya Jpmorgan Small	Pair Corr
0.87	VPSAX	Voya Index Solution	Pair Corr
0.91	IOGPX	Vy Oppenheimer Global	Pair Corr
0.91	IPARX	Voya Global Perspectives	Pair Corr
0.93	IPEAX	Voya Large Cap	Pair Corr
0.93	IPEIX	Voya Large Cap	Pair Corr
0.93	IPESX	Voya Large Cap	Pair Corr
0.86	IPETX	Voya Large Cap	Pair Corr
0.77	IPIMX	Voya High Yield	Pair Corr
0.91	IPIRX	Voya Global Perspectives	Pair Corr
0.76	IPHYX	Voya High Yield	Pair Corr
0.95	IPLIX	Voya Index Plus	Pair Corr
0.94	IPMSX	Voya Index Plus	Pair Corr

Moving against Voya Mutual Fund

0.76	ILBPX	Voya Limited Maturity	Pair Corr
0.71	ILMBX	Voya Limited Maturity	Pair Corr
0.71	INGBX	Voya Global Bond	Pair Corr
0.7	IOSSX	Voya Global Bond	Pair Corr
0.69	IOSAX	Voya Global Bond	Pair Corr
0.69	IOSIX	Voya Global Bond	Pair Corr
0.6	IMBAX	Voya Limited Maturity	Pair Corr
0.38	IPIIX	Ing Intermediate Bond	Pair Corr

Related Correlations Analysis

	RYIHX	PBHAX	PHDTX	AHYVX	PAXHX	NMHYX	BHYRX
RYIHX		-0.88	-0.88	-0.86	-0.91	-0.92	-0.96	RYIHX
PBHAX	-0.88		0.97	0.97	0.87	0.96	0.88	PBHAX
PHDTX	-0.88	0.97		0.96	0.85	0.98	0.88	PHDTX
AHYVX	-0.86	0.97	0.96		0.89	0.97	0.89	AHYVX
PAXHX	-0.91	0.87	0.85	0.89		0.89	0.97	PAXHX
NMHYX	-0.92	0.96	0.98	0.97	0.89		0.93	NMHYX
BHYRX	-0.96	0.88	0.88	0.89	0.97	0.93		BHYRX
	RYIHX	PBHAX	PHDTX	AHYVX	PAXHX	NMHYX	BHYRX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NMHYX	+ 0.98	PHDTX
PHDTX	+ 0.97	PBHAX
AHYVX	+ 0.97	PBHAX
NMHYX	+ 0.97	AHYVX
BHYRX	+ 0.97	PAXHX
NMHYX	+ 0.96	PBHAX

High negative correlations

BHYRX	- 0.96	RYIHX
NMHYX	- 0.92	RYIHX
PAXHX	- 0.91	RYIHX
PHDTX	- 0.88	RYIHX
PBHAX	- 0.88	RYIHX
AHYVX	- 0.86	RYIHX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RYIHX	0.37	(0.03)	0.20	(0.01)	0.55	(0.40)	0.99	(0.62)	3.68
PBHAX	0.21	(0.01)	0.26	(0.74)	0.29	(0.32)	0.43	(0.42)	2.11
PHDTX	0.18	(0.01)	0.00	(0.62)	0.00	0.00	0.34	(0.34)	1.37
AHYVX	0.20	(0.01)	0.24	(0.57)	0.29	(0.28)	0.40	(0.40)	1.58
PAXHX	0.21	0.01	0.26	(0.02)	0.29	(0.25)	0.50	(0.50)	1.50
NMHYX	0.19	(0.02)	0.00	(0.63)	0.00	0.00	0.36	(0.48)	1.44
BHYRX	0.23	0.01	0.00	(0.08)	0.00	0.00	0.57	(0.43)	1.86

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