Voya Midcap Correlations

IMOWX Fund

USD 23.18 0.47 1.99%

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 housing.

Moving together with Voya Mutual Fund

0.89	IMCVX	Voya Multi Manager	Pair Corr
1.0	IMOPX	Voya Midcap Opportunities	Pair Corr
1.0	IMORX	Voya Midcap Opportunities	Pair Corr
1.0	IMOZX	Voya Midcap Opportunities	Pair Corr
0.95	INGIX	Voya Stock Index	Pair Corr
0.7	VPISX	Voya Index Solution	Pair Corr
0.79	VPRAX	Voya T Rowe	Pair Corr
0.7	VPSSX	Voya Index Solution	Pair Corr
0.96	VPRSX	Voya Jpmorgan Small	Pair Corr
0.7	VPSAX	Voya Index Solution	Pair Corr
0.94	IOGPX	Vy Oppenheimer Global	Pair Corr

Moving against Voya Mutual Fund

0.61	ILBAX	Voya Bond Index	Pair Corr
0.61	IMBAX	Voya Limited Maturity	Pair Corr
0.6	ILUAX	Voya Bond Index	Pair Corr
0.59	ILABX	Voya Bond Index	Pair Corr
0.59	ILMBX	Voya Limited Maturity	Pair Corr
0.58	ILBPX	Voya Limited Maturity	Pair Corr
0.54	INGBX	Voya Global Bond	Pair Corr
0.44	INTIX	Voya International Index	Pair Corr
0.55	IOSAX	Voya Global Bond	Pair Corr
0.55	IOSSX	Voya Global Bond	Pair Corr
0.54	IOSIX	Voya Global Bond	Pair Corr
0.43	NAWGX	Voya Global Equity	Pair Corr
0.43	NAWIX	Voya Global Equity	Pair Corr
0.42	NAWCX	Voya Global Equity	Pair Corr
0.34	NARCX	Voya Multi Manager	Pair Corr
0.62	IPISX	Voya Intermediate Bond	Pair Corr
0.6	IPIIX	Ing Intermediate Bond	Pair Corr

Related Correlations Analysis

	JRSXX	GCFSX	IVMXX	IAAEX	HEWXX	SWGXX	AEYXX	FIKBX
JRSXX		0.0	0.0	0.0	0.0	0.0	0.0	0.0	JRSXX
GCFSX	0.0		0.0	0.17	0.0	0.5	0.0	0.39	GCFSX
IVMXX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	IVMXX
IAAEX	0.0	0.17	0.0		0.0	-0.45	0.0	0.34	IAAEX
HEWXX	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HEWXX
SWGXX	0.0	0.5	0.0	-0.45	0.0		0.0	0.11	SWGXX
AEYXX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	AEYXX
FIKBX	0.0	0.39	0.0	0.34	0.0	0.11	0.0		FIKBX
	JRSXX	GCFSX	IVMXX	IAAEX	HEWXX	SWGXX	AEYXX	FIKBX

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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

SWGXX	+ 0.5	GCFSX
FIKBX	+ 0.39	GCFSX
FIKBX	+ 0.34	IAAEX
IAAEX	+ 0.17	GCFSX
FIKBX	+ 0.11	SWGXX
GCFSX	+ 0.0	JRSXX

High negative correlations

SWGXX	- 0.45	IAAEX
FIKBX	- 0.0	AEYXX
AEYXX	- 0.0	SWGXX
FIKBX	- 0.0	HEWXX
AEYXX	- 0.0	HEWXX
SWGXX	- 0.0	HEWXX

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
JRSXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GCFSX	0.76	0.06	0.05	(0.50)	1.00	(0.79)	1.80	(2.41)	4.68
IVMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IAAEX	0.81	(0.12)	0.00	1.00	0.00	0.00	1.41	(1.48)	9.17
HEWXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SWGXX	0.03	0.01	0.00	(2.95)	0.00	0.00	0.00	0.00	1.01
AEYXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FIKBX	0.90	(0.05)	0.00	(0.04)	0.00	0.00	1.73	(2.69)	6.29

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