Voya Multi-manager Correlations

IIGIX Fund  USD 10.96  0.10  0.90%   
The current 90-days correlation between Voya Multi Manager and Voya Bond Index is 0.08 (i.e., Significant diversification). The correlation of Voya Multi-manager 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 Multi-manager Correlation With Market

Poor diversification

The correlation between Voya Multi Manager Internation and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Voya Multi Manager Internation 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 Multi Manager International. 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

  0.88ILABX Voya Bond IndexPairCorr
  0.87ILBAX Voya Bond IndexPairCorr
  0.89ILBPX Voya Limited MaturityPairCorr
  0.88ILMBX Voya Limited MaturityPairCorr
  0.87ILUAX Voya Bond IndexPairCorr
  0.89IMBAX Voya Limited MaturityPairCorr
  0.8IMYCX Voya High YieldPairCorr
  0.91INGBX Voya Global BondPairCorr
  0.99INTIX Voya International IndexPairCorr
  0.7VPRDX Voya Morgan StanleyPairCorr
  0.9IOSAX Voya Global BondPairCorr
  0.92IOSIX Voya Global BondPairCorr
  0.91IOSSX Voya Global BondPairCorr
  0.99NAPIX Voya Multi ManagerPairCorr
  0.99NARCX Voya Multi ManagerPairCorr
  0.97NAWCX Voya Global EquityPairCorr
  0.97NAWGX Voya Global EquityPairCorr
  0.97NAWIX Voya Global EquityPairCorr
  0.61IPEAX Voya Large CapPairCorr
  0.62IPEIX Voya Large CapPairCorr
  0.63IPESX Voya Large CapPairCorr
  0.61IPETX Voya Large CapPairCorr
  0.87IPIIX Ing Intermediate BondPairCorr
  0.83IPIMX Voya High YieldPairCorr
  0.87IPISX Voya Intermediate BondPairCorr
  0.84IPHYX Voya High YieldPairCorr

Moving against Voya Mutual Fund

  0.39IMOPX Voya Midcap OpportunitiesPairCorr
  0.39IMORX Voya Midcap OpportunitiesPairCorr
  0.39IMOWX Voya Midcap OpportunitiesPairCorr
  0.39IMOZX Voya Midcap OpportunitiesPairCorr
  0.53VPRSX Voya Jpmorgan SmallPairCorr
  0.51VRLCX Voya Large CapPairCorr
  0.5IPSIX Voya Index PlusPairCorr
  0.5IPSSX Voya Index PlusPairCorr
  0.47IPMSX Voya Index PlusPairCorr
  0.46IPMIX Voya Index PlusPairCorr
  0.43IPLSX Voya Index PlusPairCorr

Related Correlations Analysis

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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   
ILBAXILABX
ILUAXILABX
ILUAXILBAX
ILMBXILBPX
IMBAXILBPX
IMBAXILMBX
  
High negative correlations   
IMOWXIMBAX
IMORXIMBAX
IMOPXIMBAX
IMOWXILBAX
IMORXILBAX
IMOPXILBAX

Risk-Adjusted Indicators

There is a big difference between Voya Mutual Fund performing well and Voya Multi-manager 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 Multi-manager'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ILABX  0.23  0.02  0.16  0.58  0.17 
 0.56 
 1.36 
ILBAX  0.24  0.02  0.16  0.58  0.19 
 0.55 
 1.36 
ILBPX  0.09  0.02  0.29  2.39  0.00 
 0.21 
 0.74 
ILMBX  0.09  0.01  0.27  0.82  0.00 
 0.21 
 0.74 
ILUAX  0.23  0.02  0.15  0.52  0.17 
 0.56 
 1.36 
IMBAX  0.09  0.01  0.28  0.76  0.00 
 0.22 
 0.65 
IMCVX  0.66  0.01  0.02 (0.01) 0.81 
 1.18 
 2.86 
IMOPX  1.27 (0.08) 0.00 (0.08) 0.00 
 2.14 
 6.04 
IMORX  1.27 (0.08) 0.00 (0.08) 0.00 
 2.20 
 6.38 
IMOWX  1.27 (0.08) 0.00 (0.08) 0.00 
 2.20 
 6.30