Voya Index Correlations

Mutual Funds . USA . 
Fund . Voya Index Solution
ISEIX Fund  USD 13.41  0.02  0.15%   
The current 90-days correlation between Voya Index Solution and Hennessy Bp Energy is 0.11 (i.e., Average 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

Very poor diversification

The correlation between Voya Index Solution and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Index Solution 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 Solution. 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

  0.95IMCVX Voya Multi ManagerPairCorr
  0.97IMOPX Voya Midcap OpportunitiesPairCorr
  0.62IMOWX Voya Midcap OpportunitiesPairCorr
  0.66IMYCX Voya High YieldPairCorr
  0.65INGIX Voya Stock IndexPairCorr
  0.98VPSSX Voya Index SolutionPairCorr
  0.61VPRSX Voya Jpmorgan SmallPairCorr
  0.61IOGPX Vy Oppenheimer GlobalPairCorr
  0.69IOSSX Voya Global BondPairCorr
  0.96NAWCX Voya Global EquityPairCorr
  0.98IPEAX Voya Large CapPairCorr
  0.98IPEIX Voya Large CapPairCorr
  0.68IPIIX Ing Intermediate BondPairCorr
  0.95IPIMX Voya High YieldPairCorr
  0.67IPISX Voya Intermediate BondPairCorr

Related Correlations Analysis

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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.

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