Voya Midcap Correlations

IAMOX Fund

USD 3.19 0.06 1.85%

The current 90-days correlation between Voya Midcap Opportunities and Semiconductor Ultrasector Profund is 0.2 (i.e., Modest diversification). The correlation of Voya Midcap 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 Midcap Correlation With Market

Poor diversification

The correlation between Voya Midcap Opportunities and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Midcap Opportunities 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 Midcap Opportunities. 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 persons.

Moving together with Voya Mutual Fund

0.97	IMOPX	Voya Midcap Opportunities	Pair Corr
0.7	IMOWX	Voya Midcap Opportunities	Pair Corr
0.72	IMOZX	Voya Midcap Opportunities	Pair Corr
0.75	IMYCX	Voya High Yield	Pair Corr
0.91	INGIX	Voya Stock Index	Pair Corr
0.66	VPISX	Voya Index Solution	Pair Corr
0.65	VPSSX	Voya Index Solution	Pair Corr
0.77	VPRSX	Voya Jpmorgan Small	Pair Corr
0.67	VPSAX	Voya Index Solution	Pair Corr
0.64	IPEAX	Voya Large Cap	Pair Corr
0.65	IPEIX	Voya Large Cap	Pair Corr
0.64	IPESX	Voya Large Cap	Pair Corr
0.65	IPETX	Voya Large Cap	Pair Corr
0.8	IPIMX	Voya High Yield	Pair Corr

Moving against Voya Mutual Fund

0.5	INTIX	Voya International Index	Pair Corr
0.45	NARCX	Voya Multi Manager	Pair Corr
0.4	IOSSX	Voya Global Bond	Pair Corr
0.39	IOSAX	Voya Global Bond	Pair Corr
0.39	NAPIX	Voya Multi Manager	Pair Corr
0.37	IOSIX	Voya Global Bond	Pair Corr
0.36	INGBX	Voya Global Bond	Pair Corr

Related Correlations Analysis

	SMPIX	OPTCX	TRBCX	RETSX	PRNHX	RHSAX	LIOTX
SMPIX		-0.21	-0.03	0.2	0.2	0.64	0.14	SMPIX
OPTCX	-0.21		0.95	0.82	0.65	0.21	0.7	OPTCX
TRBCX	-0.03	0.95		0.82	0.58	0.32	0.66	TRBCX
RETSX	0.2	0.82	0.82		0.89	0.69	0.88	RETSX
PRNHX	0.2	0.65	0.58	0.89		0.69	0.87	PRNHX
RHSAX	0.64	0.21	0.32	0.69	0.69		0.65	RHSAX
LIOTX	0.14	0.7	0.66	0.88	0.87	0.65		LIOTX
	SMPIX	OPTCX	TRBCX	RETSX	PRNHX	RHSAX	LIOTX

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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

TRBCX	+ 0.95	OPTCX
PRNHX	+ 0.89	RETSX
LIOTX	+ 0.88	RETSX
LIOTX	+ 0.87	PRNHX
RETSX	+ 0.82	OPTCX
RETSX	+ 0.82	TRBCX

High negative correlations

OPTCX	- 0.21	SMPIX
TRBCX	- 0.03	SMPIX

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Midcap 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 Midcap'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
SMPIX	2.58	(0.01)	0.00	0.00	4.07	(2.38)	4.94	(6.36)	19.56
OPTCX	0.15	0.03	0.04	0.53	0.00	(0.21)	0.32	(0.21)	1.35
TRBCX	0.77	0.09	0.06	0.58	1.06	(0.75)	1.57	(1.89)	5.70
RETSX	0.54	0.02	0.01	0.11	0.77	(0.56)	1.03	(1.02)	5.40
PRNHX	0.82	0.02	0.01	0.06	1.15	(0.86)	1.67	(1.34)	7.56
RHSAX	1.10	(0.08)	0.00	(0.16)	0.00	0.00	1.84	(2.65)	13.20
LIOTX	0.83	0.02	0.01	0.06	1.23	(0.84)	1.46	(1.97)	6.56

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