Voya Midcap Correlations

IIMOX Fund

USD 5.81 0.09 1.57%

The current 90-days correlation between Voya Midcap Opportunities and Voya Bond Index is 0.19 (i.e., Average 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

Very weak diversification

The correlation between Voya Midcap Opportunities and DJI is 0.44 (i.e., Very weak 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

1.0	IMOPX	Voya Midcap Opportunities	Pair Corr
0.67	IMORX	Voya Midcap Opportunities	Pair Corr
0.76	IMOWX	Voya Midcap Opportunities	Pair Corr
0.77	IMOZX	Voya Midcap Opportunities	Pair Corr
0.82	INGIX	Voya Stock Index	Pair Corr
0.69	VPISX	Voya Index Solution	Pair Corr
0.74	VPRAX	Voya T Rowe	Pair Corr
0.7	VPSSX	Voya Index Solution	Pair Corr
0.75	VPRSX	Voya Jpmorgan Small	Pair Corr
0.69	VPSAX	Voya Index Solution	Pair Corr
0.88	IOGPX	Vy Oppenheimer Global	Pair Corr
0.72	IPARX	Voya Global Perspectives	Pair Corr
0.72	IPIRX	Voya Global Perspectives	Pair Corr

Related Correlations Analysis

	ILABX	ILBAX	ILBPX	ILMBX	ILUAX	IMBAX	IMCVX	IMOPX	IMORX	IMOWX
ILABX		1.0	0.39	0.32	1.0	0.4	0.54	0.25	0.49	0.48	ILABX
ILBAX	1.0		0.42	0.35	0.99	0.43	0.52	0.24	0.48	0.46	ILBAX
ILBPX	0.39	0.42		0.99	0.36	1.0	-0.4	-0.03	-0.37	-0.33	ILBPX
ILMBX	0.32	0.35	0.99		0.29	0.99	-0.44	-0.04	-0.41	-0.36	ILMBX
ILUAX	1.0	0.99	0.36	0.29		0.37	0.56	0.27	0.52	0.51	ILUAX
IMBAX	0.4	0.43	1.0	0.99	0.37		-0.37	-0.03	-0.35	-0.31	IMBAX
IMCVX	0.54	0.52	-0.4	-0.44	0.56	-0.37		0.48	0.96	0.93	IMCVX
IMOPX	0.25	0.24	-0.03	-0.04	0.27	-0.03	0.48		0.68	0.76	IMOPX
IMORX	0.49	0.48	-0.37	-0.41	0.52	-0.35	0.96	0.68		0.99	IMORX
IMOWX	0.48	0.46	-0.33	-0.36	0.51	-0.31	0.93	0.76	0.99		IMOWX
	ILABX	ILBAX	ILBPX	ILMBX	ILUAX	IMBAX	IMCVX	IMOPX	IMORX	IMOWX

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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

ILBAX	+ 1.0	ILABX
ILUAX	+ 1.0	ILABX
IMBAX	+ 1.0	ILBPX
ILUAX	+ 0.99	ILBAX
ILMBX	+ 0.99	ILBPX
IMBAX	+ 0.99	ILMBX

High negative correlations

IMCVX	- 0.44	ILMBX
IMORX	- 0.41	ILMBX
IMCVX	- 0.4	ILBPX
IMCVX	- 0.37	IMBAX
IMORX	- 0.37	ILBPX
IMOWX	- 0.36	ILMBX

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
ILABX	0.25	0.03	0.15	0.34	0.19	(0.30)	0.56	(0.45)	1.46
ILBAX	0.26	0.03	0.15	0.28	0.19	(0.34)	0.56	(0.45)	1.57
ILBPX	0.09	0.02	0.27	0.65	0.00	(0.16)	0.21	(0.11)	0.85
ILMBX	0.08	0.02	0.26	0.57	0.00	(0.15)	0.21	(0.11)	0.74
ILUAX	0.25	0.02	0.13	0.36	0.21	(0.30)	0.56	(0.45)	1.57
IMBAX	0.09	0.02	0.25	0.60	0.00	(0.16)	0.22	(0.11)	0.76
IMCVX	0.72	(0.19)	0.00	(0.30)	0.00	0.00	1.09	(1.47)	10.81
IMOPX	1.06	(0.06)	0.00	(0.09)	0.00	0.00	1.87	(2.27)	6.16
IMORX	1.29	(0.25)	0.00	(0.30)	0.00	0.00	1.73	(2.58)	14.74
IMOWX	1.22	(0.20)	0.00	(0.25)	0.00	0.00	1.73	(2.57)	11.18

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