Voya Global Correlations

NAWIX Fund

USD 49.37 0.70 1.44%

The current 90-days correlation between Voya Global Equity and Inverse Government Long is 0.26 (i.e., Modest diversification). The correlation of Voya Global 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 Global Correlation With Market

Very poor diversification

The correlation between Voya Global Equity and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Global Equity and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Voya Global Equity. 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

0.64	IMYCX	Voya High Yield	Pair Corr
0.91	INTIX	Voya International Index	Pair Corr
0.82	NAPIX	Voya Multi Manager	Pair Corr
0.82	NARCX	Voya Multi Manager	Pair Corr
1.0	NAWCX	Voya Global Equity	Pair Corr
1.0	NAWGX	Voya Global Equity	Pair Corr
0.68	IPIMX	Voya High Yield	Pair Corr
0.68	IPHYX	Voya High Yield	Pair Corr

Related Correlations Analysis

	RYAQX	EQCDX	USGFX	OWMBX	PTIMX	FCSCX
RYAQX		-0.09	-0.45	-0.59	-0.56	-0.2	RYAQX
EQCDX	-0.09		0.79	-0.48	-0.53	0.82	EQCDX
USGFX	-0.45	0.79		-0.31	-0.38	0.93	USGFX
OWMBX	-0.59	-0.48	-0.31		0.99	-0.49	OWMBX
PTIMX	-0.56	-0.53	-0.38	0.99		-0.56	PTIMX
FCSCX	-0.2	0.82	0.93	-0.49	-0.56		FCSCX
	RYAQX	EQCDX	USGFX	OWMBX	PTIMX	FCSCX

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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

PTIMX	+ 0.99	OWMBX
FCSCX	+ 0.93	USGFX
FCSCX	+ 0.82	EQCDX
USGFX	+ 0.79	EQCDX

High negative correlations

OWMBX	- 0.59	RYAQX
FCSCX	- 0.56	PTIMX
PTIMX	- 0.56	RYAQX
PTIMX	- 0.53	EQCDX
FCSCX	- 0.49	OWMBX
OWMBX	- 0.48	EQCDX

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Global 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 Global'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
RYAQX	0.76	0.00	0.00	(0.12)	0.00	0.00	1.74	(1.29)	3.90
EQCDX	0.08	0.02	0.00	(1.88)	0.00	0.00	0.32	(0.11)	1.06
USGFX	0.30	0.04	0.42	(0.85)	0.27	(0.33)	0.67	(0.59)	1.82
OWMBX	0.21	(0.02)	0.00	0.28	0.00	0.00	0.35	(0.80)	1.97
PTIMX	0.34	(0.05)	0.00	0.36	0.00	0.00	0.58	(1.22)	3.26
FCSCX	0.07	0.01	0.89	(0.89)	0.00	(0.18)	0.13	(0.13)	0.53

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